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Bulletin: Rating And Outlook On SRE Group Ltd. Are Not Immediately Affected By Haikou Acquisition Aug 08
Standard & Poors, August 2008
HONG KONG (Standard & Poor's) Aug. 11, 2008--Standard & Poor's Ratings Services said today that the rating and outlook on SRE Group Ltd. (B+/Stable/--) are not immediately affected by the company's acquisition of a land bank in Haikou for Chinese renminbi (RMB) 1.1 billion. While we see material execution risks for SRE, given the scale of the project and because Haikou is a new market for the company, these could be partly offset by its cooperation with a local partner and local government involvement. There is no immediate liquidity pressure, due to SRE's cash holdings of RMB1.85 billion (unchanged from end-2007) and presales of RMB1.4 billion at the end of June 2008. The acquisition of the Haikou land bank will...
Companies mentioned in this report are: SRE Group Ltd.
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SRE Group Ltd.