Shimao Property Holdings Ltd http://www.alacrastore.com/company-snapshot/Shimao_Property_Holdings_Ltd-3797492 Monday, October 06, 2008 7:46:24 PM 3797492 Shimao Property Holdings Ltd en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/moodys/PBC_100437moodys/PBC_100437pdf... Copyright ####, Moody s Investors Service, Inc. and/or its li censors and affiliates including Moody s Assurance Company, Inc. (together, ... 10/4/2008 8:29:47 PMpdfShimao Property Holdings LimitedShimao Property Holdings Limited809824105150.00NewsIssuer ProfilePBC_100437Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PR_164227_809824105moodys/PR_164227_809824105htmlGlobal Credit Research Rating Action # OCT #### Rating Action: Shimao Property Holdings Limited Moody's downgrades Shimao; continues review for possible downgrade Approximately US$### million of debt securities affected Hong Kong,...10/4/2008 12:41:26 AMhtmlShimao Property Holdings LimitedShimao Property Holdings Limited809824105150.0000NewsRating ActionPR_164227_809824105Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/674100spcred/674100normThe latest News from S&Pglobalstructured9/30/2008 8:27:17 AM100News674100ChinaAsiaEmerging MarketsGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesNewsHONG KONG (Standard&Poor's) Sept. 30, 2008--Standard&Poor's Ratings Services said today that it had lowered its long-term corporate credit rating on China-based property developer Shimao Property Holdings Ltd. to 'BB' from 'BB+'. The outlook is stable. At the same time, Standard&Poor's lowered its issue ratings on Shimao's US$350 million 8% notes due 2016 and on its US$250 million floating rate notes due 2011 to 'BB-' from 'BB+'. "The rating revision reflects Shimao's weakened cash flow protection and a challenging sales outlook that is unlikely to support credit metrics appropriate for a 'BB+' rating over the next 12 months," said Standard&Poor's credit analyst Christopher Lee. For its interim results for 2008, the company announcedCHN82454X40403030 404030 4040 40Shimao Property Holdings Ltd.408377ASIAEMERGING813@HKNEWSGLOBISSSTRUCCORPRECCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/674101spcred/674101normThe latest Research Update from S&Pglobalstructured9/30/2008 8:27:17 AM175Research Update674101ChinaAsiaEmerging MarketsGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesResearch UpdateOn Sept. 30, 2008, Standard&Poor's Ratings Services lowered its long-term corporate credit rating on China-based property developer Shimao Property Holdings Ltd. to 'BB' from 'BB+'. The outlook is stable. At the same time, Standard&Poor's lowered its issue ratings on Shimao's US$350 million 8% notes due 2016 and on its US$250 million floating rate notes due 2011 to 'BB-' from 'BB+'. The rating revision reflects Shimao's weakened cash flow protection and a challenging sales outlook that is unlikely to support credit metrics appropriate for a 'BB+' rating over the next 12 months. For its interim results for 2008, the company announced a substantially lower-than-expected sales forecast of Chinese renminbi (RMB) 14 billion for 2008 (previous: RMB17.4 billion)CHN82454X40403030 404030 4040 40Shimao Property Holdings Ltd.408377ASIAEMERGING813@HKRESUPDGLOBISSSTRUCCORPRECCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/668852spcred/668852normThe latest News from S&Pglobalstructured9/2/2008 4:24:01 AM100News668852ChinaAsiaEmerging MarketsGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesNewsHONG KONG (Standard&Poor's) Sept. 2, 2008--Standard&Poor's Ratings Services said today that it had revised its outlook on Shimao Property Holdings Ltd. to negative from stable. At the same time, Standard&Poor's affirmed its 'BB+' long-term corporate credit rating on Shimao and the 'BB+' issue rating on the company's senior unsecured notes. "The outlook revision reflects Shimao's weaker-than-expected liquidity position, which is exacerbated by a disappointing presale performance and the expected repayment of a US$300 million bridge loan at the end of September due to unfavorable refinancing terms," said Standard&Poor's credit analyst Bei Fu. Shimao's financial flexibility has weakened as the company's refinancing options have been reduced. We