(Yicai) Feb. 22 -- R&F Properties became this year’s latest Chinese property developer to have been publicly criticized by stock exchanges for having failed to disclose their financial reports.

The Shanghai Stock Exchange yesterday released a public notice condemning R&F for failing to disclose earnings reports on time twice, affecting the reasonable expectation of bond holders to obtain important information about the company’s operating performance in the period.

The Guangzhou-based developer released its financial statement for the first half of 2022 on Sept. 30, 2022, one month after the deadline.

According to that report, R&F achieved a revenue of CNY17.8 billion (USD2.5 billion) in the six months ended June 30, 2022, down 55 percent from a year earlier. In the period, the firm turned a profit of CNY3.1 billion (USD431.1 million) into a loss of CNY6.9 billion.

Before that, R&F failed to disclose its 2021 annual report on time, claiming the delay was due to the impact of the Covid-19 pandemic. The firm had already received a disciplinary action for that last April.

Since the beginning of this year, Chinese stock exchanges have called out several Chinese real estate companies, including China Evergrande Group, Kaisa Group Holding, and China Aoyuan Group, for having failed to publish their earnings report on time in the past.

Since the second half of 2021, many real estate companies have experienced delays in releasing their financial statements due to various factors, including liquidity crises, impacts from Covid-19, and changes in auditors.

Editor: Futura Costaglione