SCCCF - Chinese property developer stocks stop trading after earnings deadline miss: WSJ

Highly indebted Chinese property developer stocks like Sunac China (OTC:SCCCF) (OTCPK:SNCHY), China Aoyuan (OTCPK:CAOYF), Shimao (OTCPK:SIOPF) (OTCPK:SHMAY) and Kaisa Prosperity (OTCPK:KKPFF) have been suspended from trading after failing to meet an earnings reporting deadline at the end of March, the Wall Street Journal reported Friday.  Moreover, Hong Kong Exchanges and Clearing (OTCPK:HKXCF) (OTCPK:HKXCY) said 32 Hong Kong-listed stocks were suspended after not publishing annual results on time in the wake of China's struggling property market, the WSJ noted.  Looking at the developers individually, Aoyuan said Thursday that it needed more time to assess potential write-downs, adding that publishing unaudited figures “could potentially be misleading to the shareholders and potential investors,” the WSJ reported, citing the company's board of directors. In March, Sunac said it would publish unaudited results, but a week later it said more time was needed to complete the financial statements. “If you’re a large sprawling property empire, auditors

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Chinese property developer stocks stop trading after earnings deadline miss: WSJ