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高盛估算恆大(03333.HK)潛在表外負債及或然負債達1萬億人幣
高盛發表報告,估算恆大(03333.HK)潛在的表外負債及或然負債高達1萬億元人民幣,此前有傳恆大未能爲財富管理產品的支付利息引起市場對潛在的表外負債的關注。 高盛從5個不同層面來評估恆大的表外負債,包括債務與抵押貸款擔保、財富管理計劃、股權回售期權及未兌現承諾,估計總額達到1萬億元人民幣,不過大約90%是以抵押擔保及承諾形式的或有負債,這顯示出內房以地產開發業務作爲持續經營的重要性,因這將可避免這些或有負債成爲真正的負債。 另外,高盛稱,恆大向國企盛京金控出售所持約19.93%盛京銀行(02066.HK),出售所得將用作償還恆大對盛京的相關債務,變相恆大仍然未能償還離岸債務,這將不利會對美元債券的價格前景,不過相信總體的影響有限,因恆大離岸債券的市值只有約42億美元。
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