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    832   KYG207681001

CENTRAL CHINA REAL ESTATE LIMITED

(832)
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Delayed Hong Kong Stock Exchange  -  03:08 2022-12-02 am EST
0.2900 HKD   -3.33%
11/17S&P Downgrades Central China Real Estate's Long-Term Issuer Credit Rating on Default Probability
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11/16Central China Real Estate to Lay Off 7,000 Employees; Shares Slip 16%
MT
11/04Central China Real Estate Records 56% Drop in October Contracted Sales
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China real estate shares, bonds slump on report of CIFI default

09/28/2022 | 02:19am EST
Unfinished apartments in Guilin

SHANGHAI (Reuters) - Investors dumped shares and bonds of Chinese property developers on Wednesday, after a media report that CIFI Holdings (Group) Co had defaulted, adding to worries over the crisis-stricken real estate sector.

Hong Kong-listed shares of CIFI Holdings tumbled 26% in morning trading to a record low, after credit intelligence provider Reorg reported that the Chinese developer had missed payment on certain non-standard debt.

In response to questions about the report, CIFI said it is actively seeking solutions, without giving further details. The company's website said it was China's eighth-largest listed developer last year.

The share slump, which also came after CIFI's chairman predicted "unprecedented" liquidity stress ahead, triggered savage sell-offs in the sector.

An index tracking mainland developers listed in Hong Kong tumbled more than 5% to record lows.

In Shanghai, bonds issued by property firms including CIFI Holdings, Sunac Real Estate and Gemdale Corp were among the biggest losers. The Shanghai Stock Exchange later said it was suspending trading in a CIFI bond due to abnormal fluctuations.

The panic selling, which weighed on an already bearish market, reflects lingering investor pessimism toward the property sector despite a slew of measures by Beijing to aid the sector.

It also shows markets doesn't expect fresh property stimulus to be announced during or immediately after the 20th Communist Party Congress to be held from Oct. 16.

CIFI Holdings missed payment of debt under a project company known as Tianjin Xingzhou Real Estate Development Co, Reorg reported, citing sources.

In a letter to employees dated Sept. 27, CIFI Chairman Lin Zhong said the company's priority now is to survive, as property sales in China remain sluggish amid COVID-19 outbreaks, an economic slowdown, and a morgtage boycott.

"Hardship and ordeal will persist for quite a long period of time," Lin said in the letter, which was widely distributed via social media and confirmed by the company.

"In the coming months, CIFI's cash flows will meet unprecedented challenges."

A source with direct contact with Lin told Reuters that Lin is under immense pressure, as there's no fresh, big policy support in sight, so "it's unclear when the industry can see a gleam of hope."

Last week, CIFI was downgraded by Fitch Ratings, which cited the developer's declining liquidity buffer and higher leverage.

Woes in China's property market worsened in August, with official data showing home prices, sales and investment all falling, adding pressure on the sputtering economy. A number of leading developers have defaulted on bonds.

(Reporting by Shanghai newsroom; Editing by Kim Coghill)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
CENTRAL CHINA REAL ESTATE LIMITED -3.33% 0.29 Delayed Quote.-69.15%
CIFI HOLDINGS (GROUP) CO. LTD. -2.68% 1.09 Delayed Quote.-75.83%
CREDIT INTELLIGENCE LIMITED -4.76% 0.2 Delayed Quote.-16.67%
GEMDALE CORPORATION -3.74% 11.32 End-of-day quote.-12.72%
SHANGHAI A INDEX -0.30% 3308.06 Real-time Quote.-13.27%
SHANGHAI STOCK EXCHANGE B SHARES INDEX -0.14% 290.7389 Real-time Quote.1.71%
All news about CENTRAL CHINA REAL ESTATE LIMITED
11/17S&P Downgrades Central China Real Estate's Long-Term Issuer Credit Rating on Default Pr..
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11/16Central China Real Estate to Lay Off 7,000 Employees; Shares Slip 16%
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11/04Central China Real Estate Records 56% Drop in October Contracted Sales
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11/04Central China Real Estate Limited Reports Unaudited Contracted Group Sales Results for ..
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10/11Central China Real Estate's September Property Sales Drop 73%; Shares Slip 6%
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09/28China property shares, bonds slump as CIFI default report adds to sector woes
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09/28China real estate shares, bonds slump on report of CIFI default
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09/20Central China Real Estate Limited commences an Equity Buyback Plan for 296,411,612 shar..
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09/16Central China Real Estate to Repurchase Shares; Shares Climb 4%
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09/07Central China Real Estate's August Contracted Sales Drop 67%
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Analyst Recommendations on CENTRAL CHINA REAL ESTATE LIMITED
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Financials
Sales 2022 30 682 M 4 371 M 4 371 M
Net income 2022 -5 043 M -718 M -718 M
Net Debt 2022 14 788 M 2 107 M 2 107 M
P/E ratio 2022 -0,15x
Yield 2022 -
Capitalization 795 M 113 M 113 M
EV / Sales 2022 0,51x
EV / Sales 2023 0,39x
Nbr of Employees 2 939
Free-Float 28,2%
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Mean consensus HOLD
Number of Analysts 2
Last Close Price 0,26 CNY
Average target price 0,46 CNY
Spread / Average Target 74,6%
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Managers and Directors
Ming Yao Yang Chief Executive Officer
Ping Hu Chief Financial Officer
Chi Kit Yu CFO, Secretary & Authorized Representative
Po Sum Wu Chairman
Vinh Mai Chief Investment Officer & Head-Investor Relations