CHINA EVERGRANDE NEW ENERGY VEHICLE GROUP LIMITED

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Delayed Hong Kong Stock Exchange  -  04:08 2022-03-31 am EDT
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China Evergrande sticks to restructuring plan target of before end of July

06/20/2022 | 11:33am EDT
FILE PHOTO: A logo of China Evergrande Group is displayed at a news conference on the property developer's annual results in Hong Kong

(Reuters) - China Evergrande Group late on Monday said it will announce its preliminary restructuring plan before the end of next month, sticking to its original deadline even as the world's most indebted property developer struggles to emerge from its financial crisis.

With more than $300 billion racked up in debt, Evergrande has been struggling to repay suppliers, creditors and complete projects, becoming the poster child of the country's property sector crisis, stumbling from one missed payment deadline to the other.

In a stock exchange filing on Monday, Evergrande said it was "actively pushing forward with its restructuring work", and expects to announce its plan before the end of July, in line with its original deadline announced in late January.

The embattled property developer also said it will have to conduct an independent investigation into 13.4 billion yuan ($2.0 billion) pledged by its property services unit to several banks and release its pending financial results for its shares - which have been suspended since late March - to resume trading.

Its units, China Evergrande New Energy Vehicle and Evergrande Property Services, issued similar releases separately. Shares of all the three entities are under suspension, and will remain so until further notice, they said.

($1 = 6.6888 Chinese yuan renminbi)

(Reporting by Sameer Manekar in Bengaluru; Editing by Sandra Maler)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
CHINA EVERGRANDE GROUP 8.55% 1.65 Delayed Quote.3.77%
CHINA EVERGRANDE NEW ENERGY VEHICLE GROUP LIMITED 1.91% 3.2 Delayed Quote.-9.09%
EVERGRANDE PROPERTY SERVICES GROUP LIMITED 2.68% 2.3 Delayed Quote.-12.88%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.37% 6.71451 Delayed Quote.5.40%
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Financials
Sales 2020 15 487 M 2 443 M 2 443 M
Net income 2020 -7 394 M -1 166 M -1 166 M
Net Debt 2020 62 534 M 9 864 M 9 864 M
P/E ratio 2020 -35,5x
Yield 2020 -
Capitalization 28 089 M 4 423 M 4 431 M
EV / Sales 2019 20,0x
EV / Sales 2020 18,5x
Nbr of Employees 14 493
Free-Float 35,6%
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Managers and Directors
Da Rong Pan Chief Financial Officer
Shawn Siu Chairman
Shing Yim Chau Independent Non-Executive Director
Jian Wen Guo Independent Non-Executive Director
Wu Xie Independent Non-Executive Director