China Evergrande Group, the developer controlled by the billionaire Hui Ka Yan, reported a 250 per cent jump in core first-half profit as property sales soared and prices climbed.
Core profit was 27.3 billion yuan (Dh15.06bn), the company said in a filing to Hong Kong’s stock exchange Monday. Revenue gained 114.8 per cent to 188bn yuan. Evergrande cited higher selling prices and a jump in sales - and said it expected to beat a 450bn yuan sales target for the year. Core profit excludes one-time items.
The company, targeted by short sellers this year for its high debt levels, pledged a switch to low levels of debt, leverage and costs. It targets net gearing of 70 per cent from 2020, compared with about 240 per cent now, it said.
Evergrande’s share price has climbed more than 370 per cent this year, dealing a blow to short-sellers who wagered against the company after its debt soared during an acquisition spree. The gains have been fuelled by share buybacks and the firm’s plans for a backdoor listing on the mainland.
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Read more:
China's property frenzy hits smaller cities
China outlines winter sport ambitions with world's biggest indoor ski resort
Parking is prime in Hong Kong property market
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Separately, China will allow participants in its interbank bond market to trade government debt ahead of its issuance, its foreign exchange market operator said on Monday.
The introduction of so-called "when-issued" trading for Chinese treasuries will have benefits for price discovery and strengthening of the government bond yield curve, the China Foreign Exchange Trade System (CFETS) said in a statement on its website.
When-issued debt refers to debt that has been announced but not yet issued.
All participants in China's interbank bond market will be able to conduct when-issued trading on Chinese government bonds from four working days before their issue date until one working day before, the statement said.
CFETS will issue announcements five working days before each government debt issuance, the statement said.
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Engine: Direct injection 4-cylinder 1.4-litre
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Types of policy
Term life insurance: this is the cheapest and most-popular form of life cover. You pay a regular monthly premium for a pre-agreed period, typically anything between five and 25 years, or possibly longer. If you die within that time, the policy will pay a cash lump sum, which is typically tax-free even outside the UAE. If you die after the policy ends, you do not get anything in return. There is no cash-in value at any time. Once you stop paying premiums, cover stops.
Whole-of-life insurance: as its name suggests, this type of life cover is designed to run for the rest of your life. You pay regular monthly premiums and in return, get a guaranteed cash lump sum whenever you die. As a result, premiums are typically much higher than one term life insurance, although they do not usually increase with age. In some cases, you have to keep up premiums for as long as you live, although there may be a cut-off period, say, at age 80 but it can go as high as 95. There are penalties if you don’t last the course and you may get a lot less than you paid in.
Critical illness cover: this pays a cash lump sum if you suffer from a serious illness such as cancer, heart disease or stroke. Some policies cover as many as 50 different illnesses, although cancer triggers by far the most claims. The payout is designed to cover major financial responsibilities such as a mortgage or children’s education fees if you fall ill and are unable to work. It is cost effective to combine it with life insurance, with the policy paying out once if you either die or suffer a serious illness.
Income protection: this pays a replacement income if you fall ill and are unable to continue working. On the best policies, this will continue either until you recover, or reach retirement age. Unlike critical illness cover, policies will typically pay out for stress and musculoskeletal problems such as back trouble.
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
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Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
- Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
Afghanistan fixtures
- v Australia, today
- v Sri Lanka, Tuesday
- v New Zealand, Saturday,
- v South Africa, June 15
- v England, June 18
- v India, June 22
- v Bangladesh, June 24
- v Pakistan, June 29
- v West Indies, July 4
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
