(Reuters) -Country Garden said on Friday the Shanghai Stock Exchange would impose self-regulatory measures on the embattled property developer, its chairman, chief financial officer and president due to the failure to publish its 2023 annual report on time.
The Shanghai Stock Exchange and the Shenzhen Stock Exchange have also made the decision to impose self-regulatory measures on Country Garden Real Estate, a unit of the company, due to the failure to publish the annual report.
The company and Country Garden Real Estate are progressing the preparation of the annual report and will publish it as soon as practicable, Country Garden said.
The property developer further delayed the release of its 2023 financial results in late August, as it needed more time amid an ongoing debt restructuring.
In accordance with certain listing rules of the Hong Kong bourse, Country Garden had to publish its earnings for the first half of fiscal 2024 by end-August but the company has not published the results yet.
Once China’s biggest developer, Country Garden defaulted on its $11 billion in offshore bonds late last year and is fighting a liquidation petition in Hong Kong. The next court hearing has been set for Jan. 20.
Trading of Country Garden shares, suspended since early April, will remain the same, the company said.
(Reporting by John Biju in Bengaluru; Editing by Maju Samuel)
