China Aoyuan Group Limited reported an increase of 15% YoY in its revenue for 1H2021 to CNY 32.51bn ($5.01bn). The developer posted a net profit of CNY 2.84bn ($437.6mn) in line with the previous year. The net profit margin stood at 8.7% vs. 10.1% last year. The property developer also reported an increase of 33% YoY in its contracted sales to CNY 67.58bn ($10.41bn) during the period. During 1H2021, the company issued $738mn of offshore notes and CNY 1.82bn ($280.4mn) onshore bonds. It also secured 3Y offshore syndicated loans of ~HKD 2.1bn ($269.6mn) while redeeming all its offshore notes due in 2021. Its total credit facilities amounted to ~CNY 242.6bn ($37.38bn), of which CNY 128.3bn ($19.77bn) were unutilized. The company also reported a cash balance of ~CNY 68.3bn ($10.52bn) and a cash collection rate of 87%. As per the company, “Aoyuan had over 70 urban redevelopment projects at different phases. They are expected to provide additional saleable resources of approximately CNY 754.3bn ($116.2bn), of which CNY 748.7bn ($115.3bn) are located in the Greater Bay Area, accounting for 99%. In the first half of 2021, Aoyuan converted saleable resources from urban redevelopment of approximately CNY 13.5 ($2.08bn). In 2021-2024, saleable resources of approximately CNY 242bn ($37.28bn) are expected to be converted from urban redevelopment projects.”
Aoyuan’s 7.35% 2023s were up 0.25 to trade at 97.13 cents on the dollar while its 5.88% 2027s were down 1 point to trade at 77.5 cents on the dollar on the secondary markets.
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