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    688   HK0688002218

CHINA OVERSEAS LAND & INVESTMENT LTD.

(688)
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Delayed Hong Kong Stock Exchange  -  04:08 2022-08-12 am EDT
19.88 HKD   -0.40%
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Chinese developers to suffer little from yuan devaluation - S&P

08/14/2015 | 12:14am EDT

HONG KONG (Reuters) - Standard & Poor's said on Friday the magnitude of yuan devaluation is not significant enough to cause a deterioration in the credit profile of Chinese property developers, as it expects the currency to depreciate only by a low single digit.

China's central bank devalued the yuan <CNY=CFXS> in a surprise move on Tuesday, driving the currency to a 4-year low and raising concerns over a spike in financing costs for developers with high overseas debt ratios. The Chinese currency has lost some 3.1 percent since Tuesday.

Analysts said around 40 percent of developers' total debts were denominated in U.S. or Hong Kong dollars as of the end of 2014, with China Overseas Land & Investment (>> China Overseas Land & Investment Ltd.) and China Resources Land's (>> China Resources Land Limited) ratios at more than 70 percent.

"Debt servicing will be more costly, but developers will not really suffer that much. Those with higher offshore debt exposure are also the stronger players in the sector and they have enough buffer, so there won't be a big impact on their credit profile," S&P's corporate ratings senior director Christopher Yip told a telephone conference.

Yip said increasing issuance in the onshore corporate bond market will help to alleviate some pressure on funding costs.

S&P on Friday raised its forecast on China's property sales growth to 5 to 10 percent on expectations the sector will continue to recover, supported by stimulus policies.

The rating agency also revised up growth expectations on home average selling prices to flat to 5 percent in the next six to 12 months, on improved home buyer confidence. The forecast on both sales and prices were both down 5 percent to flat previously.

(Reporting by Clare Jim; Editing by Jacqueline Wong)


© Reuters 2015
Stocks mentioned in the article
ChangeLast1st jan.
CANADIAN DOLLAR / CHINESE YUAN RENMINBI (CAD/CNY) 0.00% 5.2782 Delayed Quote.5.16%
CHINA OVERSEAS LAND & INVESTMENT LTD. -0.40% 19.88 Delayed Quote.7.69%
CHINA RESOURCES LAND LIMITED -1.15% 30.1 Delayed Quote.-8.23%
EURO / CHINESE YUAN RENMINBI (EUR/CNY) -0.61% 6.9171 Delayed Quote.-3.64%
US DOLLAR / CHINESE YUAN RENMINBI (USD/CNY) 0.00% 6.7425 Delayed Quote.6.18%
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Financials
Sales 2022 305 B 38 938 M 38 938 M
Net income 2022 46 825 M 5 974 M 5 974 M
Net Debt 2022 147 B 18 806 M 18 806 M
P/E ratio 2022 4,68x
Yield 2022 6,20%
Capitalization 218 B 27 758 M 27 758 M
EV / Sales 2022 1,20x
EV / Sales 2023 1,09x
Nbr of Employees 5 692
Free-Float 33,8%
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Mean consensus BUY
Number of Analysts 29
Last Close Price 19,88 HKD
Average target price 30,38 HKD
Spread / Average Target 52,8%
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Managers and Directors
Zhi Chao Zhang Chief Executive Officer & Executive Director
Sai Kit Lui Chief Financial Officer
Jian Guo Yan Chairman
Liang Luo Executive Director, Chief Architect & VP
Lai Tai Fan Hsu Independent Non-Executive Director