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CHINA MERCHANTS SHEKOU INDUSTRIAL ZONE HOLDINGS CO., LTD.

(001979)
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End-of-day quote Shenzhen Stock Exchange  -  2022-06-26
12.41 CNY   -1.12%
04/27China Merchants Shekou Industrial Zone Holdings Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2022
CI
04/06Kaisa Strikes Collaboration Deal with China Merchants, China Great Wall Asset Management
MT
04/05China's cash-strapped Kaisa in strategic pact with state firms
RE
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China's cash-strapped Kaisa in strategic pact with state firms

04/05/2022 | 11:46pm EDT
FILE PHOTO: Sign of the Kaisa Plaza, a real estate property developed by Kaisa Group Holdings, is seen near its apartment building in Beijing

HONG KONG (Reuters) - Cash-strapped Kaisa Group entered into a strategic co-operation agreement with state-owned China Merchants Shekou Industrial Zone Holdings and China Great Wall Asset Management on joint venture arrangements and asset acquisitions.

Analysts said Kaisa's move could set an example for other distressed property developers, including China Evergrande Group and Shimao Group, to introduce state-owned enterprises or local governments for their restructuring.

Chinese state-owned firms are expected to acquire more assets from highly indebted private developers as Beijing steps up efforts to stabilise and tighten control over the crisis-hit property sector, which accounts for a quarter of the economy.

Kaisa said in a filing late on Tuesday the cooperation agreement will include new opportunities in property development in the Greater Bay Area, as well as other businesses such as cultural tourism and ferry.

The agreement is "conducive to... revitalising (its) assets of commercial and residential projects, and alleviating short-term liquidity difficulties," the firm said in the filing.

Kaisa, the second-largest U.S. dollar bond issuer among Chinese developers after Evergrande, is restructuring its $12 billion offshore debt after defaulting on some bonds last year.

China Merchants Shekou, a flagship company of China Merchants Group, specialises in the development of commercial and industrial parks, while China Great Wall, owned by the finance ministry, is one of the country's four biggest managers of distressed debt.

"This is the first major restructuring announced by a developer so far and we think market should consider it as positive because this should pave the way for the smooth solving of its problems," Raymond Cheng, head of China research at CGS-CIMB Securities said.

Kaisa's shares listed in Hong Kong has been suspended from trading since April 1 as required by listing rules because it was not able to publish its 2021 financial results by the March 31 deadline.

(Reporting by Clare Jim; Editing by Kim Coghill)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
CHINA MERCHANTS SHEKOU INDUSTRIAL ZONE HOLDINGS CO., LTD. -1.12% 12.41 End-of-day quote.-6.97%
KAISA GROUP HOLDINGS LTD. 10.53% 0.84 Delayed Quote.7.69%
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All news about CHINA MERCHANTS SHEKOU INDUSTRIAL ZONE HOLDINGS CO., LTD.
04/27China Merchants Shekou Industrial Zone Holdings Co., Ltd. Reports Earnings Results for ..
CI
04/06Kaisa Strikes Collaboration Deal with China Merchants, China Great Wall Asset Managemen..
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04/05China's cash-strapped Kaisa in strategic pact with state firms
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03/22China Merchants Shekou Industrial Zone Holdings Co., Ltd. Proposes Final Dividend for 2..
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03/21China Merchants Shekou's 2021 Profit Tumbles 15%; Revenue Beats Estimate; Shares Jump 4..
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03/14China Great Wall Asset Management gets approval for $1.6 billion bond issue
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02/23China Merchants Shekou Industrial Zone Holdings Co., Ltd. Reports Earnings Results for ..
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01/26China Resources and 2 other state developers secure funding for acquisitions
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01/18Chinese lender to issue bonds for M&A in cash-strapped property sector
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01/18Chinese lender to issue bonds for M&A in cash-strapped property sector
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Financials
Sales 2022 179 B 26 722 M 26 722 M
Net income 2022 10 511 M 1 571 M 1 571 M
Net Debt 2022 106 B 15 855 M 15 855 M
P/E ratio 2022 9,35x
Yield 2022 4,78%
Capitalization 96 042 M 14 353 M 14 353 M
EV / Sales 2022 1,13x
EV / Sales 2023 1,08x
Nbr of Employees 48 465
Free-Float 27,7%
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Mean consensus BUY
Number of Analysts 13
Last Close Price 12,41 CNY
Average target price 16,20 CNY
Spread / Average Target 30,6%
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Managers and Directors
Tie Feng Jiang Deputy General Manager
Jun Long Huang Chief Financial Officer
Yong Jun Xu Chairman
Song Zhou Chairman-Supervisory Board
Wen Zhou Qu Independent Director
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