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CHINA EVERGRANDE GROUP

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China Evergrande : says stadium construction proceeding as planned

09/27/2021 | 07:24am EDT
Guangzhou Evergrande soccer stadium in Guangzhou

GUANGZHOU, China, Sept 27 (Reuters) - Work on a China Evergrande Group project in the southern city of Guangzhou to build one of the world's largest soccer stadiums is proceeding "as normal," the company told Reuters on Monday, despite the real estate giant's cash woes.

Evergrande owes $305 billion in debt and has run short of cash, rattling global markets. It missed a payment deadline on a dollar bond last week.

Construction on the Guangzhou FC Soccer stadium, which was set to cost around 12 billion yuan ($1.86 billion), began in April last year and had been due to finish by 2022.

"Construction work on the soccer stadium is still proceeding as normal and in an orderly manner," China Evergrande said in response to a query from Reuters.

The stadium would have a capacity of over 100,000, which would make it the world's largest purpose-built soccer venue by capacity.

"The world's eyes are on it," the owner of a small store nearby surnamed Zhao said on Sunday.

"How could the biggest soccer stadium in the world not be built? It won't become a waste construction site. The government wouldn't let this happen." ($1 = 6.4662 Chinese yuan renminbi) (Reporting by Martin Pollard, Thomas Suen and David Kirton; writing by Ryan Woo; Editing by Susan Fenton)


ę Reuters 2021
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Analyst Recommendations on CHINA EVERGRANDE GROUP
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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
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Income Statement Evolution
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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
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