sunac china holdings ltd shares slid after the chinese property company said it will delay the release of its financial results amid uncertainties concerning credit downgrades and efforts to extend payment deadlines for onshore bonds shares fell as much as 22 to 385 hong kong dollars 49 us cents in early tuesday trading taking its yeartodate losses to more than 60 and putting it on track for its secondbiggest oneday loss since it listed in 2010 sunac services holdings ltd shares slid as much as 99 the drop comes after tianjinbased sunac said late monday that it wont be able publish its 2021 financial results by the end of the month which would lead to a suspension in trading of its shares from april 1 the company said it needs more time to complete its audit work citing issues relating to its offshore loans arising from recent downgrades of the companys credit ratings by international rating companies as well as its proposed extension of payment deadlines for domestic bonds of a realestate unit in the past two weeks fitch ratings sp global ratings and moodys investors service have all released downgrades on the company citing concerns including the companys liquidity and refinancing risks the company postponed its board meeting scheduled for thursday it didnt specify an expected date for the release of its annual results investment bank nomura said that in its view the stillweak physical property sales momentum under the governments mild policy adjustments and the resurgence of covid19 cases across major cities has led to serious pressure on sunacs cash positions as well as eroded financial institutions confidence in the company we believe sunacs delay in result announcement will further weigh down property sector sentiment it said adding that current policy finetuning measures are not strong enough to reignite developers contracted sales momentum nomura maintained a buy rating with a hk1670 target pricemore than triple the stocks previous closing pricebut said it is reviewing both views along with earnings forecasts pending more financial details from sunac sunac last week flagged an expected 85 drop in profit for the year saying results were affected by credit losses on receivables and impairments on inventory as well as investment losses