Hong Kong
CNN
—
Housing giant in trouble Country garden announced late on Thursday that it would delay publishing its annual results, in the latest sign of continued turmoil across China’s huge property sector.
In a filing provided to the Hong Kong stock exchange, the company said it needed more time to gather information because of the complexity of the work required amid debt restructuring.
The move is likely to suspend its share trading from Tuesday, as required by Hong Kong listing rules.
The Hong Kong market was closed on Friday for the Easter holiday and will reopen on Tuesday.
Country Garden, once China’s biggest real estate developer, has gone bust about $194 billion in debt. Is it default on its debt in US dollars last year.
Last month, he received a liquidation petition in Hong Kong by a creditor for non-payment of a loan of 1.6 billion Hong Kong dollars ($204 million), according to the company.
Country Garden’s woes echo those of another Chinese behemoth Evergrande, and now insolvent.
It was a set of missed results from Evergrande in 2021 and 2022 that first warned investors of huge debts and stress in China’s property sector, a moment that fell through in many parts of the second largest economy of the world and continues to reverberate until today.
Since then, Chinese regulators have accused Evergrande and its founder of inflating revenues by $78 billion, putting the insolvent developer in the heart of the country. the biggest financial fraud case ever.
