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CHINA EVERGRANDE GROUP

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China Evergrande : central bank official says spillover effect of Evergrande's debt woes is controllable

10/15/2021 | 06:40am EST
eaHeadquarters of China Evergrande Group in Shenzhen

BEIJING (Reuters) - The spillover effect of China Evergrande Group's debt problems on the banking system is controllable and individual financial institutions' risk exposures are not big, a central bank official said on Friday.

Chinese authorities are urging Evergrande to step up asset disposals and the resumption of projects, Zou Lan, head of financial markets at the People's Bank of China (PBOC), also told a briefing.

Evergrande had blindly diversified and expanded its business, Zou said.

Last month, as Evergande's debt crisis intensified, the PBOC said it would safeguard the legitimate rights and interests of home buyers.

In August, the central bank as well as the banking regulator said they had summoned executives from Evergrande and asked them to properly handle its debt risks, and Zou's comments on Friday were the first public statement by the central bank on the developer since then.

Financial institutions' appetite for property firms has declined significantly in response to risks at some developers, leading to a significant drop in loans to developers, he said.

"The risk exposure of individual financial institutions to Evergrande is not big and the spillover effect for the financial sector is controllable," he said.

Evergrande should step up asset disposals and speed up resumption of projects building, and authorities will provide financing support for project resumption, he said.

Some lenders have had "misunderstandings" about the central bank's debt control policies, causing financial strains for some firms as some new projects are unable to get loans even after firms have repaid existing loans, Zou said.

"This short-term extreme reaction is a normal market phenomenon," he said.

(Reporting by Kevin Huang, Cheng Leng, Kevin Yao; editing by John Stonestreet and Emelia Sithole-Matarise)


ę Reuters 2021
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Analyst Recommendations on CHINA EVERGRANDE GROUP
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Financials
Sales 2021 530 B 67 963 M 67 963 M
Net income 2021 9 514 M 1 221 M 1 221 M
Net Debt 2021 453 B 58 191 M 58 191 M
P/E ratio 2021 3,15x
Yield 2021 1,67%
Capitalization 29 974 M 3 846 M 3 847 M
EV / Sales 2021 0,91x
EV / Sales 2022 0,62x
Nbr of Employees 163 119
Free-Float 27,4%
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Mean consensus HOLD
Number of Analysts 9
Last Close Price 2,27 HKD
Average target price 6,34 HKD
Spread / Average Target 179%
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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
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