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SHIMAO GROUP HOLDINGS LIMITED

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Chinese developer Shimao sells unit in a bid to reduce debt

01/21/2022 | 08:29am EDT
FILE PHOTO: Man walks past a wall carrying the logo of Shimao Group, with residential buildings and the financial district of Pudong seen in the background, in Shanghai

(Reuters) - Chinese real estate company Shimao Group Holdings on Friday announced the sale of its unit to a state-owned entity in order to reduce its debt.

Shimao's unit, Shanghai Shiying Investment Management Company, sold its entire stake in Shanghai Shimao Real Estate Development to property developer Shanghai Jiushi North Bund Construction and Development Co for 1.06 billion yuan ($167.26 million).

The deal comes as Chinese developers, including Evergrande and Kaisa Group, grapple with liquidity crunches amid tighter regulations.

The company, in a statement to the exchange, said the terms of the disposal agreement were "fair and reasonable" and on normal commercial terms.

($1 = 6.3375 Chinese yuan renminbi)

(Reporting by Tejaswi Marthi in Bengaluru; Editing by Amy Caren Daniel)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
KAISA GROUP HOLDINGS LTD. 10.53% 0.84 Delayed Quote.7.69%
SHANGHAI SHIMAO CO., LTD. -2.52% 3.09 End-of-day quote.-5.79%
SHIMAO GROUP HOLDINGS LIMITED -2.21% 4.42 Delayed Quote.-13.33%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.46% 6.691 Delayed Quote.5.75%
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Financials
Sales 2021 148 B 23 407 M 23 407 M
Net income 2021 11 084 M 1 748 M 1 748 M
Net Debt 2021 90 047 M 14 203 M 14 203 M
P/E ratio 2021 1,16x
Yield 2021 26,7%
Capitalization 13 576 M 2 137 M 2 141 M
EV / Sales 2021 0,70x
EV / Sales 2022 0,71x
Nbr of Employees 30 418
Free-Float 36,1%
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Shimao Group Holdings Limited Technical Analysis Chart | 813 | KYG810431042 | MarketScreener
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Mean consensus HOLD
Number of Analysts 21
Last Close Price 3,58 CNY
Average target price 8,45 CNY
Spread / Average Target 136%
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Managers and Directors
Sai Tan Hui Vice Chairman & President
Wing Mau Hui Chairman
Lai Kuen Kan Independent Non-Executive Director
Hong Bing Lü Independent Non-Executive Director
Ching Kam Lam Independent Non-Executive Director