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2021-06-22
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Evergrande Fights Short Sellers With $400 Million Asset Sale<blockquote>恒大以4亿美元资产出售对抗卖空者</blockquote>
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The firm might need to dispose of more assets to raise funds and meet so-called three red lines -- regulations to curb developers’ debt, Bloomberg Intelligence analysts led by Daniel Fan wrote in a note.</p><p><blockquote>恒大将杭州一家子公司的股份出售给王忠明控制的一家公司，是恒大寻求财力雄厚的朋友提供资金支持的最新举措。王忠明曾多次投资惠氏的业务。以丹尼尔·范为首的彭博资讯分析师在一份报告中写道，该公司可能需要处置更多资产来筹集资金并满足所谓的三条红线——遏制开发商债务的法规。</blockquote></p><p> Key major assets that could be monetized include Evergrande’s tourism property, new electric vehicle, property services and the Fangchebao online sales platform, said Fan, adding that they could be worth more than 700 billion yuan ($108 billion).</p><p><blockquote>范说，可以变现的主要资产包括恒大的旅游地产、新型电动汽车、物业服务和房车宝在线销售平台，并补充说它们的价值可能超过7000亿元人民币（1080亿美元）。</blockquote></p><p> “This once again shows the paramount important role Evergrande’s friends play in its business operations,” said Maggie Hu, assistant professor of real estate and finance at Chinese University of Hong Kong. “Evergrande always count on them for fighting against this kind of liquidity crisis.”</p><p><blockquote>香港中文大学房地产与金融学助理教授Maggie Hu表示：“这再次表明恒大的朋友在其业务运营中发挥着至关重要的作用。”“恒大一直依靠他们来对抗这种流动性危机。”</blockquote></p><p> Evergrande shares closed at HK$10.80 in Hong Kong, after earlier falling as much as 1.8% to the lowest since May 2017.</p><p><blockquote>恒大股价在香港收于10.80港元，此前曾一度下跌1.8%，至2017年5月以来的最低水平。</blockquote></p><p> It plans to sell 29.9% of its stake in China Calxon Group Co. to a company controlled by Wang. The shares were valued at 2.5 billion yuan at the most recent close, according to data compiled by Bloomberg. Evergrande’s wholly owned unit Kailong Real Estate will hold 27.85% of the Hangzhou developer upon finalizing the deal, and will give up its voting rights in the remaining shares.</p><p><blockquote>该公司计划将其所持中国卡尔克森集团有限公司29.9%的股份出售给王控制的一家公司。根据彭博汇编的数据，截至最近收盘，该股估值为25亿元人民币。交易完成后，恒大全资子公司凯龙地产将持有这家杭州开发商27.85%的股份，并将放弃剩余股份的投票权。</blockquote></p><p> Multiple calls to Shenzhen Huajian went unanswered.</p><p><blockquote>多次向深华健评级均无人接听。</blockquote></p><p> Wang, whose businesses span from real estate to agriculture and finance, has long been an investor in Evergrande businesses. The Calxon stake buyer, Shenzhen Huajian Holdings, was also a strategic investor of Evergrande’s onshore division known as Hengda Real Estate. The unit had planned to go public in China and later triggered a liquidity scare when it failed to do so.</p><p><blockquote>王的业务范围从房地产到农业和金融，长期以来一直是恒大业务的投资者。Calxon股权买家深圳华建控股也是恒大在岸部门恒大地产的战略投资者。该部门曾计划在中国上市，但后来因未能上市而引发了流动性恐慌。</blockquote></p><p> Huajian put 5 billion yuan into Hengda in December 2016 as a first-round investor. Another firm backed by Wang invested 3.5 billion yuan in May 2017 as a second-round investor for the failed listing.</p><p><blockquote>华建于2016年12月作为首轮投资者向恒达注资50亿元。2017年5月，王支持的另一家公司作为失败上市的第二轮投资者投资了35亿元人民币。</blockquote></p><p> Wang’s Shenzhen Greenwoods Investment Group has 80 billion yuan in assets that include the mineral water, grain and oil businesses that were sold by Evergrande, its website shows. Greenwoods also invested 5 billion yuan in Evergrande’s electric-vehicle maker.</p><p><blockquote>其网站显示，王的深圳绿林投资集团拥有800亿元人民币的资产，其中包括被恒大出售的矿泉水、粮油业务。Greenwoods还向恒大电动汽车制造商投资了50亿元人民币。