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摩通:中國大型房企巨量表外債務 料恆大(03333.HK)淨負債率至少177%
《路透》報道, 投資銀行摩根大通估計,陷入困境的中國恆大(03333.HK)及其許多主要競爭對手有價值十億計美元的表外債務,如果把有關債務加上,該些公司的槓桿率就會提高。有關策略被用來幫助企業看起來符合去年出臺的重點房企「三條紅線」融資新規,但恆大的案例看起來最爲極端。 摩通分析師認爲,恆大沒有真正去槓桿化,而是將部分有息債務轉移成表外債務,商業票據、理財產品和無固定期限資本債券(永續債)等都未被正式算爲債務。估計截至今年上半年,恆大的淨負債率至少爲177%,而不是其報告的100%。由於一些表外債務的數據無法公開,實際負債率可能更高。 該行估計,「隱藏」債務總計佔恆大總債務的55%。其他負債率可能高於正式報告的大型房企還包括富力地產(02777.HK),負債率爲139%,該公司報告爲123%;融創中國(01918.HK)負債率爲138%,而不是87%。碧桂園(02007.HK)爲76%,而不是50%。
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