Chinese real estate companies were originally scheduled to release 2023 financial reports on the 28thcountry gardenOn the evening of the 28th it was announced that publication would be delayed. Due to the inability to announce its 2023 financial report on or before March 31, 2024, Country Garden will suspend trading on the Hong Kong Stock Exchange from 9am on April 2.
The announcement noted that due to the complex operating environment the company is facing, it is necessary to collect more information to make appropriate accounting estimates and decisions, so that the annual results in 2023 appropriately reflect changes in the industry and the company. To be.
The announcement also noted that since the Group’s debt restructuring work is still a work in progress, given that the Group’s projects are numerous and widely distributed, and the related due diligence investigations involve a large workload and high complexity. Therefore, the Group needs more time to collect relevant financial information for a careful assessment. Current and future financial resources and financial obligations. Therefore, the company is expected to take more time to complete the preparation of 2023 annual results.
The announcement noted that Country Garden is working with financial advisors and legal advisors to assess the situation, and is working closely with various creditors to develop a workable solution as quickly as possible.
The announcement also noted that after careful and careful consideration, it is not appropriate for the company to publish unaudited management accounts for 2023 annual results at this stage. This is because the relevant management accounts may also be adjusted subsequently, so that unaudited management accounts may not appropriately reflect the financial performance and position of the group.
In fact, delays in Country Garden’s earnings release have already been forecast. In the past, Country Garden would issue profit warnings for the relevant reporting period before officially releasing its results. This year, it has not issued a profit warning for its 2023 performance.
Country Garden said the suspension will not have any significant impact on the company’s operations. At present, the company’s domestic asset guarantee work and foreign debt restructuring work are progressing in an orderly manner. Relevant work has received support from stakeholders including relevant local governments and foreign creditors. Great support.
In 2023, Country Garden, its joint ventures and associated companies have completed the delivery of more than 600,000 homes with a cumulative delivery area of 71.62 million square meters, covering 249 cities in 31 provinces.
China(tagstotranslate)Country Garden