Debao Property seeks extension for release of financial results

Some of its key finance personnel were stuck in Wuhan.

The directors of SGX-listed Debao Property Development is seeking for an extension of time to release their FY 2019 financial results from 29 February to 31 March due to shortage of manpower amidst the novel coronavirus outbreak, according to a bourse filing.

Some of the company’s key personnel from the finance department returned to Wuhan or other parts of Hubei Province for the Chinese Lunar New Year celebrations, but have been restricted from travelling back to the office due to the implemented lockdown. They will also be quarantined for 14 days upon return to Foshan, where the company is based.

These employees do not have remote access to the company’s financial data, according to Debao Property executive director and CEO Zhong Yuzhao.

“The company foresees that due to a shortage of manpower, it will require an extension of time to review the accounts, liaise with the auditors and seek Board approval before it can finalise the FY2019 Financial Results,” Zhong said.

With the outbreak of the Wuhan coronavirus in China during the Lunar New Year period, the local governments have implemented emergency proactive precautions to control human traffic in each city. It has also extended the holiday period until 10 February.