Trading in China Evergrande has been suspended indefinitely
Mar 24, 2022 16:26:11 GMT -5
Post by OmegaMan on Mar 24, 2022 16:26:11 GMT -5
Trading in China’s Evergrande has been suspended indefinitely as over-leveraged real estate developer continues its collapse
Thursday, March 24, 2022 by: JD Heyes
Tags: Bloomberg News, China, China collapse, Chinese economy, Chinese markets, CNBC, Collapse, creditors, debt collapse, Evergrande Group, finance, liquid assets, Nomura bank, ponzi, Real Estate, risk
(Natural News) China’s failing mega-real estate developer Evergrande is continuing its slow-motion collapse, as the company will now miss a deadline to publish its financial details for last year by the end of this month, reports noted on Wednesday.
Evergrande executives had been told to publish those details by March 31, per stock listing rules, but audit work has not yet been completed so the company will miss its month-end deadline.
“Its two Hong Kong-listed units, China Evergrande New Energy Vehicle Group and Evergrande Property Services Group, said the publication of their financial results will also be delayed,” the Australian Associated Press reported. “Evergrande said in a stock exchange filing that due to ‘drastic changes’ in its operations since the second half of last year, the auditor has added a large number of additional audit procedures.”
As such, the embattled developer now plans to publish the audited 2021 financial data “as soon as practicable” following the completion of the audit procedures. Thus, as required by stock rules, a previous trading suspension of Evergrande shares will now be kept in place until the results are finally presented to the public.
Trading in all three of the companies under the Evergrande umbrella was suspended on Monday.
Also, Chinese and foreign investment banks are grabbing their share of what capital remains within the company as fast as it becomes available. According to the AAP, in a separate filing, Evergrande Property Services noted that some 13.4 billion yuan (roughly $2.1 billion) of bank deposits that have been earmarked as security for third-party loan guarantees had already been claimed by relevant financial institutions.
Continued at link
Thursday, March 24, 2022 by: JD Heyes
Tags: Bloomberg News, China, China collapse, Chinese economy, Chinese markets, CNBC, Collapse, creditors, debt collapse, Evergrande Group, finance, liquid assets, Nomura bank, ponzi, Real Estate, risk
(Natural News) China’s failing mega-real estate developer Evergrande is continuing its slow-motion collapse, as the company will now miss a deadline to publish its financial details for last year by the end of this month, reports noted on Wednesday.
Evergrande executives had been told to publish those details by March 31, per stock listing rules, but audit work has not yet been completed so the company will miss its month-end deadline.
“Its two Hong Kong-listed units, China Evergrande New Energy Vehicle Group and Evergrande Property Services Group, said the publication of their financial results will also be delayed,” the Australian Associated Press reported. “Evergrande said in a stock exchange filing that due to ‘drastic changes’ in its operations since the second half of last year, the auditor has added a large number of additional audit procedures.”
As such, the embattled developer now plans to publish the audited 2021 financial data “as soon as practicable” following the completion of the audit procedures. Thus, as required by stock rules, a previous trading suspension of Evergrande shares will now be kept in place until the results are finally presented to the public.
Trading in all three of the companies under the Evergrande umbrella was suspended on Monday.
Also, Chinese and foreign investment banks are grabbing their share of what capital remains within the company as fast as it becomes available. According to the AAP, in a separate filing, Evergrande Property Services noted that some 13.4 billion yuan (roughly $2.1 billion) of bank deposits that have been earmarked as security for third-party loan guarantees had already been claimed by relevant financial institutions.
Continued at link