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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Longfor Group Holdings Limited    960   KYG5635P1090

LONGFOR GROUP HOLDINGS LIMITED

(960)
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End-of-day quote. End-of-day quote Hong Kong Stock Exchange - 05/29
35.1 HKD   +1.59%
04/09Hong Kong stocks rise on hopes of pandemic peak
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04/01China developers raise funds at home to repay pricier offshore debt
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03/24LONGFOR : 2019 Net Profit Rose on Stronger Sales
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News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Chinese Developers Flock to Issue Dollar Debt

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01/10/2020 | 06:06am EDT

By Frances Yoon

Chinese property companies have kicked off 2020 by selling billions of dollars of longer-dated bonds, capitalizing on a hot market to reduce their heavy reliance on short-term funding.

The country's real-estate groups sold about $8 billion of dollar bonds in the first two weeks of January, according to credit strategists at ANZ.

Corporate borrowers in China have typically relied on shorter-term funds, meaning they have to more frequently refinance their debts. In 2018, some developers sold bonds due in as little as a year, as investors worried about their ability to repay sums borrowed for longer periods.

The average bond in an ICE BofA index of Chinese high-yield securities in dollars has 2.7 years to maturity, compared with 5.9 years for a similar U.S. index.

Among the longest-dated new deals, investment-grade rated Longfor Group Holdings sold its first 12-year bond, with a coupon of 3.85%, while Country Garden borrowed for 10 years.

Ernst Grabowski, head of Asia-Pacific debt syndication at Morgan Stanley, said issuers had benefited from a strong market backdrop, funds flowing into the region, low interest rates and more visibility on future Federal Reserve policy. Recent minutes showed Fed officials appear comfortable holding rates steady in the months ahead.

Mr. Grabowski said the Fed's three interest rate cuts last year had helped pave the way for longer-dated bond sales, and he expected property bond issuance to be robust this year.

Deals from Kaisa Group and Sino-Ocean Group Holding each attracted nearly $3 billion in orders from investors, or multiples of the $500 million and $400 million they raised respectively, according to bankers, in a sign of strong demand.

Mark Kiesel, chief investment officer for global credit at Pacific Investment Management Co., said constantly refinancing short-term debt wasn't sustainable, and so it was healthy for the real-estate firms to extend their debt maturities.

Write to Frances Yoon at frances.yoon@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
COUNTRY GARDEN HOLDINGS COMPANY LIMITED -0.10% 9.58 End-of-day quote.-23.24%
EURO / US DOLLAR (EUR/USD) 0.04% 1.11069 Delayed Quote.-1.21%
KAISA GROUP HOLDINGS LTD. 0.00% 2.83 End-of-day quote.-23.92%
LETS HOLDINGS GROUP CO., LTD. 4.01% 12.45 End-of-day quote.106.13%
LONGFOR GROUP HOLDINGS LIMITED 1.59% 35.1 End-of-day quote.-3.84%
MORGAN STANLEY -0.45% 44.2 Delayed Quote.-13.54%
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Latest news on LONGFOR GROUP HOLDINGS LIM
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Financials
Sales 2020 186 B 26 139 M 26 139 M
Net income 2020 19 662 M 2 756 M 2 756 M
Net Debt 2020 92 799 M 13 008 M 13 008 M
P/E ratio 2020 9,77x
Yield 2020 4,39%
Capitalization 194 B 27 140 M 27 143 M
EV / Sales 2019
EV / Sales 2020 1,54x
Nbr of Employees 26 316
Free-Float 26,5%
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Mean consensus BUY
Number of Analysts 24
Average target price 37,04 CNY
Last Close Price 32,30 CNY
Spread / Highest target 30,4%
Spread / Average Target 14,6%
Spread / Lowest Target -11,0%
EPS Revisions
Managers
NameTitle
Ming Xiao Shao Chief Executive Officer & Executive Director
Ya Jun Wu Chairman
Yi Zhao Chief Financial Officer & Executive Director
Shi Xuan Huang General Manager-Engineering Department
Frederick Peter Churchouse Independent Non-Executive Director