The stock price dived after a resumption of trading on Monday (September 25), which has been suspended for more than a year. The developer had previously fulfilled a series of requirements for debt reorganization, internal investigation and financial report release.
According to the public information of Google, as of 1:22 pm on Monday, China Olympic Garden's stock price in Hong Kong fell 72.88%to HK $ 0.32.
The Dow Jones News Agency reported that China Olympic Garden stated in the announcement of the Hong Kong Stock Exchange submitted last Friday (September 22) that its overseas debt restructuring plan made good progress and was ready to record with relevant courts.
China Olympic Garden said in July that according to the overseas debt restructuring plan reached with major creditors, it is planned to issue 1 billion ordinary shares at a price of HK $ 1.06 per share and issue billions of dollars in bonds.
The company said on Friday that it has enough operating funds to perform financial obligations and will continue to operate in continuous operation.
The company also said that the independent investigation of internal financial behavior has concluded that the company has set up appropriate control systems and has no concern about the integrity of senior management.
In April 2022, China Olympic Garden was postponed as several other real estate developers in China, and the stock was suspended.
The company's financial report this year shows that in 2021, the loss was 33.07 billion yuan (RMB, the same below, about S $ 6.183 billion), a loss of 7.84 billion yuan in 2022, and a loss of 3.74 billion yuan in the first half of 2023.In contrast, before the Chinese government tightened real estate supervision, restricted liquidity and caused real estate sales to rapidly decline, the profit in 2020 was 5.91 billion yuan.
Real estate companies focusing on the Chinese market continue to face pressure.The Mainland Real Estate Index in Hang Seng has fallen by 34%this year.
