Country Garden delays 2023 annual results again

(Reuters) -China's largest property developer Country Garden on Friday further delayed the release of its 2023 financial results, as it needed more time amid an ongoing debt restructuring.

The firm had previously delayed the results in March, saying it needed more time to collect information for making appropriate accounting estimates and judgements.

"The Group will finalize and publish the 2023 annual results and despatch the 2023 annual report as soon as practicable," the debt-laden property developer said in an exchange filing.

In accordance with certain listing rules of the Hong Kong bourse, Country Garden, which defaulted on $11 billion of offshore bonds late last year, had to publish its earnings for the first-half of fiscal 2024 by August end.

The company will also not be able to announce its results for the six months ending June, it said.

Trading of its shares, suspended since early April, will remain suspended.

(Reporting by Rishav Chatterjee in Bengaluru; Editing by Nivedita Bhattacharjee and Shinjini Ganguli)

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