expect Shimao's credit metrics to deteriorateCHN82454X40403030 404030 4040 40Shimao Property Holdings Ltd.408377ASIAEMERGING813@HKNEWSGLOBISSSTRUCCORPRECCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/668853spcred/668853normThe latest Research Update from S&Pglobalstructured9/2/2008 4:24:01 AM175Research Update668853ChinaAsiaEmerging MarketsGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesResearch UpdateOn Sept. 2, 2008, Standard&Poor's Ratings Services revised its outlook on Shimao Property Holdings Ltd. to negative from stable. At the same time, Standard&Poor's affirmed its 'BB+' long-term corporate credit rating on Shimao and the 'BB+' issue rating on the company's senior unsecured notes. The outlook revision reflects Shimao's weaker-than-expected liquidity position, which is exacerbated by a disappointing presale performance and the expected repayment of a US$300 million bridge loan at the end of September due to unfavorable refinancing terms. Shimao's financial flexibility has weakened as the company's refinancing options have been reduced. We expect Shimao's credit metrics to deteriorate further, reflecting weakening cash flow adequacy as a result of a lower-than-expected presale performance. Shimao's cashCHN82454X40403030 404030 4040 40Shimao Property Holdings Ltd.408377ASIAEMERGING813@HKRESUPDGLOBISSSTRUCCORPRECCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PR_159837_809824105moodys/PR_159837_809824105htmlGlobal Credit Research Rating Action ## JUL #### Rating Action: Shimao Property Holdings Limited Moody's downgrades Shimao to Ba#; outlook negative Approximately US$### million debts affected Hong Kong, July ##, #### -- Moody's Investors...7/25/2008 12:29:30 AMhtmlShimao Property Holdings LimitedShimao Property Holdings Limited809824105150.0000NewsRating ActionPR_159837_809824105Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/660587spcred/660587normThe latest News from S&Pglobalstructured7/21/2008 9:37:00 AM100News660587ChinaReal Estate Management & DevelopmentAsiaEmerging MarketsGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesNewsHONG KONG (Standard&Poor's) July 21, 2008--Standard&Poor's Ratings Services said today that its rating on Shimao Property Holdings Ltd. (BB+/Stable/--) was not immediately affected by regulatory approval for the company to inject assets into Shanghai Shimao Co. Ltd. in return for an ultimate controlling ownership of about 64%. This restructuring and its impact on Shimao Property's cash flows are already factored into the rating. Shimao Property intends to inject 11 of its retail and commercial projects into Shanghai Shimao, which is listed on the A-share market. The move will provide a separate platform for Shimao Property to raise financing and reduce its capital commitments for long-payback retail and commercial rental projects, while retaining control over the assets.CHN82454X40403010 404030 4040 40Shimao Property Holdings Ltd.408377ASIAEMERGING813@HKNEWSGLOBISSSTRUCCORPRECCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/bir/1324347bir/1324347normShimao Property Holdings Ltd.Hong KongReal Estate: Property development6552152215312372102361162361179GK008136/20/2008 6:49:00 AM1324347Company Profiles & FinancialsGale Company Profileshttp://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/spcred/644038spcred/644038normThe latest Full Report from S&Pglobalstructured4/21/2008 11:23:11 PM400Full Report644038ChinaReal Estate Management & DevelopmentAsiaEmerging MarketsGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesFull ReportA large high-quality land bank Diverse projects in high-growth regions A growing recurring income Aggressive appetite for expansion Evolving regulatory environment The rating on Shimao Property Holdings Ltd. reflects the company's large high-quality land bank with relatively low costs, a diverse portfolio of projects in high-growth regions, and growing recurring income from hotels and valuable investment properties. These strengths are balanced by the company's aggressive appetite for expansion amid a weakened industry outlook and continued uncertainties with industry regulations. Shimao's business profile is satisfactory. Over the past year, the company