The Credit Overhang: Chinese Developers With Large Exposure To Trust Loans And Overseas Debt Are On Shaky Ground May 12
- Language: English
- Published: May 2012
- Region: China
Among Asia's real estate companies, Chinese developers appear closest to their pain thresholds. Stiff competition and tightening regulations in China have contributed to unsold inventory, stifled profits, and strained liquidity over the past few months. While the government may somewhat relax its reins this year, cash-strapped companies will still struggle. One significant problem: rising refinancing risks. In view of the harsh conditions, Standard & Poor's Ratings Services stands by its negative outlook for China's property sector. We believe Chinese companies will likely face more downgrades over the next six months. Developers elsewhere in the region will also find the going tough to varying degrees. Macroeconomic and industry factors in each Asia market will support or undermine rating performances. Over the...
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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