去杠桿進(jìn)展順利 恒大股價(jià)創(chuàng)新高

Shares in China Evergrande rose as much as 9.2 per cent on Tuesday to a record high after China’s second-largest, but most-indebted, property developer announced plans to redeem all of its remaining perpetual bonds by the end of June.

中國恒大(China Evergrande)股價(jià)周二上漲高達(dá)9.2%，至歷史新高。此前這家中國第二大(但負(fù)債最重的)房地產(chǎn)開發(fā)商宣布計(jì)劃6月底之前贖回所有剩余永久債券。

Evergrande announced in a statement to the Hong Kong stock exchange late on Monday it had redeemed another Rmb24.4bn ($3.6bn) in perpetual bonds.

恒大在周一晚向港交所(HKEx)提交的聲明中宣布，該公司又贖回了一筆224億元人民幣(合36億美元)的永久債券。

The news saw Evergrande make more progress on its push to cut debt, which analysts have described as at dangerous levels, and costly to service.

這一消息說明恒大在削減債務(wù)方面取得了較大進(jìn)展。此前分析師們表示，恒大的債務(wù)水平處于危險(xiǎn)區(qū)間，且利息代價(jià)很高。

“These were very expensive for Evergrande and most of the sellside [analysts] considered it debt,” said Raymond Cheng, a Hong Kong-based analyst at CIMB. “Redeeming them is positive from an interest-expense perspective.”

“對(duì)恒大來說，這些永久債券代價(jià)非常大，多數(shù)賣方市場(分析師)視之為債務(wù)，”投行聯(lián)昌國際銀行(CIMB)駐香港分析師鄭懷武(Raymond Cheng)說，“從利息支出的角度看，贖回是積極做法。”

By eliminating the high-yield debt, it could lower its net gearing ratio from about 430 per cent to near 200 per cent by the end of the year, Mr Cheng said.

鄭懷武表示，通過消除高收益?zhèn)鶆?wù)，今年底之前，恒大有望將凈負(fù)債比率從430%左右降至近200%。

The company said in a May 4 exchange filing that it would redeem 70 per cent of its perpetual debt load of Rmb109.4bn. The latest announcement shows the group has already hit that ambitious target, having retired Rmb80.6bn of its perpetual debt load.

恒大在5月4日的一份交易所申報(bào)文件中稱，將贖回總額1094億元人民幣永續(xù)債的70%。最新的公告顯示，該集團(tuán)已實(shí)現(xiàn)這一雄心勃勃的目標(biāo)，贖回了806億元人民幣永續(xù)債。

Evergrande is seeking to pare down net debt of $50bn (as of end 2016) in preparation for a planned backdoor listing on the Shenzhen exchange later this year.

恒大正尋求削減規(guī)模500億美元的凈債務(wù)(截至2016年底)，為籌劃中的今年晚些時(shí)候在深圳證交所借殼上市做準(zhǔn)備。

Perpetual bonds are high-risk debt instruments with no fixed maturity date. They are often treated by accountants as equity. However, many analysts have classified Evergrande’s perpetuals as debt. The upshot has been that Evergrande derived little accounting benefit from the instrument, while paying a hefty interest cost.

永久債券是一種沒有固定償還期限的高風(fēng)險(xiǎn)的債務(wù)工具。它們常被會(huì)計(jì)師列為公司股本。然而，許多分析師將恒大的永久債券歸類為債務(wù)。結(jié)果是，恒大一方面支付高額利息費(fèi)用，另一方面幾乎并未從該工具獲得會(huì)計(jì)效益。

The company in March disclosed a halving of annual net profit, which was largely attributable to the steep cost of financing its perpetual bonds. It revealed that payments to perpetual bondholders rose by Rmb5.56bn over 2016 — to nearly Rmb11bn — almost matching the fall in net profit.

今年3月，恒大披露年度凈利潤出現(xiàn)腰斬，主要原因是永久債券的利息成本急劇增加。該公司透露，2016年向永久債券持有者支付的款項(xiàng)增加了55.6億元人民幣，至接近110億元人民幣，幾乎與凈利潤的下降相當(dāng)。

The company in 2017 has been on a deleveraging push, largely by selling shares in its unlisted subsidiary, Hengda Real Estate.

進(jìn)入2017年以來，恒大一直在推進(jìn)去杠桿化，主要通過出售旗下未上市子公司恒大地產(chǎn)(Hengda Real Estate)股份的方式。

Evergrande last week raised Rmb39.5bn ($5.8bn) from the sale of shares in Hengda, and the group has raised a total of Rmb70bn since April from the sale of such shares.

上周，恒大集團(tuán)從出售恒大地產(chǎn)股份籌得395億元人民幣(合58億美元)，自今年4月以來，恒大已通過這種方式籌得700億元人民幣。