Country Garden overdue results set to show steep losses amid sector's sales slump

Clare Jim - Reuters - 14/01
Country Garden, once China's top developer and now facing a liquidation lawsuit, is expected to report steep losses when it publishes long-overdue results on Tuesday, analysts say, as a prolonged property sector crisis weighed on sales.
  • Company to announce FY 2023, H1 2024 results on Tuesday
  • Shares have been halted since April 2, 2024 pending results
  • Result announcements come ahead of liquidation hearing next week
HONG KONG, Jan 14 (Reuters) - Country Garden, once China's top developer and now facing a liquidation lawsuit, is expected to report steep losses when it publishes long-overdue results on Tuesday, analysts say, as a prolonged property sector crisis weighed on sales.
Country Garden (2007.HK), opens new tab delayed the publication of its 2023 full-year and 2024 interim financial reports after defaulting on $11 billion of offshore bonds in late 2023. As a result, its Hong Kong shares have been halted from trading since April 2, 2024.
The accounts will be released later on Tuesday against the backdrop of property sales in China shrinking nearly 50% over the past three years as the industry reeled from an unprecedented debt crisis that began in 2021.
The release of the overdue financial results will put the embattled developer on course to seek a resumption in trading from the Hong Kong Stock Exchange, possibly as soon as from Wednesday.
The publication of the...
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