香港上市公司佳兆业噩梦尚未结束

The travails of Hong Kong-listed Kaisa, which sorecently seemed resolved, have been prolonged oncemore.

香港上市公司佳兆业(Kaisa)的苦难再一次延长。佳兆业是深圳的一家房地产开发商，就在不久前，它的苦难还似乎得到了解决。

Yesterday, sector peer and anticipated whiteknight Sunac announced it would ride away fromits deal to buy out the majority shareholder in theShenzhen property developer. All is not lost,however.

昨日，业内同行、预期中的白衣骑士融创中国(Sunac)宣布，将终止从佳兆业大股东手中收购后者持有全部股份的协议。然而，事情也不是完全糟糕。

Kaisa’s chairman and seller in the cancelled transaction, Kwok Ying Shing, will take back hisshares. He returned last month from a — substantially unexplained — 15-week absence. Theoriginal deal will be cancelled and Sunac’s prepayment to Mr Kwok returned. Business inShenzhen, where the company’s projects had been suspended, is back to normal, just as thatmarket is showing signs of a pick-up in property prices and sales volumes. The whole episodeseems no worse than a bad dream.

郭英成(Kwok Ying Shing)是佳兆业的董事长，也是被取消交易中的卖方，他将收回自己的股份。郭英成在从公众视线中消失15个星期(基本上没有解释原因)之后，于上月回归。当初的协议将被取消，融创预先支付给郭英成的交易款将被退回。之前佳兆业的项目在深圳被叫停。就在市场有迹象表明房价和销量回升之际，佳兆业在深圳的业务也在恢复正常。整起事件看起来似乎只不过是一场噩梦。

Perhaps, for China-based actors in the drama. For holders of Kaisa’s roughly $2bn in defaultedoffshore bonds, the latest twist prolongs the nightmare. The workout deal for the debt is,again, off the table. The notes trade around 60 cents on the dollar; no new deal has yet beenannounced.

或许，对这幕剧中的中国演员来说，噩梦已经结束，但对持有佳兆业已违约的约20亿美元离岸债券的债权人来说，最新的风波延长了这场噩梦。债务重组协议再次夭折。佳兆业债券目前的交易价格大约是面值的60%，而且迄今仍未宣布任何新的协议。

The company’s equity may look like a bargain as the property sector starts to turn.Suspended for the sixth time in as many months, the shares have missed out as peers haverallied hard. Kaisa trades at 0.35 times historical book value; sector leaders trade on multiplesas high as 2.1. So interest has been trickling down to smaller companies, few of which nowlook as cheap as Kaisa. The return of a majority shareholder whose interest ostensibly lies inrebuilding the company’s fortunes could be taken positively.

随着房地产行业开始回暖，现在佳兆业的股价可能显得很便宜。佳兆业的股票在6个月里第6次停牌，错过了房地产股的上涨行情。佳兆业的历史市净率是0.35倍，而房地产业领军者的市净率高达2.1倍。因此现在人们开始关注较小规模的房地产公司，而它们很少像佳兆业这么便宜。我们可以积极看待主要股东的回归，他的兴趣显然在于重建公司的财富。

But do not be fooled. Outside observers who can only speculate as to why the debacle began— and why the Sunac deal collapsed — can have no means of knowing if the company’stroubles are over. Mr Kwok was in the hot seat when the problems first hit. His return may notlead to salvation.

但别被愚弄了。外部观察人士没有办法知道佳兆业的麻烦是否结束，他们只能猜测该公司为何出了问题，以及为何融创交易泡汤。在最初出现问题的时候，郭英成就处境堪忧。他的回归可能解决不了什么问题。