Summary by Moomoo AI
According to the audit, completed under the Hong Kong Audit Criteria, Country Garden Properties recorded a net loss of approximately RMB898 billion in 2023 and faced problems with the inability to repay certain debts, raising significant concerns about its ability to continue operating. Nevertheless, the Board of Directors is confident that the Group is able to continue operating and has not made adjustments to the financial statements. Key audit matters include valuations of investment properties and properties under construction or holding for sale, which require substantial estimates. As of 31 December 2023, the Group's investment properties were valued at approximately RMB4591 billion. The Auditor has not amended its opinion on the material uncertainties related to continuing operations, considering that the financial statements are a true and fair reflection of the Group's financial position and comply with the disclosure requirements of the Hong Kong Companies Ordinance. THE AUDITOR COMMUNICATED WITH THE AUDIT COMMITTEE ON THE SCOPE AND TIMING OF THE AUDIT AND THE MAJOR FINDINGS, AND THE AUDIT PARTNER WAS LEE KUOLUN.