Biguiyuan, a major Chinese real estate company that is experiencing financial difficulties, has announced that it will postpone the announcement of its financial results for last year. The Hong Kong Stock Exchange has suspended stock trading from the 2nd of next month, further increasing uncertainty about the future of management.
Biguiyuan, China's largest real estate company, has announced that it will postpone the announcement of its financial results for last year, which was scheduled for the 28th.
The company says the reason for the postponement is that the business environment has changed significantly due to the prolonged slump in the real estate market, and it will take time to collect financial information.
In line with this, the Hong Kong Stock Exchange will suspend trading of Biguien's shares from the 2nd of next month.
According to exchange rules, if trading continues for one and a half years, there is a risk of delisting.
Due to sluggish housing sales and other factors, Hekkeien had a net loss of approximately 1 trillion yen in Japanese yen for the six months up to June last year, and in October last year, some foreign currency-denominated bonds were suspended from financial services. It was determined by an international committee that the company had defaulted.
In addition, the company's financial difficulties have become serious, with some creditors filing a petition for liquidation of the company in a Hong Kong court last month, and the postponement of the announcement of financial results has further increased uncertainty about the future of the company's management.