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YUEXIU PROPERTY COMPANY LIMITED

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Delayed Hong Kong Stock Exchange  -  11:30:26 2023-03-21 pm EDT
11.60 HKD   +2.84%
03/17China's Jan-Feb land sales fall, adds pressure on local governments
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03/15Yuexiu Property Company Limited Reports Earnings Results for the Full Year Ended December 31, 2022
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03/15Yuexiu Property Company Limited Proposes Final Dividend for the Year Ended 31 December 2022
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China's Jan-Feb land sales fall, adds pressure on local governments

03/17/2023 | 05:58am EDT
A woman walks near a construction site of apartment buildings in Beijing

BEIJING (Reuters) - China's government land sales revenue slumped further in the first two months of the year, suggesting property developers remain cautious even after authorities stepped up support to help them weather a severe financing crunch.

Revenues from land sales totalled 562.7 billion yuan ($81.82 billion) in the first two months of the year, according to finance ministry data on Friday, falling 29% from the same period a year earlier.

Income from land sales is a major source of revenue for the China's local governments, which play a key role in funding infrastructure projects, one of the biggest growth drivers for the economy. But a sharp slump in the property market last year has added to pressure on those governments, which combined have more than $9 trillion in debt.

The ability of those fiscally stretched local governments to follow through on spending will be a key test for China's modest economic growth target of around 5% this year.

Land sales in 2022 plunged 23% from a year earlier.

Many property developers stopped giving sales targets last year and Longfor didn't give targets this year.

Yuexiu Real Estate, one of the few private developers which bought land last year, has purchased two plots of land in Beijing this year.

The company said on Wednesday it will step up efforts to purchase land in the next several years, whether in Shenzhen, Shanghai or Beijing, as core cities, with the economy definitely being taken as a key consideration.

Land sales will remain sluggish, particularly for fundamentally weaker provinces, Moody's said in a report.

"Consumer concerns about employment, property prices and project incompletion risk will constrain property sales. We expect nationwide contracted sales to decline 10%-15% in 2023, further dampening demand for land."

Data this week suggested the property sector is climbing out of its prolonged slump, with much narrower declines in home sales, developer investment and construction starts in the first two months of the year. Home prices also rose for a second straight month.

But analysts say it will likely take many more months before the broader sector returns to growth.

($1 = 6.8776 Chinese yuan renminbi)

(Reporting by Liangping Gao and Ryan Woo; Additional reporting by Clare Jim, Editing by Toby Chopra and Kim Coghill)


ę Reuters 2023
Stocks mentioned in the article
ChangeLast1st jan.
LONGFOR GROUP HOLDINGS LIMITED 5.16% 22.35 Delayed Quote.-12.14%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.22% 6.88679 Delayed Quote.-0.67%
YUEXIU PROPERTY COMPANY LIMITED 2.84% 11.6 Delayed Quote.17.88%
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03/17China's Jan-Feb land sales fall, adds pressure on local governments
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Financials
Sales 2022 65 999 M 9 596 M 9 596 M
Net income 2022 4 202 M 611 M 611 M
Net Debt 2022 34 653 M 5 038 M 5 038 M
P/E ratio 2022 7,27x
Yield 2022 5,81%
Capitalization 30 618 M 4 452 M 4 452 M
EV / Sales 2022 0,99x
EV / Sales 2023 1,16x
Nbr of Employees 18 400
Free-Float 40,2%
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Mean consensus BUY
Number of Analysts 13
Last Close Price 9,89 CNY
Average target price 12,09 CNY
Spread / Average Target 22,2%
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Managers and Directors
Feng Lin Vice Chairman & General Manager
Jing Chen Chief Financial Officer & Executive Director
Zhao Yuan Lin Chairman
Lup Fat Yu Independent Non-Executive Director
Ka Lun Lee Independent Non-Executive Director