Evergrande CFO says no fundraising challenges

Business | 6 Jun 2019 3:03 pm

Evergrande’s (3333) chief financial officer, Pan Darong said financing activity has been less impacted after mainland media said authorities are taking steps to cool the property market by tightening onshore fundraising for developers.

In some cases, developers’ underwriters were asked by regulators not to tap unused quotas for selling yuan bonds or asset-backed securities.

The Chief Executive of Link REIT (0823), George Hongchoy, also said earlier that mainland developers are faced with financing challenges as a result of the Sino-US trade war.

Pan responded that Evergrande fundraising has been normal.

Evergrande announced that contracted sales in May grew by  28 percent year-on-year to 53.53 billion yuan (HK$60.7 billion) and sales area was 4.97 million square meters. The average contracted selling price was 10,764 yuan per square meter.

Pan also said three new energy vehicle manufacturing bases have been built in Tianjin, Guangzhou and Shanghai, and expects to launch the first model NEV in July to August.

 

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