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    960   KYG5635P1090

LONGFOR GROUP HOLDINGS LIMITED

(960)
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Delayed Hong Kong Stock Exchange  -  01:22 2022-12-07 am EST
23.95 HKD   -8.24%
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China regulator plans to improve balance sheets of 'good quality' developers

11/21/2022 | 06:26am EST
FILE PHOTO: Residential buildings under construction in Shanghai

HONG KONG (Reuters) - China needs to implement plans to improve the balance sheets of "good quality" property developers reeling from a cash crunch in the sector, the head of the country's securities regulator said on Monday.

"(We) need to closely pay attention to the difficulties and challenges facing the property industry," Yi Huiman, chairman of the China Securities Regulatory Commission (CSRC) said during a financial forum in Beijing, Chinese media Yicai reported.

The comments come as Beijing steps up its support measures for the country's embattled property sector, which accounts for roughly a quarter of the economy, with the deepening debt-crisis also hitting developers with relatively stronger balance sheets.

China's property sector has slowed sharply in the past year as the government sought to restrict excessive borrowing. The clampdown triggered falls in property sales and prices, bond defaults and the suspension of construction.

Yi said support was needed to carry out plans to improve the balance sheets of good-quality developers, facilitate merger and acquisition deals and related financing demand, and meet reasonable financing demand by property companies via bonds.

Chinese regulators earlier this month outlined 16 steps to support the industry, including loan repayment extensions, in a major push to ease the deep liquidity crunch which has plagued the property sector since mid-2020.

Last week, two private developers Longfor Group Holdings Ltd and Midea Real Estate Holding Ltd received green light to raise a total of 35 billion yuan ($5 billion) in debt.

(Reporting by Xie Yu, Editing by Louise Heavens)

By Xie Yu


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
CHINA BANKING CORPORATION -0.18% 27.8 End-of-day quote.6.92%
LONGFOR GROUP HOLDINGS LIMITED -8.24% 23.95 Delayed Quote.-29.16%
MIDEA GROUP CO., LTD. 0.60% 50 End-of-day quote.-32.26%
MIDEA REAL ESTATE HOLDING LIMITED -2.12% 12 Delayed Quote.1.16%
POWERLONG REAL ESTATE HOLDINGS LIMITED -8.28% 1.45 Delayed Quote.-62.01%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.06% 6.97302 Delayed Quote.9.64%
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Financials
Sales 2022 254 B 36 264 M 36 264 M
Net income 2022 24 104 M 3 447 M 3 447 M
Net Debt 2022 119 B 17 037 M 17 037 M
P/E ratio 2022 5,94x
Yield 2022 5,48%
Capitalization 147 B 21 083 M 21 083 M
EV / Sales 2022 1,05x
EV / Sales 2023 1,02x
Nbr of Employees 35 048
Free-Float 25,8%
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Mean consensus BUY
Number of Analysts 21
Last Close Price 23,47 CNY
Average target price 32,07 CNY
Spread / Average Target 36,6%
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Managers and Directors
Xu Ping Chen Chairman, Chief Executive & Operating Officer
Yi Zhao Head-Financial Department-Chengdu Region
Shi Xuan Huang General Manager-Engineering Department
Frederick Peter Churchouse Independent Non-Executive Director
Chi On Chan Independent Non-Executive Director