Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Hong Kong
  4. Hong Kong Stock Exchange
  5. China Evergrande Group
  6. News
  7. Summary
    3333   KYG2119W1069

CHINA EVERGRANDE GROUP

(3333)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

China Evergrande : Exclusive-Bank of England's Woods cautiously optimistic Evergrande "won't go badly wrong"

09/23/2021 | 09:58am EDT
Logo of China Evergrande Group seen on the Evergrande Center in Shanghai

LONDON (Reuters) - Bank of England Deputy Governor Sam Woods said on Thursday that Britain's banks have no major exposures to Evergrande and he does not expect the troubled Chinese property group to "go badly wrong".

"The direct exposures of the UK banks and insurance companies to Evergrande are not material, so it's really not a concern in the first round effect," Woods told Reuters.

"But the question on everyone's mind is how will the authorities choose to handle this in China, and could it represent something broader? Obviously at some point that could become something that we need to worry about."

The BoE has checked exposures of British banks to Evergrande and this year's stress test scenario for Britain's lenders included a "hard landing" for the Chinese economy.

"My base case is it won't go badly wrong," Woods said.

"I am very cautiously optimistic the Chinese authorities will want to find a way through it that doesn't create a kind of major issue."

FLASHING AMBER

Evergrande and "blow ups" at hedge fund Archegos and finance company Greensill were symptoms of a market getting ahead of itself, Woods said.

"I think we should feel good about how the financial system has come through COVID but of course that's been with huge fiscal and monetary support for the economy that shielded (it) from the full force of the blow," he said.

"As we come out, if you look around, financial markets, I would say, are very frothy," he added.

Several indicators were now "flashing amber" across the world, particularly in the debt and housing markets, with a correction "clearly possible".

"It's an environment in which we need to keep our wits about us," Woods said.

A steady financial system is needed to support the economic recovery from a pandemic that triggered the worst downturn in Britain in 300 years, he said.

"We are not at the point of specific action yet, but I do think we are watching very carefully with a somewhat jaundiced eye," Woods added.

(Reporting by Huw Jones; Editing by Rachel Armstrong)

By Huw Jones


ę Reuters 2021
All news about CHINA EVERGRANDE GROUP
10/16CHINA VANKE : Chinese property executives ask regulators for 'appropriate loosening' of re..
RE
10/15CHINA PROPERTIES : defaults on notes worth $226 million
RE
10/15CHINA EVERGRANDE : central bank official says spillover effect of Evergrande's debt woes i..
RE
10/15Hong Kong audit watchdog investigating Evergrande and PwC
RE
10/15CHINA EVERGRANDE : Hong Kong audit watchdog investigating Evergrande and PwC
RE
10/15Chinese state-owned yuexiu property pulls out of planned $1.7 bln deal to buy china eve..
RE
10/15Chinese Regulators Ask Banks to Reduce Wealth Management Products
MT
10/15FANTASIA : China loosens restrictions on home loans at some big banks -Bloomberg News
RE
10/15China to Likely Keep Property Regulations Tight Despite Lull, Analysts Say
MT
10/14Fitch Cuts Modern Land’s Ratings as Developer Seeks Payment Extension; Shares Tan..
MT
More news
Analyst Recommendations on CHINA EVERGRANDE GROUP
More recommendations
Financials
Sales 2021 547 B 70 381 M 70 381 M
Net income 2021 2 419 M 311 M 311 M
Net Debt 2021 354 B 45 466 M 45 466 M
P/E ratio 2021 16,1x
Yield 2021 1,29%
Capitalization 38 943 M 5 007 M 5 008 M
EV / Sales 2021 0,72x
EV / Sales 2022 0,47x
Nbr of Employees 163 119
Free-Float 18,6%
Chart CHINA EVERGRANDE GROUP
Duration : Period :
China Evergrande Group Technical Analysis Chart | MarketScreener
Full-screen chart
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 12
Last Close Price 2,95 HKD
Average target price 11,13 HKD
Spread / Average Target 277%
EPS Revisions
Managers and Directors
Hai Jun Xia Vice Chairman & Chief Executive Officer
Shou Ming Shi President
Da Rong Pan Chief Financial Officer & Executive Director
Ka Yan Hui Chairman
Dong Feng Chen Head-Information
Sector and Competitors
1st jan.Capi. (M$)
CHINA EVERGRANDE GROUP-80.20%5 007
CHINA VANKE CO., LTD.-26.52%37 016
VONOVIA SE-10.71%35 610
DEUTSCHE WOHNEN SE21.17%21 116
VINGROUP JOINT STOCK COMPANY-3.72%15 032
VINHOMES JOINT STOCK COMPANY14.31%15 028