- Sri Lanka votes in first poll since economic collapse
- Feminist author warns of abortion disaster if Trump wins US election
- US city of Flint still reeling from water crisis, 10 years on
- Arsenal's mean defence faces acid test to shut out Man City again
- Late surge lifts Thailand's Jeeno to LPGA Queen City lead
- DeChambeau says PGA's Ryder Cup decision 'just the start'
- Alcaraz defeated on Laver Cup debut
- Postecoglou embraces 'struggle' to make Spurs a success
- Nice hand 'ashamed' Saint-Etienne 8-0 Ligue 1 mauling
- Boeing CEO says ending strike 'a top priority'
- Stock markets mostly fall after Fed-fueled rally
- Harris slams Trump for hypocrisy on abortion as US starts voting
- Academy to host first overseas ceremony to honor young filmmakers
- No doctor necessary: US okays nasal spray flu vaccine for self-use
- Gurbaz, birthday boy Rashid lead Afghanistan to 177-run rout of South Africa
- Former delivery man Baldwin leads star names at PGA Championship
- Trump shooting: Secret Service admits complacency
- Can an ambitious Milei make Argentina an AI giant?
- Haiti, its suffering growing, in 'race against time': UN expert
- Ibrahim Aqil, the Hezbollah elite unit commander wanted by the US
- Chinese forward Cui signs NBA contract with Brooklyn Nets
- US Fed dissenter calls for 'measured' pace of rate cuts
- Guardiola tells players to lead change over workload as Kompany demands cap on games
- Norway limits wild salmon fishing as stocks hit new lows
- Top Hezbollah commander killed in Israeli strike on Beirut
- Rotterdam fatal knife attacker suspected of 'terrorist motive'
- First early votes cast in knife-edge US presidential election
- Top-ranked Swiatek out of Beijing due to 'personal matters'
- Hard-right Reform UK looks to the future after vote success
- Embiid agrees to NBA contract extension with 76ers
- Joshua aims to complete road to redemption in Dubois bout
- World champion Bagnaia sets pace with lap record at Misano
- Biden says 'working' to get people back to homes on Israel-Lebanon border
- Pope criticises Argentina's crackdown on protesters
- Court limits screenings of videos in France mass rape case
- Gurbaz century takes Afghanistan to 311-4 in 2nd ODI
- Central banks face 'difficult balancing act': IMF chief
- McLaren's Norris sets Singapore pace as struggling Verstappen 15th
- Guardiola tells players to lead change over workload fears
- Paris Olympics sports equipment moves to new homes
- 'Happy' Kinghorn relishing life at Toulouse
- Norris sets Singapore pace as Verstappen only 15th
- 8 dead in Israeli strike, source says Hezbollah commander killed
- Germany to bid to host women's Euro 2029
- Portugal brings deadly forest fires under control
- Postecoglou defends Solanke after slow start to Spurs career
- US nuclear plant Three Mile Island to reopen to power Microsoft
- Arteta urges Arsenal to take next step in Man City showdown
- Stock markets fall after Fed-fuelled rally
- Top Hezbollah commander 'killed' in Israel strike
Debt-ridden Evergrande urges investor 'caution' as audit result delayed
Debt-ridden Chinese property developer giant Evergrande on Tuesday warned investors to "exercise caution" as the group announced it would delay the release of the results of a 2021 audit a day after halting trade in Hong Kong.
Beijing's drive to curb excessive debt in the real estate sector has embroiled Evergrande, one of the country's largest developers, which has struggled after racking up $300 billion in liabilities.
On Tuesday, a day after the company announced a halt in trading, it said it would not be able to publish its 2021 audited results by the end of the March as Hong Kong's listing rules require.
"Due to the drastic changes in the operational environment of the Company since the second half of last year... coupled with the effect caused by the Covid-19 outbreak... the Company will not be able to complete the audit procedures on time," it said in an announcement posted on Hong Kong Stock Exchange.
Suspension of its shares' trading will remain in force until the financial information is published, according to the market's rules.
The suspension is the second this year, and it comes ahead of an expected $2 billion repayment obligation on Wednesday and another next month of $1.4 billion.
In a separate announcement Tuesday, Evergrande urged investors to exercise caution "in view of the operational and financial challenges the group is facing and in particular the debt pressure it is experiencing".
The company's subsidiary Evergrande Property Services also halted trading on Monday after announcing that banks had enforced deposits of approximately 13.4 billion yuan ($2.1 billion) as security for third party pledge guarantees.
The company has repeatedly said it will finish its projects and deliver them to buyers in a desperate bid to salvage its debts.
Earlier struggles to pay suppliers and contractors due to the crisis led to protests from homebuyers and investors at the group's Shenzhen headquarters in September.
Evergrande's woes have had knock-on effects throughout China's property sector, with some smaller firms also defaulting on loans and others struggling to find enough cash.
The International Monetary Fund warned in late January that the property funding crisis could have spillover effects on the broader economy and global markets.
M.Odermatt--BTB