Leading Chinese property developer Country Garden (COGARD) reported its results yesterday. Its dollar bonds jumped as much as 6 points after its results. Below are some highlights of its earnings release:

  • 17% YoY drop in its 2021 core net profits to RMB 26.9bn ($4.2bn)
  • Revenues rose 13% to RMB 523.1bn ($82.4bn)
  • Contracted sales were down 2% to RMB 558bn ($87.9bn) in 2021. COGARD also added that in the first two months of 2022, it achieved attributable contracted sales of RMB 69.1bn ($10.9bn)
  • Cash collection ratio of higher than 90% for the sixth consecutive year. Cash collection of RMB 65.7bn ($10.4bn) in January and February 2022 and a rolling cash collection ratio above 90% during the same period
  • Net gearing ratio improved to 45.4% in 2021 from 55.6% in 2020.
  • Total debt fell 2.6% YoY to RMB 317.9bn ($50.1bn)
  • Borrowing costs dropped by 36bp YoY to 5.2%. It has seen a significant decrease of 114bp from 2019 levels
  • Cash and cash equivalents were stable at RMB 181.3bn ($28.6bn).
  • The Board recommended payment of a final dividend of RMB 10.12 cents per share
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