Agile Property Holdings Ltd http://www.alacrastore.com/company-snapshot/Agile_Property_Holdings_Ltd-3731580 Wednesday, October 08, 2008 12:24:15 AM 3731580 Agile Property Holdings Ltd en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/moodys/PBC_98920moodys/PBC_98920pdf... Copyright ####, Moody s Investors Service, Inc. and/or its li censors and affiliates including Moody s Assurance Company, Inc. (together, ... 10/4/2008 8:29:50 PMpdfAgile Property Holdings LimitedAgile Property Holdings Limited809582939150.00NewsIssuer ProfilePBC_98920Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/661497spcred/661497normThe latest Summary from S&Pglobalstructured7/25/2008 4:23:17 AM175Summary661497ChinaReal Estate Management & DevelopmentAsiaEmerging MarketsGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesSummaryThe rating on Agile Property Holdings Ltd. reflects the company's limited diversity in revenue sources, ongoing risks associated with project execution in new cities, and the evolving regulatory environment in China. These weaknesses are partly offset by our expectation that Agile will maintain an adequate level of liquidity, underpinned by a recently scaled-back land expansion plan, itself reflecting a reassuring degree of strategic flexibility on the part of management in the face of changing market conditions. The company's key financial metrics should be managed at the current rating level, supported by a sizable, low-cost land bank and an established presence in the Pearl River Delta region of China. The heightened market pressure triggered by the government's credit-tightening measures should haveCHN00847700281940403010 404030 4040 40Agile Property Holdings Ltd.404688ASIAEMERGING3383@HKSUMMARYGLOBISSSTRUCCORPRECCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/661496spcred/661496normThe latest Full Report from S&Pglobalstructured7/25/2008 2:52:38 AM400Full Report661496ChinaReal Estate Management & DevelopmentAsiaEmerging MarketsGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesFull ReportConcentrated revenue source from home market Execution risk in new regions Evolving regulatory environment Established presence in the Pearl River Delta region Sizable low-cost land bank Flexible management, well aligned to market changes The rating on Agile Property Holdings Ltd. reflects the company's limited diversity in revenue sources, ongoing risks associated with project execution in new cities, and the evolving regulatory environment in China. These weaknesses are partly offset by our expectation that Agile will maintain an adequate level of liquidity, underpinned by a recently scaled-back land expansion plan, itself reflecting a reassuring degree of strategic flexibility on the part of management in the face of changing market conditions. The company's key financial metrics should be managed at the currentCHN00847700281940403010 404030 4040 40Agile Property Holdings Ltd.404688ASIAEMERGING3383@HKFULLGLOBISSSTRUCCORPRECCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/658144spcred/658144normThe latest News from S&Pglobalstructured7/7/2008 8:21:00 AM100News658144ChinaReal Estate Management & DevelopmentAsiaEmerging MarketsStructured FinanceCorporationsReal Estate CompaniesGlobal IssuersNewsHONG KONG (Standard&Poor's) July 7, 2008-Standard&Poor's Ratings Services said today that Agile Property Holdings Ltd.'s (sale of its 30% stake in a property development project in Hainan and a special dividend payout have had no impact on the rating and outlook on the company (BB/Stable/--). The additional liquidity of Chinese renminbi 5.3 billion received from Morgan Stanley (A+/Negative/A-1) as payment for the equity stake in the Hainan project is fully factored into the current rating on Agile. The stable outlook reflects our expectation that Agile will maintain an adequate level of liquidity, underpinned by a scaled-back land expansion plan. We expect this to free up liquidity to support the company's contracted commitments amid currently volatile marketCHN00847700281940403010 404030 4040 40Agile Property Holdings Ltd.404688ASIAEMERGING3383@HKNEWSGLOBISSSTRUCCORPRECCredit & Investment ResearchS&P Credit ResearchHONG KONG - Crystal I Ltd (CI) agreed to acquire a ##% stake in Crown Golden Investments Ltd (CG), a real estate development firm, and a wholly-owned unit of the Forever Fame Holdings Ltd (FF) wholly-owned subsidiary of Agile Property Holdings Ltd's Eastern Supreme Group Ltd wholly-owned unit, from FF, for #.### bil Hong Kong dollars (#.### bil Chinese yuan/$###.