Mar 24, 2022 08:54 PM

BUSINESS

Debt-Wracked Chinese Developers Delay 2021 Financial Reports

By Niu Mujiangqu and Guo Yingzhe

Apartment buildings at the Magnolia Mansion residential project, developed by Sunac China Holdings Ltd., in Shanghai on Jan. 14, 2022. Photo: VCG

Apartment buildings at the Magnolia Mansion residential project, developed by Sunac China Holdings Ltd., in Shanghai on Jan. 14, 2022. Photo: VCG

A handful of debt-encumbered Chinese real estate developers have postponed publishing their 2021 annual reports, blaming disruptions from a recent wave of Covid-19 cases that hit China.

Sunac China Holdings Ltd., the country’s third largest developer by sales, said it could not complete audit procedures on time due to restrictions on personal movement that resulted from the recent Covid flare-ups, according to a Monday exchange filing.

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