|Bid||17.600 x 0|
|Ask||17.620 x 0|
|Day's Range||17.540 - 17.900|
|52 Week Range||17.320 - 30.150|
|Beta (3Y Monthly)||1.87|
|PE Ratio (TTM)||5.43|
|Earnings Date||Aug 28, 2019|
|Forward Dividend & Yield||1.29 (7.30%)|
|1y Target Est||28.00|
In one of China’s poorest provinces, mountainous Guizhou, millions of lives have been transformed by an unprecedented infrastructure spending spree. After being an important driver of Chinese economic growth and jobs over the past decade, national infrastructure investment growth has fallen to historic lows.
Today, we'll introduce the concept of the P/E ratio for those who are learning about investing. To keep it practical...
(Bloomberg) -- China Evergrande Group may be a long way from challenging Tesla Inc., but it’s at least thinking about how customers can charge their electric cars more cheaply.The property developer has established a joint venture with State Grid Corp. of China to co-develop smart car-charging technology, according to a statement Sunday on Evergrande’s website.In China, electric-vehicle owners pay about three times as much to use public-charging stations as they would to charge their cars at home, according to Bloomberg New Energy Finance. That’s because using a public utility pole incurs a bundled commercial power rate and high service fee. What’s more, public chargers are scarce, with only around 2.3 chargers per vehicle, and there aren’t sufficient in residential areas either.The venture with State Grid aims to change all that.According to Sunday’s announcement, Evergrande will imbue all its EVs with vehicle-to-grid technology. Smart-charging plugs will also be located in various residential developments, the statement said, without disclosing any specific locations.That would allow a user to charge their EV in a residential parking lot overnight, when electricity rates are typically cheaper, the statement said. Then later on, drivers could pump electricity back into the grid and make money.State Grid has also signed a similar pact with three other major real-estate firms -- China Vanke Co., Country Garden Holdings Co. and Sunac China Holdings Ltd.The idea of turning millions of drivers into mini electricity traders is a concept automakers from Ford Motor Co. to BMW AG have long been testing. Each car acts like a back-up battery storage unit, selling power back to the grid when it’s most needed and buying it in down periods.Read More: Cities Running on Car Batteries? Just So Crazy It Might WorkIt’s a neat concept, and one that would be very useful in the world’s largest car market. Now it boils down to the actual EV production Evergrande said would start in June.To contact Bloomberg News staff for this story: Emma Dong in Shanghai at email@example.comTo contact the editors responsible for this story: Katrina Nicholas at firstname.lastname@example.org, Peter VercoeFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg Opinion) -- China’s bond market has been eerily quiet lately. Over the past year, investors in China’s U.S. dollar bonds had gotten used to the idea of defaults. As early as 2015, the government started allowing some state-owned enterprises to renege on their commitments, a painful but welcome step that helps differentiate healthy firms and troubled ones. But there hadn’t been a single case since China Minsheng Investment Group Corp. triggered a cross-default in April. Until Friday, that is – when the Shanghai-based company said it wouldn’t be able to repay a $500 million bond due Aug. 2.You could argue this is an idiosyncratic case. The five-year-old conglomerate’s stunning rise relied on the false impression of political backing, so it makes sense that its fall would be just as spectacular. More likely, however, is that China Minsheng is the tip of the iceberg. Buckle up: More defaults are on the way. That’s because liquidity is tightening again. Buoyed by what Beijing had perceived as progress in trade talks with the U.S., officials in April started turning back to President Xi Jinping’s campaign to wring excess borrowing from the financial system.Just look at the Politburo’s language from its latest quarterly meeting. In a Communist Party statement, key phrases such as “deleveraging” started to reappear, as well as Xi’s exhortation that “apartments are for living in, not for speculation.” That’s quite a turnaround from October, when officials removed all references to corporate debt or property curbs as the trade war escalated. As Bloomberg Intelligence analysts Kristy Hung and Patrick Wong meticulously chronicled, property deleveraging is also back in full swing, with regulators choking off all funding channels. China Evergrande Group, the most avid offshore issuer, postponed dividend payouts last week to preserve cash. Issuing dollar bonds had become an important channel for developers, accounting for roughly a quarter of non-bank financing last year. Funding is getting tight for other junk-rated developers, too. In July, Tahoe Group Co. issued a three-year bond with a 15% coupon, doubling the interest payment it offered as recently as January 2018. To make matters worse, low-quality borrowers in the offshore market are finding that few investors want to lend over longer horizons, which has triggered a surge of issuance in short-dated bonds. Last year, 78% of new issues had maturities of one to three years, up from less than half in 2017. This will only make default scares more common: After all, honoring interest payments is a lot easier than paying off principal, or rolling over debt. With trade talks now stalled, and the Federal Reserve all but certain to cut rates at the end of the month, there’s hope that the People’s Bank of China will start easing, too. Domestic bond traders, however, aren’t convinced, even as top bureaucrats convene to discuss China’s economic priorities. The 10-year sovereign yield spread over U.S. Treasuries widened to 110 basis points from 26 basis points in November.The word default, itself, isn’t so scary. After all, evaluating credit risk is a bond investor’s job. What’s really scary in China, as I’ve written, is the prospect that very little can be clawed back. A 15% coupon payment isn’t so alluring if you can’t recover the principal.To contact the author of this story: Shuli Ren at email@example.comTo contact the editor responsible for this story: Rachel Rosenthal at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Shuli Ren is a Bloomberg Opinion columnist covering Asian markets. She previously wrote on markets for Barron's, following a career as an investment banker, and is a CFA charterholder.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
The latest earnings announcement China Evergrande Group (HKG:3333) released in April 2019 revealed that the company...