### mil US), in a formation of a joint venture. Upon completion, CG was to be a ##:## joint venture between FF and CI.7/5/2008 9:26:15 AM22905W22837A22905W01097PCrystal I LtdCrown Golden Investments LtdCrystal I LtdAgile Property Holdings Ltdhttp://www.alacrastore.com/storecontent/Thomson_M%26A/Crystal_I_Ltd_acquires_a_minority_stake_in_Crown_Golden_Investments_Ltd_from_Agile_Property_Holdings_Ltd-1993392040sdc/19933920401993392040Copyright © 2008, Thomson Financial, All Rights ReservedReal Estate; Mortgage Bankers and BrokersHong KongLand subdividers and developers, except cemeteries6552FFForeignPrivate6552:Land subdividers and developers, except cemeteries6552:Land subdividers and developers, except cemeteriesReal Estate; Mortgage Bankers and BrokersHong KongLand subdividers and developers, except cemeteries6552FFForeignSubsidiary1027075001RE dvlp firmRE dvlp firmCashCash OnlyStock1026988001Jul 5 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.00000Crystal I Ltd is a real estatedevelopment firm,headquartered in Hong Kong.Crystal I Ltd is a real estate development firm,headquartered in Hong Kong.Crystal I Ltd is a real estate development firm, headquartered in Hong Kong.1.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.0000014.00000Crown Golden Investments Ltdis a real estate developmentfirm, headquartered in HongKong. The company alsoprovides real estateinvestment services thatmanages and operates HainanQingshuiwan Project, whichcomprises of house hotels,residential complexes,exhibition facilities andother tourism-relatedinfrastructures. The companywas founded in 2007.Crown Golden Investments Ltd is a real estate developmentfirm, headquartered in Hong Kong. The company also providesreal estate investment services that manages and operatesHainan Qingshuiwan Project, which comprises of house hotels,residential complexes, exhibition facilities and othertourism-related infrastructures. The company was founded in2007.Crown Golden Investments Ltd is a real estate development firm, headquartered in Hong Kong. The company also provides real estate investment services that manages and operates Hainan Qingshuiwan Project, which comprises of house hotels, residential complexes, exhibition facilities and other tourism-related infrastructures. The company was founded in 2007.0.000000.000000.000000.00000NHong Kong Dollar03 Jul 08Thu, 03 Jul 2008 00:00:00 ESTDate Announced: 07/03/2008Date Effective:Acq. Part. Int.Friendly0.000000.000000.000000.000000.000000.00000Price/Share0.000006039.06 Hong Kong Dollar6039.063000.000006039.06 Hong Kong Dollar6039.063000.000000.000000.000000.000006039.063006039.06 Hong Kong Dollar0.12800N390.678000.000000.000000.000000.000000.00000774.55800774.558000.000000.000000.000000.000000.000000.000000.0000030.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.0000014.0000015.0000016.0000017.0000018.00000HONG KONG - Crystal I Ltd (CI)agreed to acquire a 30% stakein Crown Golden InvestmentsLtd (CG), a real estatedevelopment firm, and awholly-owned unit of theForever Fame Holdings Ltd (FF)wholly-owned subsidiary ofAgile Property Holdings Ltd'sEastern Supreme Group Ltdwholly-owned unit, from FF,for 6.039 bil Hong Kongdollars (5.283 bil Chineseyuan/$774.558 mil US), in aformation of a joint venture.Upon completion, CG was to bea 70:30 joint venture betweenFF and CI.HONG KONG - Crystal I Ltd (CI) agreed to acquire a 30% stake in Crown Golden Investments Ltd (CG), a real estate development firm, and a wholly-owned unit of the Forever Fame Holdings Ltd (FF) wholly-owned subsidiary of Agile Property Holdings Ltd's Eastern Supreme Group Ltd wholly-owned unit, from FF, for 6.039 bil Hong Kong dollars (5.283 bil Chinese yuan/$774.558 mil US), in a formation of a joint venture. Upon completion, CG was to be a 70:30 joint venture between FF and CI.HONG KONG - Crystal I Ltd (CI) agreed to acquire a 30% stake in Crown Golden InvestmentsLtd (CG), a real estate development firm, and a wholly-owned unit of the Forever FameHoldings Ltd (FF) wholly-owned subsidiary of Agile Property Holdings Ltd's Eastern SupremeGroup Ltd wholly-owned unit, from FF, for 6.039 bil Hong Kong dollars (5.283 bil Chineseyuan/$774.558 mil US), in a formation of a joint venture. Upon completion, CG was to be a70:30 joint venture between FF and CI.HONG KONG - Crystal I Ltd (CI) agreed to acquire a 30% stake in Crown Golden Investments Ltd (CG), a real estate development firm, and a wholly-owned unit of the Forever Fame Holdings Ltd (FF)wholly-owned subsidiary of Agile Property Holdings Ltd's Eastern Supreme Group Ltd wholly-owned unit, from FF, for 6.039 bil Hong Kong dollars (5.283 bil Chinese yuan/$774.558 mil US), in a formationof a joint venture. Upon completion, CG was to be a 70:30 joint venture