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    603737   CNE1000027D7

SKSHU PAINT CO.,LTD.

(603737)
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Evergrande begins repaying wealth product investors with property

09/19/2021 | 05:03am EDT
FILE PHOTO: An exterior view of China Evergrande Centre in Hong Kong

BEIJING (Reuters) -Cash-strapped developer China Evergrande Group has begun repaying investors in its wealth management products with real estate, a unit of its main Hengda Real Estate Group Co Ltd unit said.

Evergrande, with over $300 billion in liabilities, is in the throes of a liquidity crisis https://www.reuters.com/business/exclusive-china-evergrandes-lenders-weigh-up-loan-losses-rolling-over-credit-2021-09-17 that has left it racing to raise funds to pay its many lenders and suppliers. It has a bond interest payment of $83.5 million due on Thursday.

The company said in a WeChat post dated Saturday that investors interested in redeeming wealth management products for physical assets should contact their investment consultants or visit local offices.

Financial news outlet Caixin reported on Sunday that an estimated 40 billion yuan ($6 billion) in Evergrande wealth management products are outstanding. Such products are typically held by retail investors.

Specific payment methods and details are subject to local conditions, a customer service representative told Reuters on Sunday.

According to a proposal seen earlier by Reuters that Evergrande did not confirm, wealth management product investors can choose from discounted apartments, office, retail space or car parks for repayment.

Earlier this month, a stock exchange filing showed that Evergrande had repaid https://www.reuters.com/business/fitch-downgrades-china-evergrande-sees-probable-default-2021-09-08 219.5 million yuan in overdue debts due to supplier Skshu Paint Co Ltd in the form of apartments in three unfinished property projects.

On Sept. 10, Evergrande had vowed to repay https://www.reuters.com/article/china-evergrande-debt-idUSL1N2QC0Q9 all of its matured wealth management products as soon as possible.

($1 = 6.4655 Chinese yuan renminbi)

(Reporting by Aishwarya Nair in Bengaluru and Min Zhang and Tony Munroe in Beijing; Editing by William Mallard)


ę Reuters 2021
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Financials
Sales 2021 12 639 M 1 981 M 1 981 M
Net income 2021 758 M 119 M 119 M
Net Debt 2021 1 262 M 198 M 198 M
P/E ratio 2021 60,2x
Yield 2021 0,47%
Capitalization 46 306 M 7 251 M 7 256 M
EV / Sales 2021 3,76x
EV / Sales 2022 2,78x
Nbr of Employees 8 094
Free-Float 28,3%
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Number of Analysts 11
Last Close Price 123,01 CNY
Average target price 156,96 CNY
Spread / Average Target 27,6%
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Managers and Directors
Jie Hong Chairman & General Manager
Qi Feng Zhu Chief Financial Officer & Deputy General Manager
Yong Sen Peng Chairman-Supervisory Board
Yi Xin Liao Independent Director
Wei Tao Shen Independent Director
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