Country Garden Holdings, a Chinese Real Estate Developer, Faces Delay in Release of Its 2023 Financial Results and Expects a Suspension of Trading in Its Shares, Further Heightening Uncertainty in the Chinese Real Estate Sector.

The company announced late on Thursday that it needs more time to gather information and carefully evaluate its financial resources and obligations. A review of the annual results by the executive board, which was scheduled for Thursday, thus did not take place.

Country Garden announced that trading of its shares would be suspended from Tuesday in Hong Kong until the annual results are published, in accordance with stock exchange regulations. The Hong Kong market will remain closed on Friday and Monday due to public holidays. The company stressed that the suspension of trading is not expected to have a significant impact on operations.

The Developer Stated that Efforts Will Continue to Deliver Real Estate Projects. In 2023, More Than 600,000 Residential Units Were Delivered in Collaboration with Joint Ventures and Associated Companies.

Country Garden Announces It Will Disclose the Date for the Board Meeting to Review Annual Results When Appropriate. Furthermore, the Company Is in Discussions with Its Creditors and Is Collaborating with Financial and Legal Advisors on a Restructuring of Its Debts.

Previously, the company was unable to make interest payments on a bond denominated in yuan, maturing in 2026. There was a default on a dollar bond in October of last year, and the company is fighting against a liquidation petition in Hong Kong due to a missed loan repayment.