CITIC Ltd (0267.HK)
29 Aug 2016
Thu, Aug 25 2016
(The following statement was released by the rating agency) HONG KONG, August 24 (Fitch) China Overseas Land & Investment Limited's (COLI; A-/Stable) net cash position at 1H16 - its first in more than 10 years - is likely to revert to a net debt position by end-2016 after it completes the acquisition of the property portfolio from CITIC Limited, Fitch Ratings says. Nevertheless, COLI's strong operating cash generation, which helped the homebuilder to turn to net cash position of CNY8.7bn a
* Says CITIC Ltd's unit has bought 149.3 million H-shares in the co between July 7-August 1, taking holdings to 65.5 percent after transaction
SINGAPORE, July 22 China's conglomerate CITIC Ltd expects its net profit to roughly halve in the first half of the year due to lower property sales, a sluggish stock market and a depreciation of the yuan currency.
* Says chairman Chang Zhenming resigns due to change in job role
* Says it issued 5 billion yuan worth of super short-term debentures, with a term of 89 days and coupon rate of 2.91 percent
* Says Citic Ltd has bought 137.3 million H-shares in the company between April 11 to May 18, taking holdings to 64.6 percent
HONG KONG, March 14 Chinese conglomerate CITIC Ltd said on Monday it will sell its residential property business in the mainland to China Overseas Land & Investment Ltd for 31 billion yuan ($4.8 billion), as it focuses on commerical property.