China Homebuilders: Ratings Navigator Companion

...Sector and Sub-Sectors: This report presents the key peer comparator elements observed or expected for Chinese homebuilders. The sector covers homebuilders that undertake property development in China, including residential, offices, shops, and other property types. Some homebuilders may have recurring income (rental or capital profits from realisations) from investment properties but the major income source is still sales and profits from residential properties sold. Key Factors: The Sector Risk Profile defines and groups companies operating in the sector into a "natural rating territory" based on Fitch's view of the inherent risk profile of the industry. Each company's overall risk profile generally does not stray too far from this rating range. After assessing the Operating Environment, then Management and Corporate Governance, the Navigator examines four Sector-Specific factors for given rating levels. Finally, three Financial Profile factors help capture financial attributes commensurate...

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