If mergers are corporate marriages, strategic stakes are the equivalent of success at the school disco. Congratulations to Greentown China, a Chinese property developer with one of the sector’s weakest balance sheets, for landing a catch as mighty as Wharf Holdings, the Hong Kong property conglomerate. Those left on the dance floor will be reviewing their prospects of getting hitched.
如果说合并是企业与企业的“联姻,那么战略股权交易就相当于在学校舞会上成功“牵手。恭喜一下绿城中国(Greentown China)吧!作为中国房地产开发行业内资产状况最弱的公司之一,绿城竟然“钓到了像香港房地产开发集团九龙仓(Wharf Holdings)这样实力雄厚的企业。那些留在舞池里的人肯定在想,这二者“牵手后是否会“喜结连理。
The additional 22 per cent stake Wharf has taken in Greentown for HK$2.6bn is worth nearly HK$1bn more thanks to Monday’s one-third bounce in the target’s shares. Wharf also holds a further HK$2.6bn of convertible bonds in Greentown. The case for Wharf’s interest in Greentown (rated triple-C by Moody’s and Standard and Poor’s) is simple: decent land bank, shame about the balance sheet. The danger for Wharf is that Greentown’s management, with nearly half of the shares, remains in charge. After all, those managers pushed leverage to the extremes, which necessitated this rescue. Net debt relative to earnings before interest, tax, depreciation and amortisation rose from 2 times in 2006, when Greentown listed, to 18 times in 2010 and a still-worrying 7 times in 2011. Greentown has promised sounder finances. Wharf’s stake is a start – but only that.
【Lex专栏:绿城“钓到”九龙仓】相关文章:
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