</blockquote></p><p> Evergrande’s liabilities including dollar bonds, bank loans and down payments from homebuyers swelled to 1.95 trillion yuan at the end of last year, about 77% of which were due within 12 months, according to its annual report. The firm plans to repay its $1.47 billion offshore bond maturing next Monday this week, Reuters reported Monday, citing an unidentified person.</p><p><blockquote>恒大年报显示，去年底，包括美元债券、银行贷款和购房者首付在内的负债增至1.95万亿元人民币，其中约77%的负债将在12个月内到期。路透社周一援引一位身份不明的人士的话报道称，该公司计划本周偿还下周一到期的14.7亿美元离岸债券。</blockquote></p><p> Most of the property firm’s long-dated dollar bonds were slightly higher Tuesday morning. Its 10.5% dollar bond due April 2024 rose 0.1 cent to 79.3 cents after climbing 1.4 cents on Monday, the biggest gain in six months.</p><p><blockquote>周二上午，该房地产公司的大多数长期美元债券小幅走高。其2024年4月到期的10.5%美元债券继周一上涨1.4美分后上涨0.1美分至79.3美分，创六个月来最大涨幅。</blockquote></p><p> Evergrande’s affiliates also rallied Monday. Real estate management unit Evergrande Property Services Group Ltd. closed 7.3% higher, the biggest gain in a month. Internet unit HengTen Networks Group Ltd. gained 11%, the most in more than five weeks.</p><p><blockquote>恒大的附属公司周一也上涨。房地产管理部门恒大物业服务集团有限公司收盘上涨7.3%，创一个月来最大涨幅。互联网子公司恒腾网络集团有限公司(HengTen Networks Group Ltd.)上涨11%，为五周多来最大涨幅。</blockquote></p><p> Some investors are betting on a short-term rebound in Evergrande shares after they lost more than 40% from their January high, Castor Pang, head of research at Core Pacific Yamaichi, said by phone.</p><p><blockquote>Core Pacific Yamaichi研究主管Castor Pang在电话中表示，在恒大股价较1月份高点下跌超过40%后，一些投资者押注恒大股价短期反弹。</blockquote></p><p> Short Interest</p><p><blockquote>空头利息</blockquote></p><p> Short interest in Evergrande has surged threefold in three weeks. It reached 22.8% of the company’s free float as of Thursday, the highest level since September 2018, data compiled by IHS Markit and Bloomberg show.</p><p><blockquote>恒大的空头兴趣在三周内激增了三倍。IHS Markit和彭博社汇编的数据显示，截至周四，该公司自由流通量达到22.8%，为2018年9月以来的最高水平。</blockquote></p><p> There are so few Evergrande shares readily available that traders would need about 22 days to cover their bearish bets -- or buy back borrowed stock to close out an open short position. That increases the risk of a short squeeze, when hedge funds are forced to liquidate their positions at increasingly higher prices.</p><p><blockquote>可获得的恒大股票如此之少，以至于交易者需要大约22天的时间来弥补他们的看跌押注，或者回购借入的股票以平仓未平仓的空头头寸。当对冲基金被迫以越来越高的价格平仓时，这增加了空头挤压的风险。</blockquote></p><p> The developer has also resumed its favored tactic of repurchasing shares to force bearish speculators out of their positions. It spent about HK$529 million on buybacks since June 7, according to Bloomberg calculations.</p><p><blockquote>该开发商还恢复了其青睐的回购股票策略，以迫使看跌投机者退出头寸。据彭博社计算，自6月7日以来，该公司已斥资约5.29亿港元进行回购。</blockquote></p><p> Worries over Evergrande’s future have grown in recent weeks after affiliates missed payments and Caixin Media’s WeNews reported that regulators are looking into Evergrande’s ties to Shengjing Bank Co. in northern China.</p><p><blockquote>最近几周，在关联公司拖欠付款以及财新传媒WeNews报道称监管机构正在调查恒大与中国北方盛京银行股份有限公司的关系后，人们对恒大未来的担忧加剧。</blockquote></p><p></p><p> The selloff worsened after WeNews reported last week that a local government discussed with Evergrande about paring its stake in Shengjing Bank, and the banking watchdog said it would curb a key source of financing for developers to control risk.</p><p><blockquote>WeNews上周报道称，当地政府与恒大讨论减持盛京银行股份，银行业监管机构表示将遏制开发商控制风险的一个关键融资来源，此后抛售加剧。</blockquote></p><p> “Evergrande may buy time with a combination of rollover, new investment, and capital market access,” said Brock Silvers, chief investment officer at Kaiyuan Capital in Hong Kong. “Friendly investment from white knight pals of the chairman have helped in the past, but ultimately won’t save the company.”