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Bond Market News
Evergrande Property Services Reports Strong Numbers
June 7, 2023
China Evergrande’s property service arm, Evergrande Property Service Group reported revenues of RMB 11.8bn ($1.7bn), gross profit of RMB 2.7bn ($380mn), and a net profit of RMB 1.5bn ($210mn) for 2022. With these solid results, it downplayed the impact of the parent’s liquidity crunch on its revenues. It said that the “light asset and stable cash flow” nature of its industry benefited them and that it had “shaken off many of the adverse effects caused by the liquidity crisis”. However, the group also noted that to address its liabilities, it would need to secure a substantial amount of funds in the near term. Besides, the property services unit said that it is in talks with the parent to repay funds that were used as guarantees for bank loans so as to receive those funds on their books and meet liabilities.
Evergrande’s dollar bonds were almost unchanged and trade at deep distressed levels of 6-8 cents on the dollar.
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