China Evergrande Group to delay 2023 annual results

BENGALURU: China Evergrande Group flagged a delay in publishing its annual results as its liquidators are taking time to "ascertain the current state of affairs" of the embattled property developer.

Preparation of the financial statements of the company for the year ended Dec. 31, 2023, and the publication of the 2023 annual report have been delayed, the cash-strapped firm said in an exchange filing on Tuesday.

Evergrande's shares, which were suspended from trading on Jan. 29 this year, will continue to remain suspended.

A company is required to publish its preliminary annual results not later than three months after the end of its financial year, according to listing rules of the Hong Kong stock exchange. For Evergrande, it is on or before March 31.

Companies are expected to provide detailed annual reports to their shareholders not later than four months after the end of their financial year.

In January, a Hong Kong court ordered the liquidation of Evergrande, the world's most indebted developer with more than $300 billion of total liabilities, dealing a fresh blow to confidence in China's fragile property market.