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,The investment bank said the potential contagion risk to Asian equity markets was limited unless the Chinese government allowed Evergrande Group to default and did nothing to control the situation

KUALA LUMPUR: Concerns on whether China’s property developer Evergrande Group will default on its payments together with the contagion risk have affected the overall sentiment of Asian equity markets, but the impact to Malaysia’s stock market will be limited, according to AmInvestment Bank.

The investment bank said the potential contagion risk to Asian equity markets was limited unless the Chinese government allowed Evergrande Group to default and did nothing to control the situation.

“This is an unlikely scenario as we believe that Beijing will try its best to resolve the issue due to the need to provide stability for the people,” it added in its strategy note yesterday.

Evergrande Group’s share price fell 10% on Monday to HK$2.28 (RM1.23), the lowest level in more than 11 years, following concerns that the company may not have sufficient cash to address its near-term payment obligation to lenders.

Year-to-date, the stock has tumbled 85% from HK$14.90 (RM8.02) at the start of 2021.

As of June 30, 2021, Evergrande had short-term debt of 240 billion yuan (RM156bil) and long-term debt of 332 billion yuan (RM215bil).

With 87 billion yuan (RM56.4bil) cash (excluding the restricted cash), the company was in net debt position of 485 billion yuan (RM314.2bil).

In terms of direct exposure to China’s property market for stocks under AmInvestment Bank’s coverage, only two property companies have exposure to the republic’s property market, namely IOI Properties Group Bhd (developments in Xiamen) and Sunway Bhd (Tianjin).

“Based on our channel checks, none of the ongoing developments involved Evergrande.

“The remaining gross development value of IOI Properties Group and Sunway in China is also insignificant at only 3% and 1%, respectively, of their total group portfolio,” it added. — Bernama


转载说明:本文转载自Sunbet。

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