Chinese developer Country Garden says expects to suspend HK stock listing

Country Garden expects to suspend trading of its Hong Kong-listed shares, the company said in a filing today. — Reuters picBEIJING, March 28 — Major Chinese property developer Country Garden expects to suspend trading of its Hong Kong-listed shares, the company said in a filing today, highlighting unprecedented challenges gripping the country’s debt-saddled real estate sector.

The company postponed the expected release of its 2023 results today, saying in a Hong Kong stock exchange filing that it “needs to collect more information to make appropriate accounting estimates and judgments”.“It is expected that trading in the shares of the Company on the Stock Exchange will be suspended with effect from 9am on April 2, 2024,” Country Garden said, citing rules that require a suspension if an annual report is not published by Sunday.

Country Garden warned in October that it may not be able to meet all of its offshore payment obligations in time.The real estate giant has defaulted on payments even as new deadlines loom, and failed repay 96 million yuan early March. Real estate and construction have long accounted for more than a quarter of China’s gross domestic product , serving as a key engine for growth in the national economy.

Malaysia Latest News, Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

AI and Traditional Chinese Medicine: A Data Model is Learning from Ancient Chinese TextPharmaceutical companies can utilize the model to analyze Traditional Chinese Medicine components and mechanisms
Source: gizmochina - 🏆 18. / 53 Read more »

China warns proposed TikTok ban will ‘come back to bite’ USBEIJING: Beijing warned on Wednesday that a proposed ban on Chinese-owned video-sharing app TikTok would “inevitably come back to bite the United States”.
Source: DailyExpress_MY - 🏆 3. / 83 Read more »

China’s Xi meets US business executives in BeijingBEIJING, March 27 — Chinese President Xi Jinping met with representatives of US businesses today as Beijing seeks to woo foreign investment and reassure American firms in the...
Source: malaymail - 🏆 1. / 86 Read more »

China consumer prices rise in February for first time in six monthsBEIJING: Chinese consumer prices rose in February for the first time since August, data showed today, bucking a months-long stretch of deflation that compounded the country’s myriad economic woes.
Source: DailyExpress_MY - 🏆 3. / 83 Read more »

China will ‘legitimately defend rights’ in South China Sea, says FMBEIJING: Beijing will “legitimately defend” its rights in the South China Sea, the country’s foreign minister said Thursday, following a string of clashes between Chinese and Philippine ships in the disputed waterway.
Source: DailyExpress_MY - 🏆 3. / 83 Read more »

Labuan’s Botanical Garden neglected and dangerousLABUAN: The Botanical Garden, which is the preferred area of many joggers and exercise buffs due to its serene and verdant ambience, had slipped into an unenviable state and become dangerous for the elderly and children.
Source: DailyExpress_MY - 🏆 3. / 83 Read more »