</p><p><blockquote>香港开源资本首席投资官布洛克·西尔弗斯表示：“恒大可能会通过展期、新投资和资本市场准入的结合来赢得时间。”“董事长的白衣骑士朋友的友好投资过去有所帮助，但最终无法拯救公司。”</blockquote></p><p></p>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEvergrande Fights Short Sellers With $400 Million Asset Sale<blockquote>恒大以4亿美元资产出售对抗卖空者</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Bloomberg</strong><span class=\"h-time small\">2021-06-22 08:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Bloomberg) -- China Evergrande Group is giving short sellers a run for their money.</p><p><blockquote>（彭博社）——中国恒大集团正在与卖空者展开竞争。</blockquote></p><p> On a day when the developer sank to a four-year low, a long-standing supporter of billionaire founder Hui Ka Yan swooped in to buy a stake in one of his property units that could release almost $400 million for the debt-ridden conglomerate.</p><p><blockquote>在这家开发商跌至四年低点的一天，亿万富翁创始人许家印的一位长期支持者突然买入了他的一个房地产部门的股份，这可能为这家负债累累的企业集团释放近4亿美元。</blockquote></p><p> Shares in the world’s most indebted property developer surged 9% on Monday, the most since January, from the day’s low, squeezing investors who have heaped on bets against the firm.</p><p><blockquote>这家全球负债最重的房地产开发商的股价周一从当日低点飙升9%，为1月份以来的最高水平，挤压了大量做空该公司的投资者。</blockquote></p><p> The move to sell shares in a Hangzhou unit to a company controlled by Wang Zhongming, a repeated investor in Hui’s operations, is Evergrande’s latest effort to tap deep-pocketed friends for financial support. The firm might need to dispose of more assets to raise funds and meet so-called three red lines -- regulations to curb developers’ debt, Bloomberg Intelligence analysts led by Daniel Fan wrote in a note.</p><p><blockquote>恒大将杭州一家子公司的股份出售给王忠明控制的一家公司，是恒大寻求财力雄厚的朋友提供资金支持的最新举措。王忠明曾多次投资惠氏的业务。以丹尼尔·范为首的彭博资讯分析师在一份报告中写道，该公司可能需要处置更多资产来筹集资金并满足所谓的三条红线——遏制开发商债务的法规。</blockquote></p><p> Key major assets that could be monetized include Evergrande’s tourism property, new electric vehicle, property services and the Fangchebao online sales platform, said Fan, adding that they could be worth more than 700 billion yuan ($108 billion).</p><p><blockquote>范说，可以变现的主要资产包括恒大的旅游地产、新型电动汽车、物业服务和房车宝在线销售平台，并补充说它们的价值可能超过7000亿元人民币（1080亿美元）。</blockquote></p><p> “This once again shows the paramount important role Evergrande’s friends play in its business operations,” said Maggie Hu, assistant professor of real estate and finance at Chinese University of Hong Kong. “Evergrande always count on them for fighting against this kind of liquidity crisis.”</p><p><blockquote>香港中文大学房地产与金融学助理教授Maggie Hu表示：“这再次表明恒大的朋友在其业务运营中发挥着至关重要的作用。”“恒大一直依靠他们来对抗这种流动性危机。”</blockquote></p><p> Evergrande shares closed at HK$10.80 in Hong Kong, after earlier falling as much as 1.8% to the lowest since May 2017.</p><p><blockquote>恒大股价在香港收于10.80港元，此前曾一度下跌1.8%，至2017年5月以来的最低水平。</blockquote></p><p> It plans to sell 29.9% of its stake in China Calxon Group Co. to a company controlled by Wang. The shares were valued at 2.5 billion yuan at the most recent close, according to data compiled by Bloomberg. Evergrande’s wholly owned unit Kailong Real Estate will hold 27.85% of the Hangzhou developer upon finalizing the deal, and will give up its voting rights in the remaining shares.</p><p><blockquote>该公司计划将其所持中国卡尔克森集团有限公司29.9%的股份出售给王控制的一家公司。根据彭博汇编的数据，截至最近收盘，该股估值为25亿元人民币。交易完成后，恒大全资子公司凯龙地产将持有这家杭州开发商27.85%的股份，并将放弃剩余股份的投票权。</blockquote></p><p> Multiple calls to Shenzhen Huajian went unanswered.</p><p><blockquote>多次向深华健评级均无人接听。</blockquote></p><p> Wang, whose businesses span from real estate to agriculture and finance, has long been an investor in Evergrande businesses. The Calxon stake buyer, Shenzhen Huajian Holdings, was also a strategic investor of Evergrande’s onshore division known as Hengda Real Estate. The unit had planned to go public in China and later triggered a liquidity scare when it failed to do so.