China's Country Garden delays publication of 2023 financial results

Reuters03-28

HONG KONG, March 28 (Reuters) - Country Garden

, China's largest private property developer, delayed the publication of its 2023 financial results on Thursday saying it needed to collect more information to make appropriate accounting estimates and judgements.

"Due to the continuous volatility of the industry, the operating environment the group is confronting is becoming increasingly complex," it said in a filing.

The developer, which defaulted on $11 billion of offshore bonds late last year and missed a 96 million yuan ($13.3 million) coupon payment this month, originally scheduled a board meeting on Thursday to approve its 2023 results.

Country Garden shares will be suspended from April 2, pending the publication of the annual results, as is required under listing rules.

The company said the suspension of trading would not have a material impact on its operations.

(Reporting by Clare Jim; Editing by)

((clare.jim@thomsonreuters.com;))

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The developer, which defaulted on $11 billion of offshore bonds late last year and missed a 96 million yuan  coupon payment this month, originally scheduled a board meeting on Thursday to approve its 2023 results.   Country Garden shares will be suspended from April 2, pending the publication of the annual results, as is required under listing rules.    The company said the suspension of trading would not have a material impact on its operations. 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