CHINA MERCHANTS SHEKOU INDUSTRIAL ZONE HOLDINGS CO., LTD.

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China urges real estate project acquisitions to aid struggling developers -state media

12/19/2021 | 10:23pm EDT
A construction site that is being developed by Kaisa Group Holdings is pictured in Shanghai

SHANGHAI (Reuters) - China is urging large private and state-owned property companies to acquire real estate projects from troubled developers to reduce risks that mounting debt piles will destabilise the economy, the official China Securities Journal said on Monday.

The People's Bank of China (PBOC) and the China Banking and Insurance Regulatory Commission (CBIRC) recently issued a notice to financial institutions, urging them to strengthen financial support for such acquisitions, the newspaper reported.

Over the past months, Chinese regulators have marginally eased funding curbs on the real estate sector, to prevent debt risks spreading from struggling developers including China Evergrande Group and Kaisa Property Holdings.

Regulators are urging Chinese banks to actively provide lending to fund acquisitions of projects owned by cash-strapped developers, and avoid cutting, or withdrawing, loans to these companies, China Securities Journal reported.

But only the acquisition of real estate projects, rather than acquiring stakes in the struggling developers, would be encouraged, the newspaper said, citing unidentified sources.

Meanwhile, developers without financial problems are also being encouraged to issue bonds to fund such acquisitions, and PBOC is urging financial institutions to invest in such debt instruments, according to the newspaper.

Developers including China Merchants Shekou Industrial Zone Holdings Co (001979.SZ) plan to issue debt instruments via the interbank market in the near term to fund mergers and acquisitions, local media has reported.

(Reporting by Samuel Shen and Andrew Galbraith; Editing by Kenneth Maxwell)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BANK OF CHINA LIMITED 1.32% 3.06 Delayed Quote.7.47%
CHINA BANKING CORPORATION 0.00% 27.1 End-of-day quote.4.23%
CHINA EVERGRANDE GROUP 8.55% 1.65 End-of-day quote.3.77%
CHINA MERCHANTS SHEKOU INDUSTRIAL ZONE HOLDINGS CO., LTD. -2.35% 13.32 End-of-day quote.-0.15%
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Financials
Sales 2022 179 B 26 716 M 26 716 M
Net income 2022 10 590 M 1 582 M 1 582 M
Net Debt 2022 106 B 15 852 M 15 852 M
P/E ratio 2022 9,96x
Yield 2022 4,50%
Capitalization 103 B 15 402 M 15 402 M
EV / Sales 2022 1,17x
EV / Sales 2023 1,12x
Nbr of Employees 48 465
Free-Float 29,9%
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China Merchants Shekou Industrial Zone Holdings Co., Ltd. Technical Analysis Chart | 001979 | CNE100002FC6 | MarketScreener
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Number of Analysts 13
Last Close Price 13,32 CNY
Average target price 16,17 CNY
Spread / Average Target 21,4%
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Managers and Directors
Tie Feng Jiang Deputy General Manager
Jun Long Huang Chief Financial Officer
Yong Jun Xu Chairman
Song Zhou Chairman-Supervisory Board
Wen Zhou Qu Independent Director