China Evergrande said that it would not be able to publish its annual results by end-March 2022 citing that audit work was yet to be completed. Due to the events that unfolded in H2 2021, Evergrande said that a large number of audit procedures were added. It said that the results will be published “as soon as practicable” one the audits are over. Besides the developer, its units China Evergrande New Energy Vehicle Group and Evergrande Property Services Group also said their financial results will be delayed. Separately, Evergrande Property Services said that ~RMB 13.4bn ($2.1bn) of bank deposits that had been pledged as security for third party guarantees had been claimed by the relevant banks.
Sunac China also said that it was likely that it will not release its audited 2021 results in March. Similarly, Ronshine China’s auditor has resigned and the developer has said that it will not meet a March 31 deadline to publish its full-year results.
Evergrande’s dollar bonds were trading slightly higher at 12-13 cents on the dollar. Sunac and Ronshine’s dollar bonds were trading lower by 1-3 points at 25-26 and 16-18 cents on the dollar respectively.
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