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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%
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China property firms joined c. bank talks on ways to help sector, sources say

04/25/2022 | 05:38am EDT

HONG KONG/BEIJING, April 25 (Reuters) - Several Chinese property developers attended talks with China's central bank last week to discuss the sale of distressed assets and other ways to support the real estate industry that has been battered by defaults, sources familiar with the matter said.

The central bank said last week it had held discussions with banks and asset management firms to discuss support for the economy and property sector, but it had not indicated that property developers had also been invited.

One of the sources told Reuters about a dozen developers attended the meeting, which was held on Tuesday. The source did not list the attendees by name.

China Evergrande Group and Kaisa Group were among those invited, two of the sources said. China Securities Journal reported that Zhongliang Holdings and Yango Group were among those which attended.

When asked for details, the central bank said it had met 18 national commercial banks and five asset management firms to discuss financial support for the economy, including maintaining orderly financing for developers and facilitating merger and acquisitions of distressed assets held by major property firms.

It did not say whether property firms also attended.

Kaisa declined to comment. Evergrande, Zhongliang and Yango did not respond to requests for comment.

Beijing has signalled there would be more government support for the embattled sector after bond payment defaults by Evergrande and other property developers rattled global markets.

But China's pledges to shore up the industry have done little to boost prospects, developers have said, as they struggle to access funding and many local government authorities remain reluctant to ease development rules.

Two developers which attended Tuesday's meetings said on Monday they were not very optimistic about prospects for securing more financing from banks. (Reporting by Clare Jim in Hong Kong and Shuyan Wang in Beijing; Editing by Edmund Blair)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
CHINA EVERGRANDE GROUP 8.55% 1.65 Delayed Quote.3.77%
KAISA GROUP HOLDINGS LTD. 10.53% 0.84 Delayed Quote.7.69%
YANGO GROUP CO., LTD -0.91% 2.17 End-of-day quote.-28.15%
ZHONGLIANG HOLDINGS GROUP COMPANY LIMITED -7.04% 1.32 Delayed Quote.-63.84%
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06/30Hang Seng Index Boots Evergrande, Sunac China, Seven Others, Adds Bilibili
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06/29Easing COVID-19 rules, growth focus aid China bulls' cautious return
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06/28Evergrande to Fight Winding-Up Petition ‘Vigorously'
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Analyst Recommendations on CHINA EVERGRANDE GROUP
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Financials
Sales 2021 488 B 62 219 M 62 219 M
Net income 2021 12 117 M 1 544 M 1 544 M
Net Debt 2021 460 B 58 602 M 58 602 M
P/E ratio 2021 1,81x
Yield 2021 4,71%
Capitalization 21 787 M 2 777 M 2 777 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
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Mean consensus HOLD
Number of Analysts 5
Last Close Price 1,65 HKD
Average target price 2,11 HKD
Spread / Average Target 27,9%
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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