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China Evergrande says unable to publish annual results by March 31 -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: This aerial view depicts the 39 buildings that China Evergrande Group has built. The order was issued by authorities on January 7th, 2022 for demolition of Ocean Flower Island (Hainan province), China. This picture was taken by a drone. REU

HONG KONG (Reuters), China Evergrande Group announced Tuesday that the troubled developer will not be able publish last year’s financial results by March 31, according to stock listing rules. The reason is that audit work has still not been completed.

Evergrande indicated in a stock-exchange filing that because of the “drastic change” in operations, the auditor added several additional audit procedures.

After the completion of audit procedures, the developer said it will release the audited year results as soon possible. It also stated that trading restrictions in the shares would remain in effect up to the time it releases the new results.

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