Research And Markets Research And Markets

Industry Credit Outlook: The Worst Is Yet To Come For Chinese Developers In Asia's Shaky Property Sector Mar 12

  • ID: 2084912
  • March 2012
  • Region: Asia, 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

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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- 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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