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    3333   KYG2119W1069

CHINA EVERGRANDE GROUP

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Hong Kong shares stem early losses after Evergrande woes shake global markets

09/20/2021 | 10:50pm EDT

HONG KONG, Sept 21 (Reuters) - Hong Kong stocks recovered from early losses to trade flat on Tuesday, a day after worries about the future of embattled developer China Evergrande Group shook markets around the world.

The Hong Kong benchmark dropped over 1% after the bell before paring gains, and was last down 0.02% at 02.44 GMT and China Evergrande was volatile but was last down 3.5%.

A broad index tracking property and construction stocks gained 0.7%, bouncing back from sharp declines on Monday led by Guangzhou R&F Properties which was last up 4% after the developer said it would raise as much as $2.5 billion by borrowing from major shareholders and selling a subsidiary.

"The market is a bit stable this morning, and investors are seen willing to cover their short positions," said Steven Leung, a sales director at UOB Kay Hian in Hong Kong.

R&F Properties' fund raising news had helped sentiment a bit, but "markets are waiting to see what's next with default risk still a high concern," he added.

Mainland Chinese stock markets are closed for the mid-autumn festival till Sept. 21 and will reopen on Wednesday, Sept. 22.

Evergrande, China's most indebted developer, faces a major test this week as it is due to pay $83.5 million in interest relating to its March 2022 bond on Thursday. It has another $47.5 million payment due on Sept. 29 for March 2024 notes.

Overnight, the S&P500 shed 1.70%, its biggest drop in four months, which analysts attributed to worries about Evergrande shaking already jittery markets.

Chinese tech stocks listed in Hong Kong also fell on Tuesday, with Meituan losing 2.7% and Alibaba shedding 1.7%.

Both the Hong Kong dollar and the Chinese yuan, traded offshore, steadied after weakening to three-week low against the dollar in the previous session. (Reporting by Alun John and Donny Kwok; Editing by Rashmi Aich)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CHINA EVERGRANDE GROUP 4.26% 2.69 End-of-day quote.-81.95%
GUANGZHOU R&F PROPERTIES CO., LTD. 4.78% 5.92 End-of-day quote.-40.62%
MEITUAN 0.28% 289.2 End-of-day quote.-1.83%
All news about CHINA EVERGRANDE GROUP
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09:26aCHINA EVERGRANDE NEW ENERGY VEHICLE : plans to shift main business to new energy vehicles ..
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08:44aPowell Imposes Personal-Investing Restrictions on Fed Officials; Turkey's Central Bank ..
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07:58aFANTASIA : Evergrande averting default to do little to revive China property bond sales
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07:48aCHINA EVERGRANDE : Factbox-China's indebted property market and the Evergrande crisis
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07:41aSTOXX EUROPE 600 : European Bourses Higher Midday on China Property Outlook; Tech Sector G..
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More news
Analyst Recommendations on CHINA EVERGRANDE GROUP
More recommendations
Financials
Sales 2021 547 B 70 415 M 70 415 M
Net income 2021 2 419 M 311 M 311 M
Net Debt 2021 354 B 45 488 M 45 488 M
P/E ratio 2021 14,7x
Yield 2021 1,41%
Capitalization 35 511 M 4 568 M 4 569 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
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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