The bad news for Kaisa just keeps tumbling in.
Investors had expected to find out today just how bad 2014 was for the troubled, Shenzhen-based property developer. Instead, Kaisa has delayed publication of its full-year earnings, saying auditors need more time. Shares will be suspended until they are done.
Kaisa bonds due in 2018, already trading at just 31 cents on the dollar, fell further after the company reported the delay to the Hong Kong Stock Exchange. The company said:“The reason for the delay is that the auditors of the Company require more time to ascertain the cash flow position of the Company and carry out additional work in order to finalise the audit of the consolidated financial statements of the Group.
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