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CHINA EVERGRANDE GROUP

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Delayed Hong Kong Stock Exchange  -  03/18 04:08:12 am EDT
1.650 HKD   +8.55%
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China Property Stocks Gain as Construction Resumes at Evergrande Projects

12/27/2021 | 10:28pm EDT

By Yongchang Chin

Shares of Hong Kong-listed Chinese property developers rallied Tuesday morning after China Evergrande Group said work had resumed at more than 90% of its stalled residential projects.

Evergrande's Sunday announcement likely reassured investors, with the stock rising as much as 10% on Tuesday, though it has since pared gains and was last 7.4% higher at HK$1.59. Hong Kong markets were closed Monday for the Boxing Day holiday.

Evergrande also said it planned to deliver 39,000 homes to buyers across China in December. The company added that its risk-management committee was helping to steer its massive restructuring and that it would engage with creditors. The world's three largest credit-rating companies have all deemed Evergrande to be in default.

The development pulled shares of other Chinese developers higher. Shimao Group Holdings Ltd. gained 3.1%, Sunac China Holdings Ltd. rose 4.6% and Guangzhou R&F Properties Co. advanced 2.2%.

The Hang Seng Mainland Property Index rose as much as 2.3%, but has since pared gains and was last 0.6% higher at 4221.58. The index is still down 30% year to date.

Related property management companies were also supported by positive sentiment, as Evergrande Property Services Group Ltd., Sunac Services Holdings Ltd. and Shimao Services Holdings Ltd. added 2.7%, 3.3% and 3.7%, respectively.

The property sector has also been buffeted by a barrage of defaults by some smaller developers, including Fantasia Holdings Group Co., Modern Land (China) Co. and Sinic Holdings Group Co.

Nomura estimated that the Chinese property sector's maturing offshore debt would nearly double to $19.8 billion in the first quarter of 2022 from $10.2 billion in the current quarter. That figure is expected to then climb to $18.5 billion in the second quarter, Nomura forecast.

Write to Yongchang Chin at yongchang.chin@wsj.com

(END) Dow Jones Newswires

12-27-21 2227ET

Stocks mentioned in the article
ChangeLast1st jan.
CHINA EVERGRANDE GROUP 8.55% 1.65 Delayed Quote.3.77%
EVERGRANDE PROPERTY SERVICES GROUP LIMITED 2.68% 2.3 Delayed Quote.-12.88%
GUANGZHOU R&F PROPERTIES CO., LTD. 0.66% 3.05 Delayed Quote.-1.38%
SHIMAO GROUP HOLDINGS LIMITED -2.21% 4.42 Delayed Quote.-13.33%
SHIMAO SERVICES HOLDINGS LIMITED 6.60% 4.2 Delayed Quote.-22.51%
SUNAC CHINA HOLDINGS LIMITED -5.18% 4.58 Delayed Quote.-61.12%
SUNAC SERVICES HOLDINGS LIMITED 6.72% 3.81 Delayed Quote.-55.09%
All news about CHINA EVERGRANDE GROUP
05/19Evergrande NEV Delays Mass Production of First Electric Car
MT
05/18Heeding regulatory call, Chinese developer Country Garden to issue bonds
RE
05/13Revenue of 13 Major Chinese Builders Tank 52% in April Despite Easing of Property Curbs
MT
05/08Evergrande Wins Six-Month Extension on Renminbi Bonds
MT
05/05China Evergrande Says April Contracted Sales Topped $467 Million
DJ
05/05Running on hope, China markets want action, not more policy pledges
RE
04/29Evergrande Targets $150.5 Million in Golden Week Holiday Sales
MT
04/28China Evergrande targets sales of $152 million in Golden Week holiday
RE
04/27Evergrande Unit Gets Six-Month Extension for $87 Million Interest Payment
MT
04/27China Evergrande gains six-month extension for Hengda onshore coupon payment
RE
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Analyst Recommendations on CHINA EVERGRANDE GROUP
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Financials
Sales 2021 521 B 66 426 M 66 426 M
Net income 2021 12 727 M 1 621 M 1 621 M
Net Debt 2021 497 B 63 253 M 63 253 M
P/E ratio 2021 1,72x
Yield 2021 3,53%
Capitalization 21 787 M 2 776 M 2 776 M
EV / Sales 2021 0,99x
EV / Sales 2022 0,94x
Nbr of Employees 163 119
Free-Float 29,5%
Chart CHINA EVERGRANDE GROUP
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China Evergrande Group Technical Analysis Chart | MarketScreener
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 6
Last Close Price 1,65 HKD
Average target price 1,89 HKD
Spread / Average Target 14,4%
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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