去槓桿進展順利 恆大股價創新高
Shares in China Evergrande rose as much as 9.2 per cent on Tuesday to a record high after China’s second-largest, but most-indebted, property developer announced plans to redeem all of its remaining perpetual bonds by the end of June.
中國恆大(China Evergrande)股價週二上漲高達9.2%，至歷史新高。此前這家中國第二大（但負債最重的）房地產開發商宣佈計劃6月底之前贖回所有剩餘永久債券。Evergrande announced in a statement to the Hong Kong stock exchange late on Monday it had redeemed another Rmb24.4bn ($3.6bn) in perpetual bonds.
恆大在週一晚向港交所(HKEx)提交的聲明中宣佈，該公司又贖回了一筆224億元人民幣（合36億美元）的永久債券。The news saw Evergrande make more progress on its push to cut debt, which analysts have described as at dangerous levels, and costly to service.
這一消息說明恆大在削減債務方面取得了較大進展。此前分析師們表示，恆大的債務水平處於危險區間，且利息代價很高。
“These were very expensive for Evergrande and most of the sellside [analysts] considered it debt,” said Raymond Cheng, a Hong Kong-based analyst at CIMB. “Redeeming them is positive from an interest-expense perspective.”
“對恆大來說，這些永久債券代價非常大，多數賣方市場（分析師）視之爲債務，”投行聯昌國際銀行(CIMB)駐香港分析師鄭懷武(Raymond Cheng)說，“從利息支出的角度看，贖回是積極做法。”By eliminating the high-yield debt, it could lower its net gearing ratio from about 430 per cent to near 200 per cent by the end of the year, Mr Cheng said.
鄭懷武表示，通過消除高收益債務，今年底之前，恆大有望將淨負債比率從430%左右降至近200%。The company said in a May 4 exchange filing that it would redeem 70 per cent of its perpetual debt load of Rmb109.4bn. The latest announcement shows the group has already hit that ambitious target, having retired Rmb80.6bn of its perpetual debt load.
恆大在5月4日的一份交易所申報文件中稱，將贖回總額1094億元人民幣永續債的70%。最新的公告顯示，該集團已實現這一雄心勃勃的目標，贖回了806億元人民幣永續債。Evergrande is seeking to pare down net debt of $50bn (as of end 2016) in preparation for a planned backdoor listing on the Shenzhen exchange later this year.
恆大正尋求削減規模500億美元的淨債務（截至2016年底），爲籌劃中的今年晚些時候在深圳證交所借殼上市做準備。Perpetual bonds are high-risk debt instruments with no fixed maturity date. They are often treated by accountants as equity. However, many analysts have classified Evergrande’s perpetuals as debt. The upshot has been that Evergrande derived little accounting benefit from the instrument, while paying a hefty interest cost.
永久債券是一種沒有固定償還期限的高風險的債務工具。它們常被會計師列爲公司股本。然而，許多分析師將恆大的永久債券歸類爲債務。結果是，恆大一方面支付高額利息費用，另一方面幾乎並未從該工具獲得會計效益。
The company in March disclosed a halving of annual net profit, which was largely attributable to the steep cost of financing its perpetual bonds. It revealed that payments to perpetual bondholders rose by Rmb5.56bn over 2016 — to nearly Rmb11bn — almost matching the fall in net profit.
今年3月，恆大披露年度淨利潤出現腰斬，主要原因是永久債券的利息成本急劇增加。該公司透露，2016年向永久債券持有者支付的款項增加了55.6億元人民幣，至接近110億元人民幣，幾乎與淨利潤的下降相當。The company in 2017 has been on a deleveraging push, largely by selling shares in its unlisted subsidiary, Hengda Real Estate.
進入2017年以來，恆大一直在推進去槓桿化，主要通過出售旗下未上市子公司恆大地產(Hengda Real Estate)股份的方式。Evergrande last week raised Rmb39.5bn ($5.8bn) from the sale of shares in Hengda, and the group has raised a total of Rmb70bn since April from the sale of such shares.
上週，恆大集團從出售恆大地產股份籌得395億元人民幣（合58億美元)，自今年4月以來，恆大已通過這種方式籌得700億元人民幣。
