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CHINA EVERGRANDE GROUP

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China Evergrande to Repay US$1.75 Billion in Debt Due June 28

06/24/2021 | 01:34am EDT

By Ben Otto

China Evergrande Group will use its own funds to repay about US$1.75 billion of bonds coming due next week as well as interest on offshore debt, the property developer said Thursday.

Evergrande, one of China's biggest and most indebted property developers, said it would use its own funds to repay bonds due to mature on June 28 in the principle amount of US$1.45 billion, as well as interest payable on all its offshore U.S. dollar-denominated bonds in the amount of US$298.7 million.

It added that since March of last year, the company has used its own funds to repay seven series of offshore bonds in the amount of about US$10.6 billion. It has no further domestic or foreign public bonds due before March 2022, it said.

The heavily leveraged company has been under pressure from investors concerned about the company's financial health.

Earlier this month, the company was forced to defend itself against online allegations and dwindling investor confidence for the second time in less than a year, saying its business was operating normally and threatening individuals who spread unfounded rumors with legal action.

Write to Ben Otto at ben.otto@wsj.com

(END) Dow Jones Newswires

06-24-21 0133ET

Stocks mentioned in the article
ChangeLast1st jan.
CHINA EVERGRANDE GROUP -7.94% 5.22 End-of-day quote.-64.97%
DJ INDUSTRIAL 0.80% 35116.4 Delayed Quote.14.14%
All news about CHINA EVERGRANDE GROUP
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08/03Evergrande Faces Two More Claims Over Unpaid Services; Shares Slide 6%
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08/03Two more suppliers say payments are overdue from indebted Evergrande
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08/02MARKET CHATTER : Evergrande Affiliate Shengjing Bank's Credit Ratings Cut on Ris..
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08/02Hong Kong Stocks Rebound; Evergrande Shares Surge 8% on $418 Million Disposal
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08/01Evergrande Unit Files Objection Against Huaibei Mining Lawsuit Over Involveme..
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08/01Debt-Ridden Evergrande to Sell 11% Stake in HengTen For $418 Million
MT
08/01An unknown buyer entered into an agreement to acquire 4% stake in HengTen Net..
CI
More news
Financials
Sales 2021 684 B 88 001 M 88 001 M
Net income 2021 26 841 M 3 453 M 3 453 M
Net Debt 2021 544 B 69 956 M 69 956 M
P/E ratio 2021 2,61x
Yield 2021 7,89%
Capitalization 68 910 M 8 860 M 8 864 M
EV / Sales 2021 0,90x
EV / Sales 2022 0,63x
Nbr of Employees 123 276
Free-Float 14,4%
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Technical analysis trends CHINA EVERGRANDE GROUP
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Mean consensus OUTPERFORM
Number of Analysts 15
Last Close Price 5,22 HKD
Average target price 18,07 HKD
Spread / Average Target 246%
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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