</p><p><blockquote>王的业务范围从房地产到农业和金融，长期以来一直是恒大业务的投资者。Calxon股权买家深圳华建控股也是恒大在岸部门恒大地产的战略投资者。该部门曾计划在中国上市，但后来因未能上市而引发了流动性恐慌。</blockquote></p><p> Huajian put 5 billion yuan into Hengda in December 2016 as a first-round investor. Another firm backed by Wang invested 3.5 billion yuan in May 2017 as a second-round investor for the failed listing.</p><p><blockquote>华建于2016年12月作为首轮投资者向恒达注资50亿元。2017年5月，王支持的另一家公司作为失败上市的第二轮投资者投资了35亿元人民币。</blockquote></p><p> Wang’s Shenzhen Greenwoods Investment Group has 80 billion yuan in assets that include the mineral water, grain and oil businesses that were sold by Evergrande, its website shows. Greenwoods also invested 5 billion yuan in Evergrande’s electric-vehicle maker.</p><p><blockquote>其网站显示，王的深圳绿林投资集团拥有800亿元人民币的资产，其中包括被恒大出售的矿泉水、粮油业务。Greenwoods还向恒大电动汽车制造商投资了50亿元人民币。</blockquote></p><p> Evergrande’s liabilities including dollar bonds, bank loans and down payments from homebuyers swelled to 1.95 trillion yuan at the end of last year, about 77% of which were due within 12 months, according to its annual report. The firm plans to repay its $1.47 billion offshore bond maturing next Monday this week, Reuters reported Monday, citing an unidentified person.</p><p><blockquote>恒大年报显示，去年底，包括美元债券、银行贷款和购房者首付在内的负债增至1.95万亿元人民币，其中约77%的负债将在12个月内到期。路透社周一援引一位身份不明的人士的话报道称，该公司计划本周偿还下周一到期的14.7亿美元离岸债券。</blockquote></p><p> Most of the property firm’s long-dated dollar bonds were slightly higher Tuesday morning. Its 10.5% dollar bond due April 2024 rose 0.1 cent to 79.3 cents after climbing 1.4 cents on Monday, the biggest gain in six months.</p><p><blockquote>周二上午，该房地产公司的大多数长期美元债券小幅走高。其2024年4月到期的10.5%美元债券继周一上涨1.4美分后上涨0.1美分至79.3美分，创六个月来最大涨幅。</blockquote></p><p> Evergrande’s affiliates also rallied Monday. Real estate management unit Evergrande Property Services Group Ltd. closed 7.3% higher, the biggest gain in a month. Internet unit HengTen Networks Group Ltd. gained 11%, the most in more than five weeks.</p><p><blockquote>恒大的附属公司周一也上涨。房地产管理部门恒大物业服务集团有限公司收盘上涨7.3%，创一个月来最大涨幅。互联网子公司恒腾网络集团有限公司(HengTen Networks Group Ltd.)上涨11%，为五周多来最大涨幅。</blockquote></p><p> Some investors are betting on a short-term rebound in Evergrande shares after they lost more than 40% from their January high, Castor Pang, head of research at Core Pacific Yamaichi, said by phone.</p><p><blockquote>Core Pacific Yamaichi研究主管Castor Pang在电话中表示，在恒大股价较1月份高点下跌超过40%后，一些投资者押注恒大股价短期反弹。</blockquote></p><p> Short Interest</p><p><blockquote>空头利息</blockquote></p><p> Short interest in Evergrande has surged threefold in three weeks. It reached 22.8% of the company’s free float as of Thursday, the highest level since September 2018, data compiled by IHS Markit and Bloomberg show.</p><p><blockquote>恒大的空头兴趣在三周内激增了三倍。IHS Markit和彭博社汇编的数据显示，截至周四，该公司自由流通量达到22.8%，为2018年9月以来的最高水平。</blockquote></p><p> There are so few Evergrande shares readily available that traders would need about 22 days to cover their bearish bets -- or buy back borrowed stock to close out an open short position. That increases the risk of a short squeeze, when hedge funds are forced to liquidate their positions at increasingly higher prices.</p><p><blockquote>可获得的恒大股票如此之少，以至于交易者需要大约22天的时间来弥补他们的看跌押注，或者回购借入的股票以平仓未平仓的空头头寸。当对冲基金被迫以越来越高的价格平仓时，这增加了空头挤压的风险。</blockquote></p><p> The developer has also resumed its favored tactic of repurchasing shares to force bearish speculators out of their positions. It spent about HK$529 million on buybacks since June 7, according to Bloomberg calculations.