Shares in Chinese developer Country Garden suspended in Hong Kong
A logo of Chinese developer Country Garden is pictured in Tianjin, China August 18, 2023. (File photo: REUTERS/Tingshu Wang)
The firm is among a number of China's largest developers battered by a crisis in the country's property sector and struggling under a mountain of debt, fuelling concerns about the stability of the world's second-largest economy.
"At the request of the company, trading in the shares of the company on the stock exchange will be suspended ... pending publication of the 2023 Annual Results," Country Garden said in a Hong Kong exchange filing.
The real estate behemoth on Thursday postponed the expected release of its 2023 results, saying it "needs to collect more information to make appropriate accounting estimates and judgments".
"Due to the continuous volatility of the industry, the operating environment the group (is) confronting is becoming increasingly complex," the statement added.
Chinese property firms Modern Land, Central China Management and Ronshine China were among several other firms whose shares were also suspended in Hong Kong.
Country Garden in 2022 suffered its first full-year loss - more than 6 billion yuan (US$844 million) - since listing in 2007.
The company has defaulted on offshore payments and is facing a winding-up petition in Hong Kong.
The petition, filed in February, came weeks after Hong Kong's High Court granted a similar petition against developer Evergrande, kickstarting its offshore assets liquidation and management replacement.
Country Garden - China's seventh-largest developer in terms of sales last year - has incurred debts estimated in June at 1.36 trillion yuan (US$191 billion).
中国数家开发商在香港停牌，因延迟公布年度财报
包括碧桂园在内的数家中国房地产开发商的股票从周二起于香港联交所暂停买卖，原因是这些企业未能在规定时间内发布去年的年度业绩。其中一些公司因审计费用未能达成共识而更换核数师。
全球利率上升、国内经济复苏乏力、消费者情绪疲软，这些都对中国许多房地产开发商的业务造成了损害。
图片来源：QILAI SHEN/BLOOMBERG NEWS
几家中国房地产开发商的股票从周二起于香港联交所暂停买卖，原因是这些企业未能在规定时间内发布去年的年度业绩，这是中国房地产行业动荡的又一迹象。
因无法理清财务和会计估算或账目审计延迟等问题而未能在香港交易所规定的3月31日最后期限前公布业绩的公司中，包括碧桂园(Country Garden Holdings)、中原建业(Central China Management)和当代置业(Modern Land (china)等知名企业。其中一些公司因审计费用未能达成共识而更换核数师。
中国最大的开发商之一碧桂园上周在申请停牌时表示：“由于行业持续波动，本集团面临的经营环境日趋复杂。”
全球利率上升、国内经济复苏乏力以及消费者信心疲软让许多房地产开发商的业务受到打击，导致这些公司拖欠借款，并在损益表上计入大幅减值。
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