Core Viewpoint - The excitement in the market surrounding Evergrande Property is due to the potential sale of shares held by its controlling shareholder, China Evergrande, and the liquidator of CEG Holdings, which has attracted interest from potential buyers [6]. Group 1: Market Reaction - On September 12, Evergrande Property resumed trading with a high opening, rising over 38%, and later adjusted to a price of 1.18 HKD, reflecting an increase of approximately 28.26%, with a total market capitalization of about 12.757 billion HKD [3]. Group 2: Share Sale Announcement - Evergrande Property announced on September 11 that it received a letter from the liquidator indicating efforts to sell shares held by China Evergrande and CEG Holdings, which collectively own 51.016% of Evergrande Property [6]. - The liquidator has signed confidentiality agreements with interested parties and received non-binding indicative offers from some of them as of September 9, although negotiations have not yet commenced [6]. - The liquidator plans to invite selected interested parties to submit final proposals around November 2025 [6]. Group 3: Historical Context - Evergrande Property was put up for sale back in 2021, with a potential buyer being Agile Group, but that transaction ultimately fell through [7]. Group 4: Financial Performance - As of June 30, Evergrande Property reported revenue of approximately 6.647 billion CNY, a year-on-year increase of about 6.9%, and a profit attributable to shareholders of approximately 472 million CNY [9]. - The company experienced a decrease in cash reserves of about 400 million CNY compared to the end of 2024 [9]. - The chairman noted that the company faces multiple pressures, including liquidity issues and the impact of related parties, amid a challenging macroeconomic environment [9]. Group 5: Accounts Receivable and Risks - Evergrande Property's accounts receivable remain high, with trade receivables valued at approximately 5.883 billion CNY and a cumulative provision for bad debts exceeding 3 billion CNY, resulting in a high impairment rate of 51.7% [9]. - The conversion process for approximately 1.5 billion square meters of contracted projects from related parties is currently stalled, significantly affecting the company's brand trust and bargaining power [9].
恒大物业复牌大涨，中海、华润回应传言