26 April, 2023
CHINESE PROPERTY DEVELOPERS
AVOID: The zombies are coming
Nigel Stevenson
agile-property
china-vanke
china-evergrande-group
hopson-develop
sunac-china-holdings-limited
sino-ocean-group
china-overseas-land
shimao-property
country-garden-hold
china-resources-land
greentown-china-hold
longfor-group
china-jinmao
r-and-f-properties
ronshine
zhenro-properties
kwg-group
kaisa-group-holdings-ltd
greenland-holdings
china-aoyuan-group
cifi-holdings
seazen-group
yuzhou-group
logan-group
midea-real-estate
zhongliang-holdings
powerlong-real-estate
radiance-holdings
times-china-holdings
yuexiu-property
Insights
25 April, 2024
IRB INFRASTRUCTURE (IRB IN)
Pulling forward profits
Mark Webb
Indian toll road operator, IRB Infrastructure Developers (IRB), appears to be pulling forward earnings through aggressive accounting. The company recognises unusually high construction margins from intragroup revenues and inflated sales to related parties. Additionally, IRB amortises its roads at rates well below those implied by the life of its concessions. It has suffered large operating and free cash outflows; meanwhile,...
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1 December, 2023
NEWSLETTER: EVERGRANDE (3333 HK)
Never profitable
Fredrik Oeqvist
Evergrande’s much delayed and recently published 2021 annual report makes clear that it significantly overstated revenue and earnings – most likely for many years. Contrary to what some people think, Evergrande was not so much a victim of tightened liquidity or a COVID-induced property market downturn; its problems were far more fundamental – there were never any profits....
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