HONG KONG: Trading in debt-ridden Chinese property developer Country Garden was suspended in Hong Kong Tuesday, days after it postponed the release of its 2023 results.
The firm is among a number of China’s largest developers battered by a crisis in the country’s property sector and struggling under a mountain of debt, fuelling concerns about the stability of the world’s second-largest economy.
“At the request of the company, trading in the shares of the company on the stock exchange will be suspended… pending publication of the 2023 Annual Results,” Country Garden said in a Hong Kong exchange filing.
China’s Country Garden nears full exit from Australia with residential project sale
The real estate behemoth on Thursday postponed the expected release of its 2023 results, saying it “needs to collect more information to make appropriate accounting estimates and judgements”.
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