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    960   KYG5635P1090

LONGFOR GROUP HOLDINGS LIMITED

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Delayed Hong Kong Stock Exchange  -  04:08 2022-07-07 am EDT
34.40 HKD   -0.77%
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07/06Longfor Group Unit Issues $253 Million of Renminbi-Denominated Corporate Bonds
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06/30Longfor Group to Issue $254 Million RMB Bonds
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Heeding regulatory call, Chinese developer Country Garden to issue bonds

05/18/2022 | 12:44am EDT
FILE PHOTO: The company logo of Chinese developer Country Garden is displayed at a news conference in Hong Kong

HONG KONG (Reuters) - China's Country Garden Holdings Co Ltd will sell up to 500 million yuan ($74 million) worth of onshore bonds with credit risk protection, responding to a regulatory call to boost issuance and help improve market sentiment for property developers.

There has been little corporate bond activity from Chinese real estate developers after much of the sector became gripped by a liquidity squeeze last year.

The credit crunch, triggered by tighter debt cap rules, has pushed some major developers such as China Evergrande Group into crisis, rattling investor confidence in the sector and the health of the Chinese economy.

Authorities asked Country Garden, Longfor Group and Midea Real Estate - three major private developers which are financially healthy - to issue bonds this week to shore up confidence, sources have said.

The sources added that securities firms would issue credit default swaps or credit risk mitigation warrants for the bonds to make them more attractive.

Country Garden said in a filing on Tuesday it would issue a three-year puttable bond, which gives creditors the option to sell back after the first and second year, adding that the bond had an indicative yield range between 4.5% and 5%.

China Securities Finance Corp and CSC Financial Co will issue credit protection contracts of less than one year for the bond, it said.

Separately, Longfor this week issued 402 million yuan of supply chain asset-backed securities which were linked with credit protection warrants.

Referring to that issue, the Shenzhen stock exchange said in a statement on Tuesday that credit protection warrants are an innovative tool to help private sector developers with debt financing.

($1 = 6.7523 Chinese yuan)

(Reporting by Clare Jim; Editing by Edwina Gibbs)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
CHINA EVERGRANDE GROUP 8.55% 1.65 Delayed Quote.3.77%
COUNTRY GARDEN HOLDINGS CO. LTD. -3.04% 4.47 Delayed Quote.-33.38%
CSC FINANCIAL CO., LTD. -0.12% 8.05 Delayed Quote.-5.51%
LONGFOR GROUP HOLDINGS LIMITED -0.77% 34.4 Delayed Quote.-1.63%
MIDEA GROUP CO., LTD. -0.44% 59.28 End-of-day quote.-19.69%
MIDEA REAL ESTATE HOLDING LIMITED -2.00% 11.78 Delayed Quote.-0.83%
SHENZHEN STOCK EXCHANGE A SHARE INDEX 0.93% 2330.61 Real-time Quote.-12.78%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.10% 6.70583 Delayed Quote.5.61%
All news about LONGFOR GROUP HOLDINGS LIMITED
07/07LONGFOR GROUP HOLDINGS LIMITED : Ex-dividend day for final dividend (optional)
FA
07/06Longfor Group Unit Issues $253 Million of Renminbi-Denominated Corporate Bonds
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06/30Longfor Group to Issue $254 Million RMB Bonds
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Financials
Sales 2022 253 B 37 685 M 37 685 M
Net income 2022 25 651 M 3 824 M 3 824 M
Net Debt 2022 113 B 16 805 M 16 805 M
P/E ratio 2022 7,35x
Yield 2022 5,99%
Capitalization 188 B 27 961 M 27 961 M
EV / Sales 2022 1,19x
EV / Sales 2023 1,11x
Nbr of Employees 44 065
Free-Float 27,0%
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Mean consensus BUY
Number of Analysts 25
Last Close Price 30,86 CNY
Average target price 42,03 CNY
Spread / Average Target 36,2%
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Managers and Directors
Xu Ping Chen Chief Executive Officer, COO & Executive Director
Yi Zhao Head-Financial Department-Chengdu Region
Ya Jun Wu Chairman
Shi Xuan Huang General Manager-Engineering Department
Frederick Peter Churchouse Independent Non-Executive Director