By Yongchang Chin
China Evergrande Group and two key subsidiaries, China Evergrande New Energy Vehicle Group Ltd. and Evergrande Property Services Group, are delaying the publication of their audited 2021 results.
China Evergrande Group said Tuesday that the delay was due to the “drastic changes in the operational environment of the company since the second half of last year.”
“The auditor has added a large number of additional audit procedures this year,” it said. “Coupled with the effect caused by the Covid-19 outbreak…the company will not be able to complete the audit procedures” by March 31.
Evergrande said it would issue a separate announcement of the company’s revised results release date.
Trading of shares of Evergrande and the two units were halted on Monday.
Evergrande, which has amassed more than $300 billion in liabilities, defaulted on some offshore debt in December.
In January, Evergrande said it aimed to release a global restructuring plan within six months.
The developer holds a roughly 58% stake in the property-services unit and nearly 59% of the car company, also known as Evergrande Auto, filings show.
Write to Yongchang Chin at [email protected]