Moody's Investors Service says in a new report that its rated Chinese property developers will continue to grow their market share in the second half of 2019, underpinned by stronger execution and improved access to funding. "The three-month moving average contracted sales value for the 29 developers that we track -- of the 64 that we rate -- rose 26% year-on-year in May compared to 22% in April, and outpacing the 10.4% national sales growth in May," says Cedric Lai, a Moody's Vice President and Senior Analyst.
China's property investment growth cooled in May and sales saw their biggest decline since October 2017, suggesting the frothy housing market may not be able to cushion the effects of a slumping manufacturing sector and intensifying trade tensions. Real estate investment, mainly focused on the residential sector but also including commercial and office space, is a major gauge of growth in the world's second-largest economy. China's property market has seen a recent resurgence as some local governments eased home purchase rules to boost economic activity, while Beijing's call for banks to ramp up lending and lower interest rates has also helped boost investor confidence.
Like a puppy chasing its tail, some new investors often chase 'the next big thing', even if that means buying 'story...
BENGALURU/HONG KONG (Reuters) - China's developers, the country's most leveraged sector, have finally got their rising debt piles under control and some even boast record amounts of cash, powered by strong earnings growth and restrained expansion, a Reuters analysis showed. Following a furious boom, China has tightened regulatory controls over its massive property market since mid-2016. The government's efforts to rein in excessive borrowing resulted in a record number of bond defaults in China last year, and market experts expect the trend to continue this year.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Hengda Real Estate Group Company Limited and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
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Guangzhou-based property developer Agile Group has made a foray into new energy vehicles (NEVs), teaming up with electric vehicle technology provider We Solutions Ltd to develop cars and build towns set up for NEVs. As part of the partnership, We Solutions said it sold HK$203 million ($26 million) worth of new shares to Agile, giving the property developer a 5.89 percent stake in the electric vehicle (EV) technology company's enlarged share base.
May 7 (Reuters) - China Evergrande Group: * APRIL CONTRACTED SALES OF PROPERTIES RMB58.41 BILLION, UP 15.9% Source text for Eikon: Further company coverage:
Editor’s note: This post originally appeared on TechNode, an editorial partnerof TechCrunch based in China
China Evergrande Group (HKG:3333) shareholders have seen the share price descend 10% over the month. But that doesn't undermine the fantastic longer term performance (measured over five years). In that time, the share...
China Evergrande Group became Asia's biggest bond market borrower so far this year after a $1 billion tap of its latest issue took the mainland property developers' total sales so far to $6.6 billion. China's third largest developer said on Monday it had sold $200 million (£152.7 million) in three-year notes, and an additional $400 million each in four- and five-year bonds. The notes carry coupons of between 9.5 and 10.5 percent, and have the same terms and conditions as $2 billion of bonds Evergrande sold last week.
Moody's Investors Service says that China Evergrande Group's B1 corporate family rating (CFR) and B2 senior unsecured debt rating are unaffected by the announced tap bond issuance on its existing $1.25 billion 9.5% notes due 2022, its $450 million 10.0% notes due 2023 and its $300 million 10.5% notes due 2024. Evergrande plans to use the proceeds from the tap issuance to refinance existing debt, for capital expenditure and for general corporate purposes. "The proposed tap bond issuance will not have a material impact on Evergrande's credit metrics, because a large portion of the proceeds will be used to refinance maturing debt," says Cedric Lai, a Moody's Vice President and Senior Analyst.
Moody's Investors Service has assigned B2 senior unsecured ratings to the USD notes to be issued by China Evergrande Group (B1 positive). Evergrande plans to use the proceeds from the proposed notes to refinance existing indebtedness and for capital expenditures, with the reminder for general corporate purposes. "The proposed bond issuance will provide China Evergrande Group with additional liquidity and lengthen its debt maturity profile, while the impact on its credit metrics will be limited, because it will use a large portion of the proceeds to refinance debt, ," says Cedric Lai, a Moody's Vice President and Senior Analyst.
China's Tencent Holdings Ltd is returning to the market with a U.S. dollar bond that could raise about $5 billion, two people with direct knowledge of the matter said. The social media and gaming giant launched the sale on Wednesday of five-year, seven-year, 10-year and 30-year dollar bonds, showed a term sheet seen by Reuters. The term sheet did not detail the amount Tencent is looking to raise.