The beleaguered property developer announced it would delay the release of its annual results, a clear sign of continuing troubles.

Country Garden, the troubled housing conglomerate, announced late on March 28 its decision to postpone the release of its annual results, signaling ongoing turmoil within China’s vast property market.

In a submission to the Hong Kong stock exchange, the company cited the need for additional time to gather information, attributing the delay to the intricacy of tasks associated with its debt restructuring.

This delay is expected to prompt the suspension of its share trading from Tuesday, in accordance with Hong Kong’s listing regulations. The Hong Kong market remained closed on Friday due to the Easter holiday and is scheduled to reopen on Tuesday.

Once hailed as China’s largest property developer, Country Garden finds itself grappling with a staggering debt burden of approximately $194 billion. The company defaulted on its US dollar debt obligations last year.

Moreover, Country Garden’s troubles extend beyond its home turf. The company is a major player in the Forest City mega-development project located in Johor. Forest City, a sprawling mixed-use development, has faced its own set of challenges, including concerns over environmental sustainability, legal issues, and slowing demand. As Country Garden grapples with financial difficulties in China, the fate of its investments and projects, including Forest City, remains uncertain.

Last month, Country Garden faced a winding-up petition in Hong Kong from a creditor over the non-repayment of a loan amounting to 1.6 billion Hong Kong dollars ($204 million), as reported by the company.

Country Garden’s challenges resonate with those of another mammoth Chinese property player, Evergrande, now insolvent. The revelation of missed financial results by Evergrande in 2021 and 2022 initially exposed investors to the colossal debts and strains lurking within China’s property landscape. This revelation reverberated across various sectors of the world’s second-largest economy, leaving enduring repercussions.

Chinese regulators subsequently accused Evergrande and its founder of inflating revenues by $78 billion, implicating the insolvent property giant in the country’s largest-ever financial fraud case.

In light of Country Garden’s precarious financial situation, it is as yet unclear how its troubles in China will impact the development in Johor, as well as those in other international ventures.