</p><p><blockquote>该开发商还恢复了其青睐的回购股票策略，以迫使看跌投机者退出头寸。据彭博社计算，自6月7日以来，该公司已斥资约5.29亿港元进行回购。</blockquote></p><p> Worries over Evergrande’s future have grown in recent weeks after affiliates missed payments and Caixin Media’s WeNews reported that regulators are looking into Evergrande’s ties to Shengjing Bank Co. in northern China.</p><p><blockquote>最近几周，在关联公司拖欠付款以及财新传媒WeNews报道称监管机构正在调查恒大与中国北方盛京银行股份有限公司的关系后，人们对恒大未来的担忧加剧。</blockquote></p><p></p><p> The selloff worsened after WeNews reported last week that a local government discussed with Evergrande about paring its stake in Shengjing Bank, and the banking watchdog said it would curb a key source of financing for developers to control risk.</p><p><blockquote>WeNews上周报道称，当地政府与恒大讨论减持盛京银行股份，银行业监管机构表示将遏制开发商控制风险的一个关键融资来源，此后抛售加剧。</blockquote></p><p> “Evergrande may buy time with a combination of rollover, new investment, and capital market access,” said Brock Silvers, chief investment officer at Kaiyuan Capital in Hong Kong. “Friendly investment from white knight pals of the chairman have helped in the past, but ultimately won’t save the company.”</p><p><blockquote>香港开源资本首席投资官布洛克·西尔弗斯表示：“恒大可能会通过展期、新投资和资本市场准入的结合来赢得时间。”“董事长的白衣骑士朋友的友好投资过去有所帮助，但最终无法拯救公司。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/evergrande-bounces-hitting-four-low-025344866.html\">Bloomberg</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"03333":"中国恒大"},"source_url":"https://finance.yahoo.com/news/evergrande-bounces-hitting-four-low-025344866.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165462665","content_text":"(Bloomberg) -- China Evergrande Group is giving short sellers a run for their money.\nOn a day when the developer sank to a four-year low, a long-standing supporter of billionaire founder Hui Ka Yan swooped in to buy a stake in one of his property units that could release almost $400 million for the debt-ridden conglomerate.\nShares in the world’s most indebted property developer surged 9% on Monday, the most since January, from the day’s low, squeezing investors who have heaped on bets against the firm.\nThe move to sell shares in a Hangzhou unit to a company controlled by Wang Zhongming, a repeated investor in Hui’s operations, is Evergrande’s latest effort to tap deep-pocketed friends for financial support. The firm might need to dispose of more assets to raise funds and meet so-called three red lines -- regulations to curb developers’ debt, Bloomberg Intelligence analysts led by Daniel Fan wrote in a note.\nKey major assets that could be monetized include Evergrande’s tourism property, new electric vehicle, property services and the Fangchebao online sales platform, said Fan, adding that they could be worth more than 700 billion yuan ($108 billion).\n“This once again shows the paramount important role Evergrande’s friends play in its business operations,” said Maggie Hu, assistant professor of real estate and finance at Chinese University of Hong Kong. “Evergrande always count on them for fighting against this kind of liquidity crisis.”\nEvergrande shares closed at HK$10.80 in Hong Kong, after earlier falling as much as 1.8% to the lowest since May 2017.\nIt plans to sell 29.9% of its stake in China Calxon Group Co. to a company controlled by Wang. The shares were valued at 2.5 billion yuan at the most recent close, according to data compiled by Bloomberg. Evergrande’s wholly owned unit Kailong Real Estate will hold 27.85% of the Hangzhou developer upon finalizing the deal, and will give up its voting rights in the remaining shares.\nMultiple calls to Shenzhen Huajian went unanswered.