China Evergrande says improved internal control may address listing rules

EMBATTLED property developer China Evergrande Group said on Monday (Aug 21) it was confident its internal controls and processes had improved and could meet the listing rules of the Hong Kong stock exchange.

Trading in the company’s shares was suspended on Mar 21 last year after it got sucked into a debt crisis.

The company said trading will remain suspended until further notice.

Last week, Evergrande sought protection under Chapter 15 of the US bankruptcy code, which shields non-US companies undergoing restructurings from creditors that would rather sue them or tie up assets in the US.

The developer said it had appointed RSM Nelson Wheeler Consulting to conduct a review on its internal control and procedures, and Crowe (HK) Risk Advisory to conduct a review on certain issues raised by its former auditor. REUTERS