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CHINA EVERGRANDE GROUP

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China stocks rise, Evergrande's assurances lift real estate

09/23/2021 | 12:49am EDT

SHANGHAI, Sept 23 (Reuters) - Chinese stocks rose on Thursday, led by semiconductors and consumer staples, while debt-laden developer China Evergrande's assurances lifted real estate firms in mainland and Hong Kong.

The CSI300 index rose 0.7% to 4,855.51 at the end of the morning session, while the Shanghai Composite Index gained 0.6% to 3,649.57.

The Hang Seng index added 0.7% to 24,388.52. The Hong Kong China Enterprises Index gained 0.9% to 8,718.64.

** The real estate sub-index gained 2.1%, while the banking sub-index slipped 0.2%.

** China Evergrande Group said it held an internal meeting late on Wednesday night, urging company executives to ensure the quality delivery of properties and redemption of wealth management products.

** Evergrande said it had "resolved" one coupon payment due on Thursday but didn't give more details, leaving it unclear what this means for $83.5 million in dollar bond interest payments due on the day.

** Consumer staples rose 1.2%, while the energy sub-index dropped 2.7%.

** China's cabinet pledged on Wednesday to roll out policies to boost consumption, and use more market-based measures to stabilise commodity prices.

** The semiconductors sub-index and the infrastructure sub-index added more than 2.5% each.

** In Hong Kong, property-related firms led gains on catch-up trade, as the market was shut for a public holiday on Wednesday.

** China Evergrande Group soared as much as more than 30% in morning trading and was up 10.6% at the end of morning session.

** The Hang Seng Mainland Properties Index surged 7.7%, while the Hang Seng Property Index was up 3.9%.

** The Hang Seng Tech Index rose 0.4%. Tech giants Meituan and Tencent Holdings went up but Alibaba Group declined after they said they have begun to send its consumer credit data to a database run by China's central bank.

** A sub-index tracking energy gained 2.6%.

(Reporting by Shanghai Newsroom; Editing by Rashmi Aich)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CHINA EVERGRANDE GROUP -3.91% 2.95 End-of-day quote.-80.20%
MEITUAN 1.85% 285.6 End-of-day quote.-3.05%
TENCENT HOLDINGS LIMITED 0.40% 499 End-of-day quote.-11.52%
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Analyst Recommendations on CHINA EVERGRANDE GROUP
More recommendations
Financials
Sales 2021 547 B 70 391 M 70 391 M
Net income 2021 2 419 M 311 M 311 M
Net Debt 2021 354 B 45 472 M 45 472 M
P/E ratio 2021 16,1x
Yield 2021 1,29%
Capitalization 38 943 M 5 008 M 5 009 M
EV / Sales 2021 0,72x
EV / Sales 2022 0,47x
Nbr of Employees 163 119
Free-Float 18,6%
Chart CHINA EVERGRANDE GROUP
Duration : Period :
China Evergrande Group Technical Analysis Chart | MarketScreener
Full-screen chart
Income Statement Evolution
Consensus
Sell
Buy
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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