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    3990   KYG609201085

MIDEA REAL ESTATE HOLDING LIMITED

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Delayed Hong Kong Stock Exchange  -  04:08 2022-07-06 am EDT
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06/13Midea Real Estate Logs $4.74B in Jan.-May Contracted Sales; Shares Slip 3%
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06/10Midea Real Estate Holding Limited Reports Unaudited Group Contracted Sales Results for the Five Months Ended May 31, 2022
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05/26Midea Real Estate Holding Limited Approves Final Dividend
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China asked 3 property developers to issue bonds this week - sources

05/16/2022 | 02:52am EDT
Surveillance cameras are seen near a real estate project under construction in Shenzhen, Guangdong

HONG KONG/BEIJING, May 16 (Reuters) - Three major private Chinese property developers who are financially healthy were asked by the authorities to issue bonds this week to help boost market sentiment, two sources with direct knowledge of the matter said on Monday.

The authorities informed Country Garden, Longfor Group and Midea Real Estate about the plan late last week, the sources said. They declined to be named because they were not authorized to speak to media.

They added securities firms will issue credit default swaps (CDS) or credit risk mitigation warrants (CRMW) at the same time to attract investors to buy the bonds, helping private developers to raise funds from the public markets.

The three developers declined to comment when contacted by Reuters.

Financial intelligence provider REDD first reported on the plan on Monday. The report also said Chinese banks have been asked by regulators to buy those bonds.

China's property sector has been hit by a series of debt defaults and requests for payment extensions. Many developers said they have not been getting new credits from banks despite repeated assurances by policymakers and regulators that they would help the sector avoid defaults and would ask banks to extend loans.

Financial regulators including the China Securities Regulatory Commission (CSRC) and the Shenzhen Stock exchange issued separate statements early this month highlighting the importance of supporting normal refinancing needs in the sector, including via corporate bond issuance.

President Xi Jinping also called for a stable and healthy real estate market at a late April Politburo meeting.

Chinese authorities stepped up efforts to revive sluggish property demand by further cutting mortgage loan interest rates for first-time home buyers on Sunday.

Analysts said corporate bonds protected by credit risk management tools would encourage market participation in the debt issuances.

"If this can be executed properly, we think that it could extend to some other developers with weaker balance sheets to issue similar debts as well," Raymond Cheng, CGS-CIMB Securities head of China research, said in a note.

Sources told Reuters last month that regulators have asked developers to apply for quotas to issue bonds, although some developers were skeptical that there would be demand for the bonds in the market.

"We still have some quota left, but no banks would buy property bonds right now unless they were ordered to," one Hong Kong-listed developer who had problems meeting debt obligations said. The developer declined to be identified due to the sensitivity of the issue. (Reporting by Clare Jim in Hong Kong and Shuyan Wang in Beijing; Editing by Edmund Klamann and Jacqueline Wong)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
COUNTRY GARDEN HOLDINGS CO. LTD. -0.86% 4.61 Delayed Quote.-32.80%
LONGFOR GROUP HOLDINGS LIMITED -0.28% 36.1 Delayed Quote.-1.36%
MIDEA GROUP CO., LTD. -0.72% 59.54 End-of-day quote.-19.33%
MIDEA REAL ESTATE HOLDING LIMITED -2.75% 12.02 Delayed Quote.1.98%
All news about MIDEA REAL ESTATE HOLDING LIMITED
06/13Midea Real Estate Logs $4.74B in Jan.-May Contracted Sales; Shares Slip 3%
MT
06/10Midea Real Estate Holding Limited Reports Unaudited Group Contracted Sales Results for ..
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05/26Midea Real Estate Holding Limited Approves Final Dividend
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05/18Heeding regulatory call, Chinese developer Country Garden to issue bonds
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05/17Country Garden, Longfor, Midea Real Estate to Issue RMB Bonds This Week
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05/16China stocks close lower on dire economic activity data; Hong Kong edges up
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05/16China asked 3 property developers to issue bonds this week - sources
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05/06Midea Real Estate Books $3.7 Billion Contracted Sales in April
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Financials
Sales 2022 81 261 M 12 094 M 12 094 M
Net income 2022 3 953 M 588 M 588 M
Net Debt 2022 25 435 M 3 785 M 3 785 M
P/E ratio 2022 3,31x
Yield 2022 12,9%
Capitalization 12 754 M 1 898 M 1 898 M
EV / Sales 2022 0,47x
EV / Sales 2023 0,44x
Nbr of Employees 14 908
Free-Float 20,9%
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Number of Analysts 6
Last Close Price 10,58 CNY
Average target price 16,32 CNY
Spread / Average Target 54,2%
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Managers and Directors
Heng Le Hao Director
Ge Lin CFO, Joint Secretary & Executive Director
Jin Song Tan Independent Non-Executive Director
Wiley O'Yang Independent Non-Executive Director
Qi Lu Independent Non-Executive Director