The 3 year bond recently issued by the company has coupon of 12%. Assuming that you can borrow 1mm HKD at interest rate of 3%, and you buy China Evergrande Group bond, what is the present value? If the present value of the bond is higher than its face value of 1mm HKD, is this a good investment? Why or why not? Please read the news about the company and provide your brief analysis of its prospect including (there are no one correct answer):

1. Housing market trend in 2021.

2. Impact of the Coronavirus vaccine on this company.

3. What is your prediction of the bond price going forward?