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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