|Bid||0.860 x 0|
|Ask||0.890 x 0|
|Day's range||0.850 - 0.910|
|52-week range||0.740 - 4.311|
|Beta (5Y monthly)||1.32|
|PE ratio (TTM)||1.03|
|Earnings date||25 Mar 2021|
|Forward dividend & yield||0.15 (16.76%)|
|Ex-dividend date||29 Nov 2021|
|1y target est||0.79|
SHANGHAI (Reuters) -Property firms controlled by developers Shimao Group Holdings, Kaisa Group Holdings and Greenland Group have been named and shamed in a list of Chinese companies "consistently overdue" on commercial paper payments. The total number of such delinquent firms jumped 26% in December from the previous month, according to the list published by the Shanghai Commercial Paper Exchange. The spike in defaults on commercial paper - a popular short-term debt instrument that Chinese developers use to delay payment to suppliers - shows sustained liquidity stress in the real estate sector despite some policy easing.
Under pressure from authorities, Chinese property firm Kaisa Group Holdings Ltd is working furiously to come up with a feasible plan to repay wealth product investors, two sources with direct knowledge of the matter said. Kwok Ying Shing, chairman of the cash-strapped developer, has agreed to a request from the government of Shenzhen where the company is based, to provide by the end of January a proposal to repay investors in its wealth management products (WMPs), said one of the sources. The sources added that if the company fails to do so, they believe possible consequences include the Shenzhen government seizing some of Kaisa's assets and gradually taking over the company.
The non-payment on the $400 million maturity on Dec. 7 triggered cross-default provision on all its $12 billion offshore bonds and prompted a downgrade to "restricted default" by Fitch Ratings. Kaisa is the second-largest dollar bond issuer among China's property developers after China Evergrande Group, which has more than $300 billion in liabilities. The fate of Kaisa, Evergrande and other indebted Chinese property companies has gripped financial markets in recent months amid fears of knock-on effects, with Beijing repeatedly seeking to reassure investors.