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.

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