The financial troubles of the Chinese property development conglomerate shocked global markets last year and have exposed potential cracks in the country's economy.

Evergrande, the debt-laden Chinese property developer which is battling to recover from default, has reportedly said that it cannot publish its 2021 financial results by the 31 March deadline, as its audit is yet to be finished, according to the South China Morning Post.

The financial woes of Evergrande, which has $22.7 billion in offshore debts, shook global markets when they came to light last year. 

The organisation, which is working on a restructuring plan with its financial and legal advisors, promised to roll it out by the end of July, executive director Shawn Siu is reported as telling investors during a call earlier in the week. 

As of Tuesday, it had contacted 89 offshore creditors to seek their opinions, and would continue to proactively communicate with them, said Siu.

Evergrande will provide more details about the restructuring plan agreed with offshore creditors – who have signed non-disclosure agreements – when things have moved forward, Siu is reported to have said.

The group has $310 billion in liabilities.

In late January, UBS said that it was cautious about the Chinese real estate market, with the Evergrande saga being part of its reason why. Last December, Fitch, one of the world’s “Big Three” ratings agencies, downgraded Evergrande to “restricted default.”