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these data show that country garden has achieved remarkable results in the real estate market. from the data of the first eight months of this year, country garden's contract sales amount and construction area have continued to grow. however, country garden also faces some challenges, especially in terms of finance.
recently, country garden announced that upon the recommendation of the company, pricewaterhousecoopers (hereinafter referred to as "pricewaterhousecoopers") has agreed to resign as the company's auditor, effective september 3, 2024. at the same time, country garden will appoint zhonghui anda certified public accountants co., ltd. as the company's new auditor.
this is undoubtedly a major change for country garden's financial work. in its resignation letter, pricewaterhousecoopers stated that country garden has not yet provided the final draft of its 2023 consolidated scope and consolidated financial statements, related working papers and supporting documents.
pricewaterhousecoopers also disclosed other major pending matters, which country garden did not provide, including: future cash flow forecasts and related supporting documents to assess liquidity, the rationality of the basis for going concern and whether there are significant uncertainties regarding going concern; certain supporting data to complete the relevant audit work on the impairment provision assessment for properties under construction and completed properties, including but not limited to inventory cost data for certain properties under construction and completed property projects, information on impairment assessments and supporting information on certain significant assumptions and parameters used in the impairment assessments; the expected credit loss assessment results for other receivables as of december 31, 2023 and certain supporting materials to complete the relevant audit work.
the disclosure of these pending matters shows that country garden is currently facing financial difficulties. the transparency of its financial situation has also aroused the public and market's concerns about country garden's future development prospects.
country garden's financial situation has attracted widespread attention. the news of pricewaterhousecoopers' resignation means that country garden needs to find a new accounting firm to conduct financial accounting and auditing.
against this background, country garden appointed zhonghui anda certified public accountants co., ltd. as the company's new auditor, which shows that country garden hopes to obtain more professional financial guidance through the new accounting firm. this also means that country garden will face new challenges and need to find a new accounting firm and establish a new financial system.
at the same time, country garden's financial difficulties have also aroused the market's attention to country garden's future development prospects. country garden has achieved remarkable results in the real estate market, but it also faces some challenges, such as financial status and continued operating risks.
the following is the analysis of this article:
summarize: country garden's financial situation is an event worthy of attention, which reflects the fierce competition in the real estate market and the existence of financial risks. country garden needs to actively respond to challenges and ensure that its financial situation is stable and effectively managed.
