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《大行報告》瑞銀料恆大(03333.HK)事件不會對行業產生更廣泛負面影響
阿思達克 09-25 15:29
瑞銀發表研究報告,指出中國恆大(03333.HK)昨日(25日)收市後發公告,指網上流傳有關恆大地產重組情況的謠言,相關文件和截圖憑空捏造、純屬誹謗。該行指,雖然無法確定公司是否存在流動性緊縮的情況,但這已影響其離岸債券渠道,並可能影響其合同銷售。

另外,該行認為這是公司的特定事件,而不是整個行業的問題,因為行業的合同銷售在8月份之前仍保持強勁。然而,由於恆大在離岸債券市場的規模,這可能會為離岸債券市場帶來衝擊,影響其他發展商的融資渠道,而國有企業例如中海外(00688.HK)及華潤置地(01109.HK),以及低槓桿的萬科企業(02202.HK)及龍湖集團(00960.HK)所受的影響則少。

瑞銀估計恆大今年底止到期的離岸及在岸債分別達16億美元及29億美元。該行相信,潛在事件不會對整體行業產生更廣泛的負面影響,因為大部分發展商都已完成其今年的離岸融資,並在明年上半年的債券贖回更多是在在岸多於在離岸。

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