Industry Report Card: Asia-Pacific Real Estate Developers: China Sector Outlook Revised To Negative On Regulatory Tightening; Other Markets Are Stable Jun 11

  • ID: 1857251
  • June 2011
  • Region: China
  • Standard & Poors
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  • China Resources Land Ltd.
  • Kaisa Group Holdings Ltd.
  • KWG Property Holding Ltd.
  • Lend Lease Group
  • PT Lippo Karawaci Tbk.
  • Sunac China Holdings Ltd.
  • MORE

China's property developers are facing heightened pressure on sales and more aggressive leverage. Issuers typically have limited headroom in the financial covenants of their offshore financing instruments and many rated companies are moving closer to our rating downgrade triggers. Any meaningful slippage in sales this year could significantly weaken the developers' cash flow protection measures while their capital structures are aggressive. Given the challenging conditions, Standard & Poor's Ratings Services has revised the outlook for the Chinese sector to negative from stable. For the rest of the Asia-Pacific region, credit outlooks are likely to remain stable, supported by economic growth and low interest rates. But some markets will face inflationary and policy risks. (Watch the related CreditMatters TV segment titled,...

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Research Type: Commentary
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- Mitsubishi Estate Co. Ltd.
- Mitsui Fudosan Co. Ltd.
- Sun Hung Kai Properties Ltd.
- China Overseas Land & Investment Ltd.
- Road King Infrastructure Ltd.
- Kerry Properties Ltd.
- Cheung Kong (Holdings) Ltd.
- Hopson Development Holdings Ltd.
- PT Lippo Karawaci Tbk.
- SRE Group Ltd.
- Agile Property Holdings Ltd.
- Greentown China Holdings Ltd.
- Shimao Property Holdings Ltd.
- Lai Fung Holdings Ltd.
- Shanghai Zendai Property Ltd.
- Shanghai Industrial Urban Development Group Ltd.
- Coastal Greenland Ltd.
- Toyo Property Co. Ltd.
- Country Garden Holdings Co. Ltd.
- Yanlord Land Group Ltd.
- Zhong An Real Estate Ltd.
- Urban Renewal Authority
- Korea Land and Housing Corp.
- Evergrande Real Estate Group Ltd.
- Glorious Property Holdings Ltd.
- Lend Lease Group
- Kaisa Group Holdings Ltd.
- Yuzhou Properties Co. Ltd.
- Renhe Commercial Holdings Co. Ltd.
- Fantasia Holdings Group Co. Ltd.
- Powerlong Real Estate Holdings Ltd.
- KWG Property Holding Ltd.
- China Jinmao Holdings Group Ltd.
- Greenland Hong Kong Holdings Ltd.
- Central China Real Estate Ltd.
- China South City Holdings Ltd.
- China SCE Property Holdings Ltd.
- Sunac China Holdings Ltd.
- Hoang Anh Gia Lai Joint Stock Co.
- Longfor Properties Co. Ltd.
- China Resources Land Ltd.

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