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    1638   KYG521321003

KAISA GROUP HOLDINGS LTD.

(1638)
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China Aoyuan warns of liquidity crunch, inability to repay $651.2 million debt

12/02/2021 | 10:56am EST
Workers stand outside the construction site of an office building at Kwai Chung district in Hong Kong

(Reuters) - China Aoyuan Group said on Thursday creditors have demanded repayment of $651.2 million due to a slew of rating downgrades, and the property developer warned shareholders that it may be unable to pay up due to a liquidity crunch.

Downgrades from rating agencies such as S&P, Fitch and Moody's over the last two months set off conditions under which certain offshore loans became immediately payable, the company said.

The downgrades were triggered as China's property sector reels under a liquidity crisis that has fueled growing creditor concerns about developers' ability to meet their near-term offshore repayment obligations.

Evergrande, once China's top-selling developer, has been stumbling from debt deadline to deadline as it grapples with more than $300 billion in liabilities.

China Aoyuan said on Thursday there was no guarantee it would be able to fulfill its financial obligations due to the liquidity issues, and there may be 'material' adverse impact on its business if it was unable to repay the loans or reach an agreement with creditors.

The company has not reached any agreements for the $651.2 million debt, and warned non-payment may cause acceleration of other loans where more creditors can demand repayment or enforce action.

The development comes as bigger peer Kaisa Group looks unlikely to win bondholders' approval to extend the maturity of a $400 million bond due next week.

(Reporting by Arundhati Dutta in Bengaluru; Editing by Sriraj Kalluvila)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CHINA AOYUAN GROUP LIMITED -2.63% 1.48 End-of-day quote.4.96%
CHINA EVERGRANDE GROUP -4.09% 1.64 End-of-day quote.3.14%
KAISA GROUP HOLDINGS LTD. -1.14% 0.87 End-of-day quote.11.54%
All news about KAISA GROUP HOLDINGS LTD.
03:51aChina home builders, suppliers issue spate of profit warnings as Evergrande woes bite
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01/25Kaisa Vows to Resume Foshan City Project Development in China
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01/24Funds see promise in battered Chinese real estate dollar bonds
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01/23Local Chinese Government Orders Audit of Kaisa Assets
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01/21Chinese developer Shimao sells unit in a bid to reduce debt
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01/20Evergrande bondholder advisor says property firm has made contact
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01/20China property shares, bonds rally on hopes govt measures will aid liquidity
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01/19Chinese property developers face big debt maturities in 2022
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01/12Kaisa, Shimao, Greenland Named Among Delinquent Property Developers
MT
01/12Nam Tai Property Shareholders IAT Insurance, IsZo Capital Agree to Fund $20 Million Deb..
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Analyst Recommendations on KAISA GROUP HOLDINGS LTD.
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Financials
Sales 2021 70 107 M 11 022 M 11 022 M
Net income 2021 6 484 M 1 019 M 1 019 M
Net Debt 2021 - - -
P/E ratio 2021 0,77x
Yield 2021 18,0%
Capitalization 4 982 M 783 M 783 M
Capi. / Sales 2021 0,07x
Capi. / Sales 2022 0,06x
Nbr of Employees 16 500
Free-Float 60,8%
Chart KAISA GROUP HOLDINGS LTD.
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Kaisa Group Holdings Ltd. Technical Analysis Chart | 1638 | KYG521321003 | MarketScreener
Technical analysis trends KAISA GROUP HOLDINGS LTD.
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TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 5
Last Close Price 0,71 CNY
Average target price 2,20 CNY
Spread / Average Target 209%
EPS Revisions
Managers and Directors
Fan Mai Vice Chairman, CEO & Co-Chief Risk Officer
Hao Weng Co-President
Hai Ming Li Co-President, COO & Executive Director
Hiu Kwan Kwok Co-President & Executive Director
Jian Xin Wu Co-Chief Financial Officer & Senior Vice President