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Kaisa becomes latest China developer to delay earnings results; shares slide
Boring, but something you want to keep an eye on. Transparency, accountability, etc.[ChannelNewsAsia] HONG KONG: Cash-strapped Kaisa Group Holdings Ltd
Kaisa late on Tuesday said a virus lockdown in Shenzhen left audit work incomplete so it cannot publish financial results on time. In a filing, it said trading of its shares in Hong Kong will therefore be suspended from Apr 1 as per bourse rules. Bigger peer China Evergrande Group, the world's most-indebted property developer, also on Tuesday said it would not be able to publish results on time due to a large number of additional audit procedures resulting from "drastic changes" in operations since the second half of 2021. Trading of shares in Evergrande and two Hong Kong-listed subsidiaries has been suspended since Monday. Other major developers including Sunac China Holdings Ltd and Shimao Group Holdings Ltd also this week said they will delay reporting audited results due to disruption caused by COVID-19, but that they will produce unaudited results on March 31 to keep their shares trading. Related: Evergrande: 2022-03-07 Soft landing? China lowers economic growth goal Evergrande: 2021-12-10 Chinese property giant Evergrande defaults on $300billion debt: Beijing prepares 'controlled demolition' of the firm to protect its economy amid fears it could have global consequences Evergrande: 2021-12-07 Chinese Developer Misses Major Bond Repayment of $179 Million Related: Evergrande: 2022-03-07 Soft landing? China lowers economic growth goal Evergrande: 2021-12-10 Chinese property giant Evergrande defaults on $300billion debt: Beijing prepares 'controlled demolition' of the firm to protect its economy amid fears it could have global consequences Evergrande: 2021-12-07 Chinese Developer Misses Major Bond Repayment of $179 Million Related: Evergrande: 2022-03-07 Soft landing? China lowers economic growth goal Evergrande: 2021-12-10 Chinese property giant Evergrande defaults on $300billion debt: Beijing prepares 'controlled demolition' of the firm to protect its economy amid fears it could have global consequences Evergrande: 2021-12-07 Chinese Developer Misses Major Bond Repayment of $179 Million Posted by: Matt 2022-04-02 |
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