Saturday, November 26, 2022
Bringing the Latest in News Straight to Your Screen


Calm In The China Real Estate Storm: Golden Eagle Shares Rise 0.6% After Profit Doubles

By News Creatives Authors , in Billionaires , at August 26, 2021

It was a rough day for big-name China real estate stocks at the Hong Kong Stock Exchange today amid worries about earnings and borrowing.  Leading the way down was debt-laden China Evergrande Group, chaired by billionaire Hui Ka Yin, whose shares fell by 7% following a big loss at its electric vehicle arm.  Among other billionaire-controlled developers, Sunac China lost 2.3%, Country Garden fell 1.1%, and Guangzhou R&F declined 1.6%.   Hong Kong’s benchmark Hang Seng Index ended the day down 1.1% to 25,415.69.

By contrast, Nanjing-headquartered commercial developer Golden Eagle Retail Group was a point of calm amid the storm, rising by 0.6% to close at HK$6.91. 

Shares gained after the company, led by chairman and CEO billionaire Roger Wang, said last night first-half net profit rose by 111% to 887.6 million yuan as business rebounded from Covid-19 lows a year earlier. Revenue increased by 20% to 3.0 billion yuan, helped by a 13% increase in GDP during the period.

Wang, an American citizen who resides in Nanjing, owns approximately 58% of Golden Eagle. The Chinese native grew up in Taiwan and went to the U.S. in pursuit of an M.B.A. in 1970, before later focusing his business on mainland China. Wang has a fortune worth an estimated $3.7 billion on the Forbes Real-Time Billionaires List today.

Golden Eagle’s shares are trading at a price-earnings multiple of 7.2; its dividend yield is 7.9%, according to estimates posted at the Hong Kong Stock Exchange’s website. Golden Eagle has 31 department stores and lifestyle centers, mostly in eastern China. Nanjing was hit with Covid-19 travel restrictions in July but they have eased since.

See related posts:

Follow me @rflannerychina

Daughter Leaves Board Of Golden Eagle Billionaire’s Listed Flagship

It’s Time To Talk About Easing Trump’s China Tariffs

@rflannerychina

Comments


Leave a Reply


Your email address will not be published. Required fields are marked *