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    1638   KYG521321003

KAISA GROUP HOLDINGS LTD.

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China developer Kaisa plans to propose 1.5-yr extension for bond due Dec 7-REDD

11/24/2021 | 03:55am EST
FILE PHOTO: A picture shows the Kaisa Plaza of Kaisa Group Holdings Ltd on a hazy day in Beijing

HONG KONG (Reuters) - Cash-strapped Chinese property developer Kaisa Group plans to propose an extension of one-and-a-half years for its $400 million dollar bond maturing on Dec. 7, financial intelligence provider Redd reported, citing two sources briefed on the matter.

REDD said the plan, which is expected to be released to bondholders as early as this week, might not carry any upfront cash or additional credit enhancement.

Kaisa declined to comment on the report.

Kaisa, which has the most offshore debt of any Chinese developer after China Evergrande Group, has missed the coupon payments totalling over $59 million due on Nov. 11 and 12, with 30-day grace periods for both.

Some offshore bondholders who did not receive coupon payments have tapped investment bank Moelis & Co to advise them on the matter, Reuters reported on Tuesday.

The next dollar bond payment for Kaisa is the $400 million maturity on a 6.5% dollar bond due on Dec. 7.

(Reporting by Clare Jim; Editing by Ana Nicolaci da Costa)


ę Reuters 2021
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Analyst Recommendations on KAISA GROUP HOLDINGS LTD.
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Financials
Sales 2021 63 963 M 10 083 M 10 083 M
Net income 2021 5 591 M 881 M 881 M
Net Debt 2021 73 535 M 11 592 M 11 592 M
P/E ratio 2021 0,94x
Yield 2021 17,0%
Capitalization 5 269 M 828 M 831 M
EV / Sales 2021 1,23x
EV / Sales 2022 1,00x
Nbr of Employees 16 500
Free-Float 60,8%
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Mean consensus OUTPERFORM
Number of Analysts 5
Last Close Price 0,75 CNY
Average target price 2,20 CNY
Spread / Average Target 192%
EPS Revisions
Managers and Directors
Fan Mai Vice Chairman, CEO & Co-Chief Risk Officer
Hao Weng Co-President
Hai Ming Li Co-President, COO & Executive Director
Hiu Kwan Kwok Co-President & Executive Director
Jian Xin Wu Co-Chief Financial Officer & Senior Vice President