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Zhong An Real Estate Ltd. Mar 11
Standard & Poors, March 2011
Abstract
Small scale and volatile financial performances High geographic and project concentration Execution risks associated with expansion Low-cost land bank Good local market knowledge and established market position in Hangzhou Disciplined growth management and risk management The rating on Zhong An Real Estate Ltd. reflects the company's small scale and high geographic and project concentration compared with its rated peers', the execution risk associated with its somewhat aggressive expansion, and its exposure to China's real estate market, which is cyclical and competitive, with evolving regulations. Zhong An's small scale and high concentration may lead to high volatility in its financial performances. The company's track record of disciplined financial and risk management, good local knowledge, low-cost land bank, and established market position...
Companies mentioned in this report are: Zhong An Real Estate Ltd.,China SCE Property Holdings 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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