Franshion Properties (China) Ltd. May 11

  • ID: 1802373
  • May 2011
  • Region: China
  • Standard & Poors

Parental support from Sinochem Corp. Good execution track record, and material recurring income from property leasing and hotels High-quality assets and valuable land bank in prime locations High project concentration and limited geographic diversification Substantial capital spending for land acquisitions and new developments Volatile financial performance due to volatile property sales The rating on Franshion Properties (China) Ltd. reflects the company's 'bb+' stand-alone credit profile (SACP) and a one-notch uplift because of parental support from Sinochem Corp. The SACP on Franshion reflects the company's high project concentration, limited geographic diversification, substantial capital spending needs, and volatile financial performance. The company's recurring income from property leasing and hotel operations, the high quality of its leasing and development assets, and good execution...

Companies mentioned in this report are: Franshion Properties (China) Ltd.
Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

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Franshion Properties (China) Ltd.

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown


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