has further increased the size and geographic diversity of its land bank at relatively low costs. Shimao is deepening its penetration into secondary cities in high-growth regions, with a presenceCHN82454X40403010 404030 4040 40Shimao Property Holdings Ltd.408377ASIAEMERGING813@HKFULLGLOBISSSTRUCCORPRECCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/644039spcred/644039normThe latest Summary from S&Pglobalstructured4/21/2008 11:23:11 PM175Summary644039ChinaReal Estate Management & DevelopmentAsiaEmerging MarketsGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesSummaryThe rating on Shimao Property Holdings Ltd. reflects the company's large high-quality land bank with relatively low costs, a diverse portfolio of projects in high-growth regions, and growing recurring income from hotels and valuable investment properties. These strengths are balanced by the company's aggressive appetite for expansion amid a weakened industry outlook and continued uncertainties with industry regulations. Shimao's business profile is satisfactory. Over the past year, the company has further increased the size and geographic diversity of its land bank at relatively low costs. Shimao is deepening its penetration into secondary cities in high-growth regions, with a presence in 22 cities compared with 14 in 2006. The diversity of the company's land bank provides a degree of protection becauseCHN82454X40403010 404030 4040 40Shimao Property Holdings Ltd.408377ASIAEMERGING813@HKSUMMARYGLOBISSSTRUCCORPRECCredit & Investment ResearchS&P 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/spcred/628002spcred/628002normThe latest News from S&P1/29/2008 4:32:05 AMNews100globalstructured628002ChinaReal Estate Management & DevelopmentAsiaEmerging MarketsGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesNewsHONG KONG (Standard&Poor's) Jan. 29, 2008--Standard&Poor's Ratings Services said today that its long-term corporate credit rating on Shimao Property Holdings Ltd. (BB+/Stable/--) is unaffected by possible revisions to the terms of a fully drawn US$328 million syndicated loan. Standard&Poor's believes the company is likely to succeed in renegotiating the terms in exchange for a marginally higher cost of funding and/or an insignificant monetary penalty. Our understanding is that the syndicating banks are open to working with the company to achieve a mutually acceptable solution. We believe the likely increase in additional interest costs on the loan will have a limited impact on Shimao's liquidity and overall financial position. The company's presales have been growingCHN82454X40403010 404030 4040 40Shimao Property Holdings Ltd.408377ASIAEMERGING813@HKNEWSGLOBISSSTRUCCORPRECCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PR_147765_809824105moodys/PR_147765_809824105htmlRating Action1/16/2008 12:35:24 AMGlobal Credit Research Rating Action ## JAN #### Rating Action: Shimao Property Holdings Limited Moody's revises Shimao's rating outlook to negative Approximately US$### million of debt securities affected Hong Kong, January ##, ####...Shimao Property Holdings Limited809824105150.0000NewshtmlShimao Property Holdings LimitedPR_147765_809824105Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/moodys/COP_809824105moodys/COP_809824105htmlGlobal Credit Research Credit Opinion ## JUL #### Credit Opinion: Shimao Property Holdings Limited Shimao Property Holdings Limited Cayman Islands Ratings Category Moody's Rating Outlook Negative Corporate Family Rating -Dom Curr Ba#...1/2/2008 7:29:00 PMhtmlShimao Property Holdings LimitedShimao Property Holdings Limited809824105150.0000NewsCredit OpinionCOP_809824105Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PR_146493_809824105moodys/PR_146493_809824105htmlAnnouncement12/20/2007 12:27:41 AMGlobal Credit Research Announcement ## DEC #### Announcement: Shimao Property Holdings Limited Moody's affirms Shimao Property's Baa# ratings; outlook stable Hong Kong, December ##, #### -- Moody's Investors Services has affirmed the...Shimao Property Holdings Limited809824105150.0000NewshtmlShimao Property Holdings LimitedPR_146493_809824105Credit & Investment ResearchMoody's Global 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 Research