China Evergrande 3333

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EVERGRANDE (03333) does not involves in fraud - Citron

Citron, an independent rating agency, which accused EVERGRANDE (03333) of fraud in a report published in late June, suddenly showed a turnaround in its attitude.

Andrew Left, founder of Citron, said he cannot accuse EVERGRANDE of fraud or cheat and can only take the latter as adopting radical accounting principles.

Nevertheless, Left reiterated he believes EVERGRANDE covered up the fact that its capital was not adequate to settle its debt.

Source: AAStocks Financial News

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Evergrande files police complaint

Evergrande Real Estate Group (3333) has filed a report with police, against allegations made by US-based research firm Citron Research, Sina.com reported.

The developer has denied fraud and bribe allegations by Citron.

Lai Lixin, vice president of Evergrande went to the Wan Chai Police Station accompanied by lawyers this morning, according to the website.

There was no comment from the company.

Source: The Standard HK

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Chinese property developer Evergrande Real Estate chairman Hui Ka Yan bought an additional 12.6 million shares of the company at an average of HK$3.986 each on June 28, raising his stake in the company to 67.89 percent, according to an exchange disclosure.


- ORIENTAL DAILY

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DJ MARKET TALK: Evergrande's Full-Year Sales Target On Track - CS

1117 [Dow Jones] Credit Suisse says Evergrande (3333.HK) officially launched the Qidong "Venice in China" project on the weekend; based on initial feedback from sales agents, it estimates the first-weekend sales to be CNY2.5 billion or more, with around 3,000 units sold;

Evergrande will announce the final numbers on July 10.

The house says the first-weekend sales are slightly lower than its expectations, but are tracking the target of CNY5 billion sales from this project in FY12; this launch should also be strong enough to boost July contracted sales numbers to near Evergrande's historical high.

CS says Evergrande currently trades at a 43% discount to forward NAV, making it the most attractive among larger-cap names in the sector; it keeps the stock at Outperform with a target price of HK$5.40.

Evergrande is down 2.7% at HK$4.27 tracking sector weakness.


Source: Dow Jones Newswire

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EVERGRANDE (03333)'s accumulated contracted sales RMB35.04B in 1H, 43.8% of FY target

EVERGRANDE (03333) announced that in June 2012, the Group achieved contracted sales amounting to RMB8.22 billion. Contracted GFA aggregated 1,364,000 sq. m., while contracted average selling price (“ASP”) for the month recorded a modest growth to RMB6,026 per sq. m..

The Group launched 5 new projects for sale during the month, increasing the Group’s total number of projects in a sales mode to 154.

In the first half of 2012, the Group’s accumulated contracted sales amounted to RMB35.04 billion, thereby having completed 43.8% of its full-year contracted sales target. Contracted GFA aggregated 5,768,000 sq. m. and contracted ASP was RMB6,074 per sq. m..

The Group has been intensifying sales momentum of projects both already in a sales mode and newly launched since the second quarter.

Contracted sales achieved during the second quarter amounted to RMB26.77 billion, accounting for 33.5% of the full-year contracted sales target. The Group plans to launch 6-7 projects, including Evergrande Venezia del mare, in July.


Source: AAStocks Financial News

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DJ MARKET TALK: Mainland Developers Rebound; Evergrande +5.0%

1444 [Dow Jones] Mainland developers continue to rebound with several big names at least doubling the HSI's 2.2% rally, after their recent steep correction on renewed tightening concerns.

GuocoCapital highlights that Evergrande (3333.HK) slid the most among the leading players, with shares falling 14% month-to-Thursday and with the nine-day RSI down to 21.

"The counter has been technically oversold and a rebound is imminent." The house says Evergrande has locked in 44% of its full-year sales target in 1H12 vs the industry average of 55%, but it still believes the full-year sales target is achievable because housing demand should pick up along with interest rate cuts in China.

The stock is currently trading at 4.3X consensus FY12 P/E and a 64% discount to NAV, vs sector averages of 7.4X/43%, and it keeps the stock at Buy with an unchanged price target of HK$4.85.

Evergrande rallies 5.0% to an intraday high of HK$3.55.

Source: Dow Jones Newswire

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EVERGRANDE (03333)'s contracted sales in Jul amount to RMB8.24B

EVERGRANDE (03333) announced that contracted sales amounted to RMB8.24 billion in July, with contracted gross floor area equaling 1.326 million square meters.

In July, the group launched two new projects.

In the first seven months of 2012, the group's contracted sales amounted to RMB43.28 billion, representing 54.1% of the full-year sales target, with contracted area equaling 7.095 million square meters.

Source: AAStocks Financial News

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Chinese property developer Evergrande Real Estate said contract sales in the first seven months totalled 43.28 billion yuan, representing 54.1 percent of this year's full-year sales target.


Source: TA KUNG PAO

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EVERGRANDE (03333) pays land transfer fund for prime site already

From finance.sina.com.cn, an official from the land division of municipal government of Guangzhou clarified that EVERGRANDE (03333) had paid the required RMB1.322 billion land transfer fund for a prime site located in Guangzhou already.

Rumor had it that RMB90 million of deposit had been confiscated as EVERGRANDE had yet to pay part of the land transfer fund.

Source: AAStocks Financial News

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DJ MARKET TALK: Evergrande Off 5.4%; July Sales Disappointing-Macq

1433 [Dow Jones] Evergrande (3333.HK) tumbles 5.4% to HK$3.15, adding to its 3.2% fall Tuesday, after the developer said post-close Monday that its July contracted sales was flat vs June's at CNY8.24 billion.

Macquarie says is "disappointing" as it also included more than CNY2 billion in contracted sales from the Qidong mega launch and some sales rolled over from late-June launches.

"Management appears to prioritize maintaining its profit margin vs maximizing sales," Macquarie says.

Adds that year-to-date, Evergrande has achieved total sales of CNY43.3 billion, 54% of its full-year target, lagging behind the market average of 63%.

"To exceed its sales target of CNY80 billion, Evergrande needs to achieve monthly sales of at least CNY7.3 billion for the next five months.

We believe new launches and aggressive price discounts are needed to boost its sales momentum." Macquarie has an Outperforming rating on Evergrande with a HK$5.07 target.

Source: Dow Jones Newswire