Troubled Chinese property giant Country Garden misses results
CNN
Troubled housing giant Country Garden announced late Thursday that it would delay the publication of its annual results.
Troubled housing giant Country Garden announced late Thursday that it would delay the publication of its annual results, in the latest sign of the turmoil still coursing through China’s huge property sector. In a filing provided to the Hong Kong stock exchange, the company said it needed more time to collect information due to the complexity of the work required amid its debt restructuring. The move is likely to cause its share trading to be suspended from Tuesday, as is required by Hong Kong’s listing rules. Hong Kong’s market was closed on Friday for the Easter holiday and will reopen on Tuesday. Country Garden, once the China’s largest property developer, is reeling under about $194 billion worth of debt. It defaulted on its US dollar debt last year. Last month, it received a liquidation petition in Hong Kong from a creditor for non-payment of a loan worth 1.6 billion Hong Kong dollars ($204 million), according to the company.
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