China Evergrande GroupThe highest intraday rise was more than 3%, reaching 18.04 points, an all-time high. As of press time, the share price rose 1.49% to 17.68 Hong Kong dollars. The latest market capitalization is HK $231.495 billion.
Deutsche Bank said in a research report that it willChina Evergrande Group(03333.HK) the target price rose from $7.29 to $15.65, maintaining the 'hold' rating, reflecting the uncertainty of a return to A-share listing and the high debt ratio of 250% in the first half of the year. Deutsche Bank said that the sharp increase in the target price was mainly due to a capital injection of 70 billion yuan from strategic investors, equivalent to a valuation of 268 billion yuan for the group, which was also sold at 29.2 billion yuan.Vanke(02202.HK) (000002.SZ) shares, while acquiring 56 million square meters of land reserves so far this year, raising sales forecasts. Deutsche Bank explained that since the second half of last year, sales in third-and fourth-tier cities have been strong, and the group's aggressive land purchase policy provides 2.5 trillion yuan of marketable resources, which is sufficient for development in the next four to five years. Evergrande is expected to achieve a compound annual profit growth rate of 63 per cent in the next three years. Evergrande is now trading at HK $17.20, down 1.26%.
Previously, Evergrande was shortlisted in the Fortune 500. On July 20, Fortune magazine released the 2017 Fortune 500 list, which included six Chinese companies with real estate as the main business, including Greenland,Vanke, Evergrande, Poly, Wanda andCountry Garden. China's real estate industry topped the list with sales of $373.37 billion in 2016, while Evergrande re-entered the list with revenue of $31.8 billion, rising 158places, making it one of the fastest-growing companies in a single year in the history of the world's top 500s.