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<Research>HSBC Research: Progress in CN Developers' Debt Restructuring/ Reopening of Offshore Bond Mkt Help Boost Mkt Sentiment; TPs Adjusted
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Progress in Chinese property debt restructuring and the reopening of the offshore bond market are helping to boost market sentiment, HSBC Global Research published a research report saying. LONGFOR GROUP (00960.HK) is a beneficiary of the expansion of credit normalization; distressed developers are repositioned for a turnaround in 2026. There have been more positive developments in the second round of Chinese developers' debt restructuring recently, the report added. On 4 June, CIFI HOLD GP (00884.HK) received approval for its offshore debt restructuring plan, which involves a debt reduction of US$5.3 billion or a 66% cut in offshore debt. COUNTRY GARDEN (02007.HK) and LOGAN GROUP (03380.HK) also revised their restructuring plans in early June to facilitate progress. Therefore, the broker was more optimistic about CHINA RES LAND (01109.HK), C&D INTL GROUP (01908.HK), CHINA JINMAO (00817.HK) and KE Holdings (BEKE.US), all of which are rated at Buy, and adjusted its target prices for Chinese developers. details of which are available in a separate table. The latest ratings and target prices of the sector are listed in a separate table. AASTOCKS Financial News Website: www.aastocks.com |
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