Country Garden Penalized for Annual Report Delays
Real Estate

Country Garden Penalized for Annual Report Delays

Embattled Chinese property giant Country Garden revealed that the Shanghai Stock Exchange will impose self-regulatory measures on the company, its chairman, chief financial officer, and president for failing to publish its 2023 annual report on time.

A similar decision was made by the Shenzhen Stock Exchange concerning Country Garden Real Estate, a subsidiary of the developer. Both entities are working to finalize the overdue report and aim to release it "as soon as practicable," the company stated.

Ongoing Financial Struggles The developer had already delayed its 2023 financial results in late August, citing the complexities of an ongoing debt restructuring process. Additionally, under Hong Kong Stock Exchange rules, the company was required to publish its fiscal 2024 first-half earnings by the end of August but has yet to do so.

Default and Liquidation Challenges Once the largest property developer in China, Country Garden defaulted on $11 billion in offshore bonds late last year. The company is also battling a liquidation petition in Hong Kong, with the next court hearing scheduled for January 20.

Trading of Country Garden shares, which has been suspended since April, will remain on hold, the company confirmed.

Industry Turmoil The delays and financial turmoil highlight the ongoing challenges faced by China’s property sector, as developers navigate tightening regulations and a sluggish market recovery. Country Garden’s predicament reflects broader structural issues within the industry, which continues to grapple with debt and liquidity crises.

Embattled Chinese property giant Country Garden revealed that the Shanghai Stock Exchange will impose self-regulatory measures on the company, its chairman, chief financial officer, and president for failing to publish its 2023 annual report on time. A similar decision was made by the Shenzhen Stock Exchange concerning Country Garden Real Estate, a subsidiary of the developer. Both entities are working to finalize the overdue report and aim to release it as soon as practicable, the company stated. Ongoing Financial Struggles The developer had already delayed its 2023 financial results in late August, citing the complexities of an ongoing debt restructuring process. Additionally, under Hong Kong Stock Exchange rules, the company was required to publish its fiscal 2024 first-half earnings by the end of August but has yet to do so. Default and Liquidation Challenges Once the largest property developer in China, Country Garden defaulted on $11 billion in offshore bonds late last year. The company is also battling a liquidation petition in Hong Kong, with the next court hearing scheduled for January 20. Trading of Country Garden shares, which has been suspended since April, will remain on hold, the company confirmed. Industry Turmoil The delays and financial turmoil highlight the ongoing challenges faced by China’s property sector, as developers navigate tightening regulations and a sluggish market recovery. Country Garden’s predicament reflects broader structural issues within the industry, which continues to grapple with debt and liquidity crises.

Next Story
Equipment

Handling concrete better

Efficiently handling the transportation and placement of concrete is essential to help maintain the quality of construction, meet project timelines by minimising downtimes, and reduce costs – by 5 to 15 per cent, according to Sandeep Jain, Director, Arkade Developers. CW explores what the efficient handling of concrete entails.Select wellFirst, a word on choosing the right equipment, such as a mixer with a capacity aligned to the volume required onsite, from Vaibhav Kulkarni, Concrete Expert. “An overly large mixer will increase the idle time (and cost), while one that ..

Next Story
Real Estate

Elevated floors!

Raised access flooring, also called false flooring, is a less common interiors feature than false ceilings, but it has as many uses – if not more.A raised floor is a modular panel installed above the structural floor. The space beneath the raised flooring is typically used to accommodate utilities such as electrical cables, plumbing and HVAC systems. And so, raised flooring is usually associated with buildings with heavy cabling and precise air distribution needs, such as data centres.That said, CW interacted with designers and architects and discovered that false flooring can come in handy ..

Next Story
Infrastructure Urban

The Variation Challenge

A variation or change in scope clause is defined in construction contracts to take care of situations arising from change in the defined scope of work. Such changes may arise due to factors such as additions or deletions in the scope of work, modifications in the type, grade or specifications of materials, alterations in specifications or drawings, and acts or omissions of other contractors. Further, ineffective planning, inadequate investigations or surveys and requests from the employer or those within the project’s area of influence can contribute to changes in the scope of work. Ext..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?