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Ying Li expects 30% drop in consolidated net tangible assets

Singapore-based Ying Li International Real Estate Ltd. expects an up to 30% decline in consolidated net tangible assets, or NTA, due to potential discrepancies.

The company's new finance team, which was appointed after a China Everbright Ltd. unit closed a mandatory takeover offer for Ying Li, found the inconsistencies in a preliminary finding based on audited consolidated NTA for the financial year ended Dec. 31, 2018.

The company said it secured Singapore Exchange Securities Trading Ltd.'s approval to publish its unaudited financial statements for the second quarter ended June 30 and the third quarter ending Sept. 30 by Nov. 14.

In addition, trading in Ying Li shares on the Singapore exchange was halted, effective Sept. 11, at the company's request. Ying Li noted that it has lodged a request to lift the trading halt.