between FF and CI.HONG KONG - Crystal I Ltd (CI) agreed to acquire a 30% stake in Crown Golden Investments Ltd (CG), a real estate development firm, and awholly-owned unit of the Forever Fame Holdings Ltd (FF) wholly-owned subsidiary of Agile Property Holdings Ltd's Eastern Supreme GroupLtd wholly-owned unit, from FF, for 6.039 bil Hong Kong dollars (5.283 bil Chinese yuan/$774.558 mil US), in a formation of a jointventure. Upon completion, CG was to be a 70:30 joint venture between FF and CI.Pending0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:Pending-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000006552:Land subdividers and developers, except cemeteries6798:Real estate investment trusts1027075001Hong Kong6552ForeignPrivate6552:Land subdividers and developers, except cemeteries935944002Hong KongChina6552ForeignPublic3383774.558006039.06300774.55800390.67800Deal InformationTF Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/moodys/PR_158752_809582939moodys/PR_158752_809582939htmlGlobal Credit Research Announcement # JUL #### Announcement: Agile Property Holdings Limited Moody's affirms Agile's Ba# ratings Approximately US$### million of debt securities affected Hong Kong, July ##, #### -- Moody's Investors...7/5/2008 12:19:04 AMhtmlAgile Property Holdings LimitedAgile Property Holdings Limited809582939150.0000NewsAnnouncementPR_158752_809582939Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PR_155517_820537613moodys/PR_155517_820537613htmlGlobal Credit Research Announcement ## MAY #### Announcement: Country Garden Holdings Company Limited Moody's sees no rating impact for now of China quake on developers Hong Kong, May ##, #### -- Moody's Investors Service says that...5/17/2008 12:34:06 AMhtmlCountry Garden Holdings Company LimitedNeo-China Land Group (Holdings) LimitedCoastal Greenland LimitedChina Properties Group LimitedShanghai Zendai Property LimitedLai Fung Holdings LimitedGreentown China Holdings LimitedShimao Property Holdings LimitedAgile Property Holdings LimitedHopson Development Holdings LimitedRoad King Infrastructure LimitedSRE Group LimitedChina Overseas Land & Investment LimitedAgile Property Holdings Limited; China Overseas Land & Investment Limited; ...820537613820305936820190603820169680820110426820062474809847800809824105809582939808822087807638221807493857600012308150.0000NewsAnnouncementPR_155517_820537613Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PR_154230_809582939moodys/PR_154230_809582939htmlGlobal Credit Research Rating Action ## MAY #### Rating Action: Agile Property Holdings Limited Moody's withdraws Agile's proposed bond rating Hong Kong, May ##, #### -- Moody's Investors Service has withdrawn its Ba# rating for Agile...5/16/2008 1:18:16 AMhtmlAgile Property Holdings LimitedAgile Property Holdings Limited809582939150.0000NewsRating ActionPR_154230_809582939Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PR_153290_820537613moodys/PR_153290_820537613htmlGlobal Credit Research Announcement ## APR #### Announcement: Country Garden Holdings Company Limited Moody's outlook for China property development sector negative Hong Kong, April ##, #### -- Moody's Investors Service has a negative...4/17/2008 2:40:43 AMhtmlCountry Garden Holdings Company LimitedNeo-China Land Group (Holdings) LimitedCoastal Greenland LimitedChina Properties Group LimitedShanghai Zendai Property LimitedLai Fung Holdings LimitedGreentown China Holdings LimitedShimao Property Holdings LimitedAgile Property Holdings LimitedHopson Development Holdings LimitedRoad King Infrastructure LimitedSRE Group LimitedChina Overseas Land & Investment LimitedAgile Property Holdings Limited; China Overseas Land & Investment Limited; ...820537613820305936820190603820169680820110426820062474809847800809824105809582939808822087807638221807493857600012308150.0000NewsAnnouncementPR_153290_820537613Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/moodys/COP_809582939moodys/COP_809582939htmlGlobal Credit Research Credit Opinion ## MAY #### Credit Opinion: Agile Property Holdings Limited Agile Property Holdings Limited Cayman Islands Ratings Category Moody's Rating Outlook Stable Corporate Family Rating -Dom Curr Ba# Senior...1/4/2008 2:20:00 AMhtmlAgile Property Holdings LimitedAgile Property Holdings Limited809582939150.0000NewsCredit OpinionCOP_809582939Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/623503spcred/623503normThe latest Full Report from S&P12/30/2007 11:32:11 PMFull Report400globalstructured623503ChinaReal Estate Management & DevelopmentEmerging MarketsAsiaGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesFull ReportLarge and low cost land