Ailing Chinese real estate group Country Garden says it will not be able to publish its fiscal 2023 report as planned and therefore risks having stock market trading suspended. The company announced on the Hong Kong Stock Exchange on Thursday afternoon (local time) that it needed to gather more information in order to make proper decisions and calculations. The developer cited fluctuations in the sector as a reason, which complicated business operations.

Country Garden is exacerbating China's housing crisis

This means there is more bad news coming from China's weakened real estate industry. Country Garden, once the country's largest housing developer by sales, would have to report its figures by March 31. Now the company says it expects the Hong Kong stock exchange to suspend trading in its securities next Tuesday.

Country Garden recently made headlines when a foreign creditor petitioned a Hong Kong court to liquidate the company. The warring parties will begin negotiating there in May.

Beijing confident of interest rate cuts for homebuyers

On Thursday, property developer Vanke also reported a 46 percent drop in profits in 2023. Some construction companies in China are deeply in debt and have not made payments to their creditors. At the end of January, a Hong Kong court ordered the liquidation of China Evergrande, the most indebted company with the equivalent of more than 300 billion dollars.

The industry crisis is putting significant pressure on the Chinese economy. The Beijing government has already tried to help the industry with interest rate cuts and relaxed rules for purchasing apartments.

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