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Longfor’s Bonds Buck The Trend and Inch Up on Improving Results
August 22, 2023
Chinese property developer Longfor Group Holdings saw its bonds trend higher on Monday after the company reported improving earnings for the first half of the year. The Beijing-based company reported core profits of RMB 6.59bn ($907mn), 0.6% higher YoY. Revenues were 35% lower at RMB 98.8bn ($13.6bn), impacted by a 40% decline in property development. The revenues got a boost from an 8% rise in investment property to RMB 5.86bn ($809mn) and a 13% rise in property management to RMB 5.18bn ($714mn). On the balance sheet front, total borrowings stood at RMB 207bn ($28.5bn), cash at RMB 72.4bn ($10bn) and a debt-equity ratio of 57.2%.
Longfor’s 3.95% 2029s traded 2.3 points higher to 51.69 cents on the dollar, yielding 17%.
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