Delayed results spell default for some Chinese developers
Auditor resignations plus delayed financial results are bad news for Hong Kong-listed developers.
A version of this article was first published on FinanceAsia. An extraordinarily large surge in the number of Hong Kong-listed Chinese developers that have failed to report their financial results on time, means that some will probably default. Those most likely are firms that have delayed their annual results, and that have had their external auditors changed, experts suggest. Since late last year, China’s property sector has suffered contagion from the credit crisis of China E…
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