...Strong Margins Amid Challenges: The ratings affirmation of China Overseas Land & Investment Limited (COLI) on 25 March 2015 reflects the developer's satisfactory contracted sales of HKD140.8bn in 2014, and its ability to maintain a strong EBITDA margin of 31%. COLI remains one of China's top homebuilders by contracted sales and revenue, with a strong track record and healthy financial profile supportive of current rating. Leading Homebuilder in China: COLI has consistently produced wide profit margins, reflecting its premium prices and effective cost management. Its strong brand is supported by a nationwide presence and its focus on first-time homebuyers and "upgraders". Slower Sales, Land Acquisitions: COLI met its flat contracted sales target for 2014 at HKD140.8bn, compared with HKD138.5bn in 2013. COLI slowed down its land bank acquisitions due to poor market conditions, marked by easing contracted sales and weaker demand. It bought 17 pieces of land in 2014, compared with 24 pieces...
