- Language: English
- Published: August 2012
- Region: China
Summary: SRE Group Ltd. Jun 11
- Published: June 2011
- Standard & Poors
The rating on China-based property developer SRE Group Ltd. reflects our view of the group's small scale and limited portfolio of projects, its high leverage, and volatile margins and financial performance. The rating also takes into account the execution risk to projects outside the company's home market of Shanghai. SRE's somewhat established track record in Shanghai, and the good location and low land costs of some of its projects temper the above weaknesses. In our view, SRE's high geographic concentration and limited number of projects remain key rating constraints. In 2010, the company derived 64% of its contracted sales from its residential projects in Shanghai, albeit lower than 88% in 2009. Project sales in Shenyang, Haikou, and Wuxi somewhat help...
Companies mentioned in this report are: SRE Group Ltd.
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SRE Group Ltd.