04 恒大股债抛售加剧

恒大两个房地产项目一度遭地方当局暂停销售，恒大在香港上市的股票周二暴跌10%，至4年来低点，而此前一天已下跌16%。

全文共422个词, By Thomas Hale in Hong Kong

A sell-off in China Evergrande’s shares and bonds deepened after sales at two of its projects were temporarily halted, adding to a market rout that has wiped about $4bn off the value of the highly-indebted developer.

在中国恒大（China Evergrande）的两个项目暂停网签交易后，对其股票和债券的抛售进一步加剧，抛售已使得这家负债累累的开发商的市值蒸发了约40亿美元。

Evergrande’s Hong Kong-listed shares tumbled 10 per cent to a four-year low on Tuesday, adding to a fall of 16 per cent on the previous day.

恒大在香港上市的股票周二暴跌10%，至4年来低点，而此前一天已下跌16%。

The sharp decline in the shares comes as a crescendo of issues for the company has alarmed investors during a period in which Chinese government scrutiny of its debt levels has also increased.

在中国政府加大对恒大债务水平的审查之际，该公司出现的问题越来越多，这令投资者感到不安。

The latest setback came after authorities in Shaoyang, a city in China’s Hunan province,said late on Monday that sales at two of Evergrande’s projects had been halted because of a shortage of funds in presales accounts. On Tuesday afternoon, Shaoyang allowed sales to resume, helping the shares to recover steeper losses earlier in the day.

在恒大遭遇最新挫折之前，湖南省邵阳市有关部门周一晚间表示，由于巨额预售资金未进入监管账户，恒大的两个项目已暂停网签交易。周二下午，邵阳当局允许恒大恢复网签，这帮助其股价部分收复了当天早些时候的更大跌幅。

Evergrande’s business model, which has benefited from decades of urbanisation in China and made its chair Hui Ka Yan the country’s richest man in 2017, often involves upfront payments for its properties before they are completed. Since last summer, Beijing has sought to rein in developer leverage through balance sheet metrics known as the “three red lines”.

恒大的商业模式受益于中国几十年的城市化进程，并于2017年使其董事长许家印成为中国首富，按照该商业模式，房地产项目在竣工前通常就能收到预付款。自去年夏天以来，北京方面一直试图通过被称为“三条红线”的资产负债表指标来控制开发商的杠杆。

Over the weekend, traders circulated a Jiangsu province court order issued earlier in July that had frozen a Rmb132m ($20m) bank deposit for its mainland Chinese division. The order was linked to a disagreement over early repayment terms of a loan from Guangfa Bank. Evergrande said on Monday it would sue the bank over the freeze.

上周末，江苏省一家法院在7月早些时候发出的命令在交易员中流传，该命令冻结了恒大在中国内地子公司的一笔1.32亿元人民币（合2000万美元）存款。该命令与围绕广发银行（Guangfa Bank）一笔贷款提前还款条款的分歧有关。恒大周一表示将就这一冻结起诉该行。

The news crystallised concerns over the group’s ability to refinance its vast debts. As of the end of 2020, Evergrande had almost Rmb2tn in liabilities, and it has frequently tapped dollar-denominated bond markets. On Tuesday, the price of its bonds maturing in 2025 sank 10 per cent to 59 cents on the dollar to trade at a yield of 26 per cent.

这则消息明确表明了人们对该集团为其巨额债务再融资能力的担忧。截至2020年底，恒大拥有近2万亿元人民币的债务，并且经常利用美元债券市场。周二，该公司2025年到期的债券价格下跌10%，至1美元面值卖 59美分，收益率为26%。

Evergrande has embarked on a series of asset sales to raise cash, and last year listed a property advisory company in Hong Kong. Last week, it said its board would meet later in July to discuss a special dividend, boosting the shares by 10 per cent.

恒大已启动一系列资产出售以筹集现金，并于去年在香港上市了一家房地产顾问公司。上周恒大表示董事会将在7月晚些时候召开会议讨论特别分红计划，这令其股价提高了10%。

Bloomberg News reported this week that Evergrande was considering an initial public offering for its bottled water business. The group has stakes in several businesses outside of property, including an electric vehicle company, whose shares plunged 11 per cent on Tuesday following a 19 per cent fall a day earlier.

彭博新闻（Bloomberg News）本周报道称，恒大正考虑将其瓶装水业务进行首次公开发行（IPO）。除房地产以外，该集团还投资了多项业务，包括一家电动汽车公司，后者股价周二暴跌11%，此前一天下跌19%。