Hong Kong Audit Watchdog Expands Probe Into Evergrande’s unit
The Financial Reporting Council (FRC), Hong Kong’s audit regulator has started an enquiry into the financial statements of China Evergrande Group’s property services arm and its former auditor PwC. This follows Evergrande’s probe that raised questions...
Bahrain Posts $88mn Budget Surplus; Saudi Arabia’s Oil Revenue Doubles in Q2
Benefiting from increasing oil prices, Bahrain posted a 52% spike in revenues contributing to a budget surplus of $88mn in H1 2022. This is despite it being the smallest oil producer in the Gulf region. Bloomberg notes that this is a positive reversal from its $1.38bn...
Zhenro and Central China Issues Profit Warning
Chinese property developers Zhenro Properties and Central China Real Estate (CCRE) issued a profit warning on Monday. Zhenro in its exchange filing said that it expects to report a loss of RMB 2.5-3.0bn ($368-442mn) for the six months ending 30 June 2022. This...
