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    688   HK0688002218

CHINA OVERSEAS LAND & INVESTMENT LIMITED

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More Chinese developers seek domestic bond issuance

12/01/2021 | 07:38pm EST
Surveillance cameras are seen near a real estate project under construction in Shenzhen, Guangdong

SHANGHAI (Reuters) - Three Chinese developers, including the main operation platforms of Country Garden Holdings Co and Longfor Group Holdings Ltd, plan to sell bonds in China to raise a combined 18 billion yuan ($2.83 billion), the official registration system showed late on Wednesday, evidence Beijing is marginally easing liquidity strains on the cash-strapped sector.

China tightened financing curbs on the real estate industry early this year, exacerbating financial problems at indebted developer China Evergrande Group and triggering sector-wide liquidity stress that some feared could destabilise China's economy.

In recent weeks there have been signs that some financing channels are being marginally relaxed for developers.

According to the filing system of China's interbank debt market, Country Garden Real Estate Group, controlled by Country Garden Holdings, plans to issue medium-term notes worth 5 billion yuan.

Chongqing Longhu Enterprise Development Co, the main platform of Longfor Group, plans to issue 3 billion yuan of debt.

Separately, the state-owned developer China Overseas Enterprise Development Group Co aims to issue three tranches of debts totalling 10 billion yuan, according to the registration filing.

There have been other signs of life in the domestic bond market for developers. Corporate bonds issued by real estate companies nearly tripled in November from the previous month, to 37.1 billion yuan, official China Securities Journal reported on Wednesday.

There are also signs of marginal lending relaxation. Last month, sources told Reuters financial regulators had told some Chinese banks to issue more loans to property firms for project development.

But Chinese authorities have given no signal that they will relax the "three red lines" - financial requirements the central bank introduced last year that developers must meet to get new bank loans. Analysts have said Beijing will continue its deleveraging campaign against developers despite the recent policy tweaks.

($1 = 6.3673 Chinese yuan renminbi)

(Reporting by Shanghai Newsroom; Editing by David Gregorio)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CHINA EVERGRANDE GROUP 4.65% 1.8 End-of-day quote.13.21%
CHINA OVERSEAS LAND & INVESTMENT LIMITED -1.28% 23.05 End-of-day quote.24.86%
COUNTRY GARDEN HOLDINGS COMPANY LIMITED 4.35% 6.96 End-of-day quote.0.58%
LONGFOR GROUP HOLDINGS LIMITED 2.45% 43.85 End-of-day quote.19.48%
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Financials
Sales 2021 266 B 34 139 M 34 139 M
Net income 2021 52 062 M 6 688 M 6 688 M
Net Debt 2021 110 B 14 069 M 14 069 M
P/E ratio 2021 4,87x
Yield 2021 6,00%
Capitalization 252 B 32 379 M 32 406 M
EV / Sales 2021 1,36x
EV / Sales 2022 1,05x
Nbr of Employees 5 916
Free-Float -
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Number of Analysts 24
Last Close Price 23,05 HKD
Average target price 27,00 HKD
Spread / Average Target 17,2%
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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