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S&P Downgrades CHINA VANKE to 'BB-', Expects 2024 Contracted Sales to Fall 35% YoY
Recommend 10 Positive 4 Negative 9 |
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Rating agency S&P lowered its long-term issuer credit rating on CHINA VANKE (02202.HK) from 'BB+' to 'BB-', with outlook remaining negative, according to S&P's announcement. S&P expected the company's 2024/ 2025 contracted sales to decline by 35%/ 18% YoY to RMB245 billion/ RMB201 billion, respectively. Margins will remain under pressure in 2024-2025 due to high-cost projects acquired before 2022, while the restrained land acquisitions will also affect its sales performance and market position in the next 1-2 years. S&P also expected the Company's liquidity to weaken as a result of decreasing operating capital flow and increased short-term maturities. It believed that the company will continue to dispose its non-core assets, streamline its businesses, and maintain solid banking relationships to manage its cash flow. AAStocks Financial News |
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