\nWang, whose businesses span from real estate to agriculture and finance, has long been an investor in Evergrande businesses. The Calxon stake buyer, Shenzhen Huajian Holdings, was also a strategic investor of Evergrande’s onshore division known as Hengda Real Estate. The unit had planned to go public in China and later triggered a liquidity scare when it failed to do so.\nHuajian put 5 billion yuan into Hengda in December 2016 as a first-round investor. Another firm backed by Wang invested 3.5 billion yuan in May 2017 as a second-round investor for the failed listing.\nWang’s Shenzhen Greenwoods Investment Group has 80 billion yuan in assets that include the mineral water, grain and oil businesses that were sold by Evergrande, its website shows. Greenwoods also invested 5 billion yuan in Evergrande’s electric-vehicle maker.\nEvergrande’s liabilities including dollar bonds, bank loans and down payments from homebuyers swelled to 1.95 trillion yuan at the end of last year, about 77% of which were due within 12 months, according to its annual report. The firm plans to repay its $1.47 billion offshore bond maturing next Monday this week, Reuters reported Monday, citing an unidentified person.\nMost of the property firm’s long-dated dollar bonds were slightly higher Tuesday morning. Its 10.5% dollar bond due April 2024 rose 0.1 cent to 79.3 cents after climbing 1.4 cents on Monday, the biggest gain in six months.\nEvergrande’s affiliates also rallied Monday. Real estate management unit Evergrande Property Services Group Ltd. closed 7.3% higher, the biggest gain in a month. Internet unit HengTen Networks Group Ltd. gained 11%, the most in more than five weeks.\nSome investors are betting on a short-term rebound in Evergrande shares after they lost more than 40% from their January high, Castor Pang, head of research at Core Pacific Yamaichi, said by phone.\nShort Interest\nShort interest in Evergrande has surged threefold in three weeks. It reached 22.8% of the company’s free float as of Thursday, the highest level since September 2018, data compiled by IHS Markit and Bloomberg show.\nThere are so few Evergrande shares readily available that traders would need about 22 days to cover their bearish bets -- or buy back borrowed stock to close out an open short position. That increases the risk of a short squeeze, when hedge funds are forced to liquidate their positions at increasingly higher prices.\nThe developer has also resumed its favored tactic of repurchasing shares to force bearish speculators out of their positions. It spent about HK$529 million on buybacks since June 7, according to Bloomberg calculations.\nWorries over Evergrande’s future have grown in recent weeks after affiliates missed payments and Caixin Media’s WeNews reported that regulators are looking into Evergrande’s ties to Shengjing Bank Co. in northern China.\nThe selloff worsened after WeNews reported last week that a local government discussed with Evergrande about paring its stake in Shengjing Bank, and the banking watchdog said it would curb a key source of financing for developers to control risk.\n“Evergrande may buy time with a combination of rollover, new investment, and capital market access,” said Brock Silvers, chief investment officer at Kaiyuan Capital in Hong Kong. “Friendly investment from white knight pals of the chairman have helped in the past, but ultimately won’t save the company.”","news_type":1,"symbols_score_info":{"03333":0.9}},"isVote":1,"tweetType":1,"viewCount":389,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/120204299"}
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