Struggling property developer China Evergrande Group has announced that it will be unable to post its financial results for last year by the March 31 deadline required by stock listing rules, as work on auditing the data will not be complete, reports Reuters.
Evergrande said in a stock exchange filing that due to the “drastic changes” in its operations since the second half of last year, the auditor has added a large number of additional audit procedures.
The developer will publish the audited annual results “as soon as practicable” after the audit procedures have been completed, it said, adding as per rules a trading suspension in its shares will remain in place until it publishes the latest results.
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