www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

USEUROPEAFRICAASIA 中文雙語(yǔ)Fran?ais
Home / World

S&P sees further downgrades for developers

By Sophie He in Hong Kong | China Daily | Updated: 2012-09-20 08:02

Standard & Poor's is forecasting further downgrades for some Chinese mainland developers over the next six months, as the slowing economy and government measures continue to curb property demand.

Its outlook for the Chinese property development sector remains negative, despite some improvement in the past six months from strengthening liquidity and higher sales volumes, said S&P credit analyst Bei Fu on Wednesday.

According to figures released this week by the National Bureau of Statistics, new home prices rose in August for the third straight month, though fewer cities showed gains.

Among the 70 major cities in China, new home prices increased in 36 cities in August, compared to 50 in July.

For the first eight months of this year, total property sales was 3.4 trillion yuan ($537 billion), increasing 2.2 percent from a year ago, of which, the total sales of residential properties increased by 2.3 percent.

"The credit outlook for Chinese property developers is less negative now than it was six to 12 months ago", she added, as a weakening economy limits the government's options and reduces its incentive to further tighten the screws on the property sector.

The liquidity of Chinese developers has been improving, thanks to loosening bank credit conditions, which have boosted the availability of mortgage loans to first-time buyers, and increased the finance available, at a lower cost, for construction projects.

The central bank has reduced interest rates by 0.5 percentage points and cut bank deposit reserves several times since November 2011.

The offshore bond and equity markets have also reopened to mainland developers, and some have already tapped them for funding over the last two months.

Longfor Properties Co Ltd, one of China's top 10 developers by sales, said on Wednesday it would issue HK$3.09 billion ($400 million) worth of new shares to raise cash to fund projects and to use as general working capital.

"Even Greentown China Holdings Ltd is getting out of its difficult period, by selling assets and restructuring," said Fu, referring to the developer which reportedly needs to repay nearly $3 billion in debt in the next 12 months, while holding only $1.2 billion in cash and bank deposits by the end of June, according to its latest regulatory filing.

S&P is maintaining its negative outlook on the Chinese property sector, because the slowing economy is likely to cap any strong sales growth.

As the economic outlook remains weak, purchasing power and investment sentiment have been negatively impacted, Fu explained.

S&P also expects profit margins within the sector to be squeezed over the next two years, due to price-cutting and promotions by agents since 2011.

"We expect the average selling price (of residential properties) in China to decrease by 5 percent in the second half of this year," said Fu, adding that as sales recorded in 2012 are likely to be recognized over the next one to two years, the EBITDA margin of the property sector will remain under pressure in 2013 and 2014.

She also pointed out that some property developers are stepping up their land and project acquisitions, despite the market uncertainty.

"Although the year-to-date sales in 2012 have improved for most rated Chinese developers, we haven't seen any meaningful de-leveraging activities in the sector," said Fu.

"Most developers would rather use cash to purchase land rather than pay down their debts."

She also warned that Chinese developers need to be more disciplined about their financial position, after noticing what she called some "very aggressive balance sheets".

In a recent report, S&P highlighted the example of Sunac China Holdings Ltd, which has acquired 10 projects from Greentown China.

Although better fund flow has been reported to have helped Greentown China's liquidity, the financial and operational burden on Sunac is likely to weigh on its credit profile in the near term, said S&P.

Although the ratings agency said it expects to publish some negative ratings on Chinese developers in the next six months, the number is likely to be lower than in the past 12 months.

It also expects some positive rating actions, and a lower likelihood of default.

"We are less likely to see defaults because distressed developers such as Greentown China have improved their financial strength through asset sales," Fu said.

sophiehe@chinadailyhk.com

(China Daily 09/20/2012 page14)

Today's Top News

Editor's picks

Most Viewed

Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
主站蜘蛛池模板: 韩日毛片| 美女张开腿给男生桶下面视频 | 一级女性全黄生活片免费 | 97se狠狠狠狠狠亚洲综合网 | 欧美成人私人视频88在线观看 | 欧美综合一区二区三区 | 国产一级小视频 | 色综久久 | 国产一区三区二区中文在线 | 午夜久久影院 | 亚洲线精品久久一区二区三区 | 欧美一级毛片在线 | 国产一级黄色网 | 亚洲国产高清在线精品一区 | 成人免费观看国产高清 | 国产精品青草久久福利不卡 | 欧美精品a毛片免费观看 | 成人a区| 欧美巨乳在线 | 亚洲国产成人麻豆精品 | 成人永久福利在线观看不卡 | 特黄大片aaaaa毛片 | 日本www视频在线观看 | a毛片成人免费全部播放 | mm在线精品视频 | 91精品宅男在线观看 | 国产精品视频网址 | 在线日韩欧美一区二区三区 | 欧美yyy| 99视频免费播放 | 国产成人看片免费视频观看 | 国产欧美一区二区三区精品 | 99re热精品这里精品 | 一区在线免费 | 国产精品国产三级国产专播 | 中文偷拍视频在线观看 | 久久九九久精品国产 | 日韩经典在线观看 | 免费一区二区三区在线视频 | 夜夜骚视频 | 亚洲va中文字幕欧美不卡 |