Country Garden postpones 2023 annual results again

(Reuters) – China’s biggest property developer Country Garden further delayed the release of its 2023 financial results on Friday as it needed more time amid an ongoing debt restructuring.

The company previously delayed results in March, saying it needed more time to gather information to make appropriate accounting estimates and judgments.

“The group will finalize and publish the 2023 annual results and submit the 2023 annual report as soon as possible,” the debt-laden property developer said in a filing to the exchange.

Under certain Hong Kong stock exchange listing rules, Country Garden, which defaulted on $11 billion of offshore bonds late last year, had to publish its earnings for the first half of fiscal 2024 by the end of August.

The company will also not be able to announce its results for the six months ending in June, it said.

Trading in its shares, suspended since early April, will remain suspended.

(Reporting by Rishav Chatterjee in Bengaluru; Editing by Nivedita Bhattacharjee and Shinjini Ganguli)