A number of China’s top property developers listed on the Hong Kong stock exchange issued statements warning that they will probably miss the March 31 deadline for reporting audited 2021 results.
The world’s most indebted developer China Evergrande Group and its two Hong Kong-listed units – Evergrande Property Services Group and China Evergrande New Energy Vehicle Group – are expected to miss the March 31 deadline to report its 2021 results, according to an exchange filing.
This follows the trading suspension of the three stocks.
Property Troubles
In addition to Evergrande, some of China’s other property giants have also issued statements about delayed reporting, citing the pandemic as the reason for missing the deadline.
China’s third largest developer Sunac said it could not complete the audit procedures as scheduled and, in a separate statement, estimated an 85 percent drop in profits.
Shimao and Ronshine – China’s 13th and 25th largest developers – also said they would delay reporting of results due to Covid-linked troubles with the former committing to publishing the results on or before April 30.
