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CHINA EVERGRANDE GROUP

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Delayed Hong Kong Stock Exchange  -  04:08 2022-03-18 am EDT
1.650 HKD   +8.55%
08/10WALL STREET STOCK EXCHANGE : China property developers' woes cast shadow over management units
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08/05China Evergrande to Return Land Use Right of Property in China; Shares Slip 10%
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08/04China Evergrande Group to Give Up Land Use Rights of Soccer Stadium for Over $800 Million
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China Evergrande Expects to Announce Restructuring Plan by End of July

06/20/2022 | 04:34pm EDT

By P.R. Venkat


China Evergrande Group is aiming to announce a preliminary restructuring plan by the end of July, a possible sign that the real-estate developer is on track to address its financial woes.

"The company is actively pushing forward with its restructuring work," Evergrande, which has defaulted on several of its commitments to foreign bondholders, said Monday.

Evergrande said that it is also taking appropriate steps to comply with Hong Kong exchange rules in order to avoid a possible delisting of its shares.

Shares of the developer have been suspended since March 21. The Hong Kong stock exchange may cancel the listing of any securities that have been suspended from trading for a continuous period of 18 months.

The property giant had amassed around $300 billion in liabilities as of last June, including around $20 billion in outstanding U.S. dollar bonds.

Evergrande has struggled to meet its obligations since the summer, and has missed final deadlines for interest payments on several U.S. dollar bonds. All three major credit-rating companies have declared it to be in default.

Late last year, Evergrande said it had turned to its provincial government for help in dealing with its liquidity crisis.

The government of Guangdong is helping the company manage its risks, and Evergrande has set up a risk-management committee that includes its top executives and representatives of several state-backed entities.


Write to P.R. Venkat at venkat.pr@wsj.com


(END) Dow Jones Newswires

06-20-22 1834ET

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Analyst Recommendations on CHINA EVERGRANDE GROUP
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Financials
Sales 2021 488 B 62 241 M 62 241 M
Net income 2021 12 117 M 1 545 M 1 545 M
Net Debt 2021 460 B 58 624 M 58 624 M
P/E ratio 2021 1,81x
Yield 2021 7,06%
Capitalization 21 787 M 2 778 M 2 778 M
EV / Sales 2021 0,99x
EV / Sales 2022 0,95x
Nbr of Employees 163 119
Free-Float 29,5%
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Income Statement Evolution
Consensus
Sell
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Mean consensus UNDERPERFORM
Number of Analysts 4
Last Close Price 1,65 HKD
Average target price 2,11 HKD
Spread / Average Target 27,9%
EPS Revisions
Managers and Directors
Shawn Siu Chief Executive Officer & Executive Director
Shou Ming Shi President
Cheng Qian Chief Financial Officer, Executive Director & VP
Ka Yan Hui Chairman
Dong Feng Chen Head-Information
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