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Chinese focused platform, Juwai under scrutiny

People & Companies / Latest News

Australia

Mar 08 2018

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Chinese international real estate platform Juwai may list on the Australian Securities Exchange, despite Auditors Ernst and Young investigating 2016 accounts lodged just five weeks ago. 

The auditors said the platform, which has 2.5 million listings in 89 countries, had been unable to renegotiate refinance for debts due at the time of lodgement, prompting doubt about its ability to continue as a going concern in the short term.

In December, Juwai announced it had secured a new strategic investment from property group Ironfish. 

Juwai charman Georg Chmiel told The Australian they were considering all options, including a public listing. 

The company reported a loss of US10.1 million in the 2016 calendar year, despite revenue rising 28 percent over the same period. 

As of December 2016, Juwai had net current liabilities of $US7.05 million and net liabilities of $US6.6 million, with cash outflows from operating activities at $US10.6 million during that year. 

Although there is uncertainty regarding Juwai’s ability to continue as a going concern, it has received assurance that repayment of the convertible note amounting to $US5, 780, 389 would not be demanded until it was able to do so without impairing its liquidity.

 

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