LINE

Text:AAAPrint
Economy

Chinese construction SOE CREC mulls debt-for-equity swap

1
2018-05-07 13:07Xinhua Editor: Mo Hong'e ECNS App Download

Chinese construction giant China Railway Group Limited (CREC) is considering exchanging debt for equity in some of its subsidiaries.

The Shanghai-listed firm decided to suspend stock trading starting on Monday as the move could lead to major assets reorganization, the company said Sunday.

CREC reported an expectation-beating financial performance last year. It took revenue of 693.37 billion yuan (109.16 billion U.S. dollars) and net profit of 16.07 billion yuan, up 7.8 percent and 28.4 percent year on year, respectively.

The company saw its revenue and net profit grow 10.12 percent and 21.92 percent year on year, respectively, in the first three months of this year.

CREC is the latest Chinese state-owned enterprise to try reducing its debt level and improve efficiency via debt-for-equity programs. Shipbuilding firm China CSSC Holdings Limited and Aluminum Corporation of China Limited introduced other investors via such programs.

China's State Council released guidelines in late 2016 to encourage firms, especially state-owned enterprises, to take market-oriented debt-for-equity swaps to enhance their financial health.

  

Related news

MorePhoto

Most popular in 24h

MoreTop news

MoreVideo

News
Politics
Business
Society
Culture
Military
Sci-tech
Entertainment
Sports
Odd
Features
Biz
Economy
Travel
Travel News
Travel Types
Events
Food
Hotel
Bar & Club
Architecture
Gallery
Photo
CNS Photo
Video
Video
Learning Chinese
Learn About China
Social Chinese
Business Chinese
Buzz Words
Bilingual
Resources
ECNS Wire
Special Coverage
Infographics
Voices
LINE
Back to top Links | About Us | Jobs | Contact Us | Privacy Policy
Copyright ©1999-2018 Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.