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China Property Giant Country Garden Suspends Shares In Hong Kong
Manage episode 411406967 series 2908425
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Crisis-hit Chinese property developer Country Garden has suspended trade in its shares on the Hong Kong Stock Exchange after delaying the publication of its annual financial results. Country Garden says due to the continuous volatility of the industry, the operating environment the Group confronting is becoming increasingly complex" when it announced its earnings report would be delayed. The firm reported a fall of more than 50% in its annual profit and told investors that it aimed to boost its cash flow by slashing debt over the next two years.
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