bank Established presence in the Pearl River Delta region Large-scale residential projects with flexible development structure Good growth potential Rapid expansion plan Execution risks in new regions Lack of stable recurring income Evolving regulatory environment Highly fragmented market with intensifying competition The ratings on Agile Property Holdings Ltd. reflect the company's established presence in the Pearl River Delta region of China, its large and low cost land bank, experience in large-scale residential projects, and good growth potential. In addition, the rating reflects our comfort that, despite Agile's plans to increase debt to funds its rapid growth, the company's business growth and financial results in 2006 and the first half of 2007 met our expectations. ItCHN00847700281940403010 404030 4040 40Agile Property Holdings Ltd.404688EMERGINGASIA3383@HKFULLGLOBISSSTRUCCORPRECCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PR_143755_820537613moodys/PR_143755_820537613htmlAnnouncement11/7/2007 12:25:16 AMGlobal Credit Research Announcement # NOV #### Announcement: Country Garden Holdings Company Limited Moody's: China developers outlook favorable, but challenges evident Hong Kong, November ##, #### -- Moody's Investors Service says...Country Garden Holdings Company Limited820537613150.0000Newshtml820492873Neo China Group (Holdings) Ltd.820190603Coastal Greenland Limited820169680China Properties Group Limited820110426Shanghai Zendai Property Limited820062474Lai Fung Holdings Limited809847800Greentown China Holdings Limited809824105Shimao Property Holdings Limited809582939Agile Property Holdings Limited808822087Hopson Development Holdings Limited807638221Road King Infrastructure Limited807493857SRE Group Limited600012308China Overseas Land & Investment LimitedAgile Property Holdings Limited; China Overseas Land & Investment Limited; ...PR_143755_820537613Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PR_143395_809582939moodys/PR_143395_809582939htmlRating Action11/3/2007 12:19:08 AMGlobal Credit Research Rating Action # NOV #### Rating Action: Agile Property Holdings Limited Moody's assigns Ba# rating to Agile's USD notes Hong Kong, November ##, #### -- Moody's Investors Service has assigned its Ba# rating to...Agile Property Holdings Limited809582939150.0000NewshtmlAgile Property Holdings LimitedPR_143395_809582939Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/611017spcred/611017normThe latest News from S&P11/2/2007 1:50:40 PMNews100globalstructured611017ChinaReal Estate Management & DevelopmentAsiaEmerging MarketsGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesNewsHONG KONG (Standard&Poor's) Nov. 2, 2007--Standard&Poor's Ratings Services said today that it had assigned its 'BB' issue rating to a proposed issue of up to US$400 million in senior unsecured notes by Agile Property Holdings Ltd. (Agile). The issue will rank pari passu with an outstanding US$400 million bond issued in September 2006. The bond proceeds will be primarily used to fund land acquisitions. Standard&Poor's has also revised its outlook on Agile to positive from stable, and affirmed its 'BB' long-term corporate credit rating on the company. "The outlook revision reflects Standard&Poor's expectation that Agile will continue to benefit from its sizable, low cost land bank and market position to execute itsCHN00847740403010 404030 4040 40Agile Property Holdings Ltd.404688ASIAEMERGING3383@HKNEWSGLOBISSSTRUCCORPRECCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/611018spcred/611018normThe latest Research Update from S&P11/2/2007 1:50:40 PMResearch Update175globalstructured611018ChinaReal Estate Management & DevelopmentAsiaEmerging MarketsGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesResearch UpdateOn Nov. 2, 2007, Standard&Poor's Ratings Services assigned its 'BB' issue rating to a proposed issue of up to US$400 million in senior unsecured notes by Agile Property Holdings Ltd. (Agile). The issue will rank pari passu with an outstanding US$400 million bond issued in September 2006. The bond proceeds will be primarily used to fund land acquisitions. Standard&Poor's has also revised its outlook on Agile to positive from stable, and affirmed its 'BB' long-term corporate credit rating on the company. The outlook revision reflects Standard&Poor's expectation that Agile will continue to benefit from its sizable, low cost land bank and market position to execute its growth strategy as planned. The rating affirmation reflectsCHN00847740403010 404030 4040 40Agile Property Holdings Ltd.404688ASIAEMERGING3383@HKRESUPDGLOBISSSTRUCCORPRECCredit & Investment ResearchS&P Credit Research