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Kaisa becomes latest China developer to delay earnings results; shares slide

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HONG KONG :Cash-strapped Kaisa Group Holdings Ltd has joined a growing list of Chinese property developers unable to publish 2021 audited earnings by March 31 as required by listing rules, deepening market concern about the sector's financial health.Kaisa late on Tuesday said a virus lockdown in Shenzhen left

HONG KONG :Cash-strapped Kaisa Group Holdings Ltd has joined a growing list of Chinese property developers unable to publish 2021 audited earnings by March 31 as required by listing rules, deepening market concern about the sector's financial health.

Bigger peer China Evergrande Group, the world's most-indebted property developer, also on Tuesday said it would not be able to publish results on time due to a large number of additional audit procedures resulting from"drastic changes" in operations since the second half of 2021. However, some have delayed results due to changing auditors. Ronshine China Holdings Ltd on Monday said auditor PwC had quit due to insufficient time to complete auditing work.

The U.S. investment bank said it would not be surprised to see more delays because, even for companies that have announced board meeting dates, there is still the possibility of results delays if auditing processes cannot be completed by then.

 

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China developer Kaisa says earnings results delayed due to lockdown, shares slideHONG KONG : Cash-strapped Chinese developer Kaisa Group said a lockdown in Shenzhen had meant audit work has not been completed and it would not be able to publish its financial results by March 31, sending its shares tumbling.Due to the delay, its shares will be suspended from trade from April 1 as requi
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