Streetbeat News

LGFRY

Longfor Group Holdings Limited

https://www.longfor.com/

CEO

Mingxiao Shao

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Chinese stock markets continued their decline with the Hang Seng index dropping 2.3% and the Shanghai Composite by 1.8%. Hang Lung Properties and Longfor Properties saw significant losses. Despite a short-selling ban by the China Securities Regulatory Commission, the sell-off persisted, driven by investors exiting the market rather than hedge funds. U.S.-listed ETFs like the iShares MSCI China ETF experienced net outflows, with MCHI losing a third of its value over the past year. Market analysts attribute the downturn to political factors and trade tensions rather than economic issues. Tim Seymour expressed a cautious stance on China, highlighting state control over companies like Tencent and Alibaba.

Portfolio Pulse from Neil Dennis

January 30, 2024 | 2:55 pm

Chinese stocks, particularly in the real estate sector, experienced a sharp decline following weak property market data. The iShares MSCI China ETF (MCHI) dropped 1.8% in pre-market trading. Longfor Group Holdings ADR (LGFRY) and China Resources Land ADR (CRBJY) are expected to be impacted, with their performance data delayed. The property market data showed a 26% year-on-year drop in average daily home sales, and the manufacturing PMI indicated economic contraction. The Chinese yuan also fell by 0.6% against the dollar.

Portfolio Pulse from Neil Dennis

January 02, 2024 | 1:44 pm

Two-thirds of Chinese property developers have defaulted on their offshore debt over the past year, with China SCE Group Holdings Ltd. being the latest. Country Garden Holdings Limited (OTC:CTRYF) is seeking to renegotiate debt terms with its offshore bondholders after missing a debt repayment. Only 14 out of 54 major developers have not defaulted yet, including Agile Group Holdings Ltd. (OTC:AGPPY), Shui On Land Ltd. (OTC:SOLLY), China Vanke Co. Ltd (OTC:CHVKF), Seazen Group Ltd. (OTC:SZENF), Sino-Ocean Group Holding Ltd. (OTC:SIOLY), and Longfor Group Holdings Ltd. (OTC:LGFRY).

Portfolio Pulse from Daniel Harrison

October 10, 2023 | 2:29 pm

Hong Kong Broadband Network (HKBN Ltd.) has issued a profit warning, expecting a loss of HK$1.3 billion ($167 million) for the year ending August 2023 due to rising interest rates. The Hong Kong Interbank Borrowing Rate (HIBOR) has surged by over four times in 2023, increasing borrowing costs. This rise in HIBOR could impact earnings of property developers like China Evergrande Group, Country Garden Holdings Company Limited, and Longfor Holdings Group Limited, and companies with high borrowing rates like Swire Pacific Ltd. and New World Development Co Limited.

Portfolio Pulse from Daniel Harrison

October 09, 2023 | 7:25 pm

Citigroup has raised its growth forecast for China to 5% for 2023, citing improved retail sales and industrial production. This news, along with the approved restructuring of Sunac China Holdings Limited's debt, lifted Hong Kong stocks. However, most stocks failed to hold onto the gains. Alibaba and Trip.com rose in the morning session but ended around 0.5% lower. JD Logistics Inc. ended the day 0.7% higher, while Sunac's shares ended the day 6.3% higher. China Aoyuan Group Limited and China Evergrande Group Limited declined by 2.2% and 11%, respectively.

Portfolio Pulse from Daniel Harrison

October 05, 2023 | 5:08 pm

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