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    3333   KYG2119W1069

CHINA EVERGRANDE GROUP

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China Evergrande : Debt-laden China Evergrande promises buyers it will complete homes

09/01/2021 | 05:56am EDT
An exterior view of China Evergrande Centre in Hong Kong

HONG KONG (Reuters) - Deep in debt, China's second-largest property developer by sales has promised potential buyers it will complete construction of their homes, as a growing number of contractors file lawsuits or stop work as they seek overdue payments.

China Evergrande has been scrambling to raise funds it needs to pay its many lenders and suppliers, with regulators and financial markets worried that any crisis could ripple through the country's banking system. It has already been cutting home prices to win sales.

The company said on Wednesday it had held a pledge-signing ceremony with its project teams across the country, promising buyers that construction would proceed.

Chairman Hui Ka Yan, along with the heads of eight task forces set up to guarantee home deliveries, led the ceremony, according to Evergrande's website.

The pledge was dubbed a "military order" in Chinese, highlighting the state of urgency Evergrande is in to boost cashflow, a day after it warned of default risks as it scrambles to repair its balance sheet its shares and bonds sink.

Industry watchers said clear signs are emerging that Chinese authorities at various levels are stepping in to avoid a hard landing for Evergrande, amid worries about the "social impact" of a possible collapse. The group has more than $300 billion in total liabilities.

China's central bank last month summoned Evergrande's senior executives and issued a rare warning that the company needs to reduce its debt risks and prioritise stability.

In its earnings statement on Tuesday, the developer said some projects have been suspended because of delays in payment to suppliers and contractors, and it is in negotiations with those companies, with the coordination and support of the government, to resume construction.

"If the relevant projects do not resume work, there may be risks of impairment on the projects and impact on the Group's liquidity," it said in the statement, adding the company has risks of defaults on borrowings and cases of litigation.

(Reporting by Clare Jim; Editing by Kim Coghill)


ę Reuters 2021
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Analyst Recommendations on CHINA EVERGRANDE GROUP
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Financials
Sales 2021 547 B 70 410 M 70 410 M
Net income 2021 2 419 M 311 M 311 M
Net Debt 2021 354 B 45 485 M 45 485 M
P/E ratio 2021 14,7x
Yield 2021 1,41%
Capitalization 35 511 M 4 568 M 4 568 M
EV / Sales 2021 0,71x
EV / Sales 2022 0,47x
Nbr of Employees 163 119
Free-Float 18,6%
Chart CHINA EVERGRANDE GROUP
Duration : Period :
China Evergrande Group Technical Analysis Chart | 3333 | KYG2119W1069 | MarketScreener
Technical analysis trends CHINA EVERGRANDE GROUP
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 12
Last Close Price 2,69 HKD
Average target price 11,13 HKD
Spread / Average Target 314%
EPS Revisions
Managers and Directors
Hai Jun Xia Vice Chairman & Chief Executive Officer
Shou Ming Shi President
Da Rong Pan Chief Financial Officer & Executive Director
Ka Yan Hui Chairman
Dong Feng Chen Head-Information
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