去杠杆进展顺利 恒大股价创新高
Shares in China Evergrande rose as much as 9.2 per cent on Tuesday to a record high after China’s second-largest, but most-indebted, property developer announced plans to redeem all of its remaining perpetual bonds by the end of June.
中国恒大(China Evergrande)股价周二上涨高达9.2%，至历史新高。此前这家中国第二大（但负债最重的）房地产开发商宣布计划6月底之前赎回所有剩余永久债券。Evergrande announced in a statement to the Hong Kong stock exchange late on Monday it had redeemed another Rmb24.4bn ($3.6bn) in perpetual bonds.
恒大在周一晚向港交所(HKEx)提交的声明中宣布，该公司又赎回了一笔224亿元人民币（合36亿美元）的永久债券。The news saw Evergrande make more progress on its push to cut debt, which analysts have described as at dangerous levels, and costly to service.
这一消息说明恒大在削减债务方面取得了较大进展。此前分析师们表示，恒大的债务水平处于危险区间，且利息代价很高。
“These were very expensive for Evergrande and most of the sellside [analysts] considered it debt,” said Raymond Cheng, a Hong Kong-based analyst at CIMB. “Redeeming them is positive from an interest-expense perspective.”
“对恒大来说，这些永久债券代价非常大，多数卖方市场（分析师）视之为债务，”投行联昌国际银行(CIMB)驻香港分析师郑怀武(Raymond Cheng)说，“从利息支出的角度看，赎回是积极做法。”By eliminating the high-yield debt, it could lower its net gearing ratio from about 430 per cent to near 200 per cent by the end of the year, Mr Cheng said.
郑怀武表示，通过消除高收益债务，今年底之前，恒大有望将净负债比率从430%左右降至近200%。The company said in a May 4 exchange filing that it would redeem 70 per cent of its perpetual debt load of Rmb109.4bn. The latest announcement shows the group has already hit that ambitious target, having retired Rmb80.6bn of its perpetual debt load.
恒大在5月4日的一份交易所申报文件中称，将赎回总额1094亿元人民币永续债的70%。最新的公告显示，该集团已实现这一雄心勃勃的目标，赎回了806亿元人民币永续债。Evergrande is seeking to pare down net debt of $50bn (as of end 2016) in preparation for a planned backdoor listing on the Shenzhen exchange later this year.
恒大正寻求削减规模500亿美元的净债务（截至2016年底），为筹划中的今年晚些时候在深圳证交所借壳上市做准备。Perpetual bonds are high-risk debt instruments with no fixed maturity date. They are often treated by accountants as equity. However, many analysts have classified Evergrande’s perpetuals as debt. The upshot has been that Evergrande derived little accounting benefit from the instrument, while paying a hefty interest cost.
永久债券是一种没有固定偿还期限的高风险的债务工具。它们常被会计师列为公司股本。然而，许多分析师将恒大的永久债券归类为债务。结果是，恒大一方面支付高额利息费用，另一方面几乎并未从该工具获得会计效益。
The company in March disclosed a halving of annual net profit, which was largely attributable to the steep cost of financing its perpetual bonds. It revealed that payments to perpetual bondholders rose by Rmb5.56bn over 2016 — to nearly Rmb11bn — almost matching the fall in net profit.
今年3月，恒大披露年度净利润出现腰斩，主要原因是永久债券的利息成本急剧增加。该公司透露，2016年向永久债券持有者支付的款项增加了55.6亿元人民币，至接近110亿元人民币，几乎与净利润的下降相当。The company in 2017 has been on a deleveraging push, largely by selling shares in its unlisted subsidiary, Hengda Real Estate.
进入2017年以来，恒大一直在推进去杠杆化，主要通过出售旗下未上市子公司恒大地产(Hengda Real Estate)股份的方式。Evergrande last week raised Rmb39.5bn ($5.8bn) from the sale of shares in Hengda, and the group has raised a total of Rmb70bn since April from the sale of such shares.
上周，恒大集团从出售恒大地产股份筹得395亿元人民币（合58亿美元)，自今年4月以来，恒大已通过这种方式筹得700亿元人民币。
