Debt ridden Chinese developer Kasia Group citing constrains in audit work completion due to lockdown in Shenzen said it would not be able to publish its financial results by March 31. Its shares tumbles 4% as soon as the news broke out.
According to exchange rules, its shares will be suspended from trading from April 1 in Hong Kong Stock Exchange.
Kaisa is the second-largest dollar bond issuer among Chinese property developers after China Evergrande Group.
In the filing, the firm said it has been working with its legal and financial advisors in the past few months to formulate a solution “for the benefit of all stakeholders” and ease its current liquidity issues.
It has also entered into “constructive dialogue” with its creditors, it added.
Earlier China Evergrande Group joined a handful of Chinese developer to warn that they will probably miss deadlines for reporting audited 2021 results this month.
