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    3333   KYG2119W1069

CHINA EVERGRANDE GROUP

(3333)
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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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Fitch withdraws ratings on debt-laden China Evergrande, subsidiaries

06/02/2022 | 06:43am EST
FILE PHOTO: Headquarters of China Evergrande Group in Shenzhen

HONG KONG (Reuters) - Fitch Ratings said on Thursday it has decided to withdraw its rating on embattled property developer China Evergrande Group and two of its subsidiaries as the firms have stopped participating in the process.

The rating agency in December downgraded Evergrande and its subsidiaries, Hengda Real Estate Group Co Ltd and Tianji Holding Ltd, to so-called "restricted default" status, saying the firms had defaulted on their offshore bond obligations.

In its statement on Thursday, Fitch said that it would no longer have sufficient information to maintain the ratings on Evergrande, the world's most indebted developer with more than $300 billion in debt, and two of its subsidiaries.

"Accordingly, Fitch will no longer provide ratings or analytical coverage for Evergrande and its subsidiaries," it said.

Evergrande, which has struggled to repay suppliers and complete housing projects, has become the poster child of China's property sector crisis as it lurched from one missed offshore debt payment deadline to another.

The firm is considering repaying offshore public bondholders owed around $19 billion with cash instalments and equity in two of its Hong Kong-listed units, Reuters reported last month, as the developer struggles to get back on better footing.

Its $22.7 billion worth of offshore debt including loans and private bonds is deemed to be in default after missing payment obligations late last year. It said in March that it will unveil a preliminary debt restructuring proposal by the end of July.

Late last year rating agencies including S&P downgraded Evergrande to "selective default" after missed offshore debt payment.

(Reporting by Sumeet Chatterjee; Editing by Kim Coghill)


ę Reuters 2022
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Analyst Recommendations on CHINA EVERGRANDE GROUP
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Financials
Sales 2021 474 B 60 742 M 60 742 M
Net income 2021 12 038 M 1 543 M 1 543 M
Net Debt 2021 485 B 62 136 M 62 136 M
P/E ratio 2021 1,82x
Yield 2021 7,06%
Capitalization 21 787 M 2 792 M 2 792 M
EV / Sales 2021 1,07x
EV / Sales 2022 1,03x
Nbr of Employees 163 119
Free-Float 29,5%
Chart CHINA EVERGRANDE GROUP
Duration : Period :
China Evergrande Group Technical Analysis Chart | MarketScreener
Full-screen chart
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 4
Last Close Price 1,65 HKD
Average target price 2,10 HKD
Spread / Average Target 27,4%
EPS Revisions
Managers and Directors
Shawn Siu Chief Executive Officer & Executive Director
Cheng Qian Chief Financial Officer, Executive Director & VP
Ka Yan Hui Chairman
Shing Yim Chau Independent Non-Executive Director
Qi He Independent Non-Executive Director
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