China Evergrande, units say unable to publish annual results by March 31 By Reuters


© Reuters. FILE PHOTO: An aerial view shows the 39 buildings developed by China Evergrande Group that authorities have issued demolition order on, on the man-made Ocean Flower Island in Danzhou, Hainan province, China January 7, 2022. Picture taken with a drone. REU


HONG KONG (Reuters) – China Evergrande Group said on Tuesday the embattled developer would not be able to publish its financial results for last year by March 31 as required by stock listing rules, as audit work has not yet been completed.

Its two Hong Kong-listed units, China Evergrande New Energy Vehicle Group and Evergrande Property Services Group, also said the publication of their financial results will be delayed.

Evergrande said in a stock exchange filing that due to the “drastic changes” in its operations since the second half of last year, the auditor has added a large number of additional audit procedures.

The developer will publish the audited annual results “as soon as practicable” after the audit procedures have been completed, it said, adding as per rules a trading suspension in its shares will remain in place until it publishes the latest results.

Shares of the three companies were suspended from trading on Monday. Trade in onshore bonds issued by Evergrande’s flagship unit Hengda Real Estate Group was also suspended.

In a separate filing, Evergrande Property Services said around 13.4 billion yuan ($2.1 billion) of its bank deposits that had been pledged as security for third party guarantees had been claimed by the relevant banks.

The property management company said it will set up an independent investigation committee to investigate the pledge guarantees.

($1 = 6.3552 )

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link

Leave a Reply

Your email address will not be published.