Sunac China said that while it would be able to publish its unaudited report by month-end, it would not be able to meet the deadline for its audited results. It cited the workload and time required for the unfinished parts of the preparation of the financial statements. These include issues regarding offshore loans post its ratings downgrades and proposed extension of domestic bonds of its unit Sunac Real Estate.

China Aoyuan also said that it was likely that its audited annual 2021 results would be delayed. It cited that is needed more time to assess potential impairment provisions that would significantly impact its results. It added that work on its restructuring has been going on and that it included talks about recapitalization.

Shimao Group said that it remains committed to publish its annual 2021 results by end-March, but has suffered a setback. PwC, Shimao’s auditor resigned as the developer could not agree on a timetable and possible additional fees to complete the audit. Shimao warned of a 62% net profit drop which comes on the back of slower revenues and declining gross margins, This is in addition to inventory impairment provisions and expected credit losses on receivables. Separately, Shimao  received approval from investors to push back repayment of an ABS due April 4 by two years.

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