Kaisa latest China developer to delay earnings results; shares fall

Company says a coronavirus lockdown in Shenzhen left audit work incomplete so it cannot publish financial results on time.

Cash-strapped Kaisa Group Holdings Ltd has joined a growing list of Chinese property developers unable to publish 2021 audited earnings by March 31 as required by listing rules, deepening market concern about the sector's financial health.

Kaisa late on Tuesday said a virus lockdown in Shenzhen left audit work incomplete so it cannot publish financial results on time. In a filing, it said trading of its shares in Hong Kong will therefore be suspended from April 1 as per bourse rules.

Its stock price dropped 2.7% in Wednesday morning trade versus a 1.7% rise in the benchmark Hang Seng Index. Bigger peer