Zhenro Properties reported its audited annual 2021 results. A summary is given below:
- 31% YoY decrease in core profit to RMB 2.3bn ($360mn)
- Revenue increased 2.4% YoY to RMB 37bn ($5.8bn)
- Contracted sales stood at RMB 145.6bn ($22.9bn), representing a 2.6% YoY increase
- Cash and bank balances was at RMB 39bn ($6.1bn), a 9% YoY decrease.
- Acquired 29 parcels of land during the year.
Three Red-Lines Ratios - Net debt-to-equity ratio worsened to 85.5% vs. 64.7% at end-2020
- Cash-to-short term debt ratio dropped to 1.1x vs. 2.2x at end-2020
- Liabilities to asset ratio (excluding advanced sales proceeds) was at 74.9% vs. 76.6% at end-2020
Zhenro’s dollar bonds are trading marginally higher at 11-13 cents on the dollar.
