Moody's: Greenland Holding's mildly improved 1H 2017 results within expectations

Greenland Holding Group Company Limited: Update following H1 2019 results - Credit Opinion – 2019/09/20 – US$ 250.00 – ...Greenland Holding Group Company Limited's (Greenland Holding) Ba1 corporate family rating reflects the company's (1) large scale, nationwide coverage and wide range of products in property business in China (A1 stable); (2) fast-growing non-property businesses, which offer some benefits of business diversification; and (3) good access to funding because of its local state-owned enterprise (SOE) background. A key constraint on Greenland Holding's rating is its weak interest coverage. While we expect the company's revenue/adjusted debt to continue to improve to 135%-145% in the next 12-18 months because of solid revenue growth and a slower pace of land acquisitions, the company's interest coverage is likely to remain weak for its Ba1 rating at around 3.1x, because higher interest expenses and weakening margins will offset the revenue growth....

Moody's assigns Ba2 to Greenland Holding's MTN drawdown (Simplified Chinese translation) - Rating Action – 2019/03/06 – US$ 180.00 – ...

Greenland Holding Group Company Limited: Update following affirmation of Ba1 rating, outlook changed to stable - Credit Opinion – 2018/10/02 – US$ 250.00 – ...Greenland Holding Group Company Limited's (Greenland Holding) Ba1 corporate family rating reflects the company's (1) large scale, nationwide coverage and range of products in China (A1 stable); (2) growing construction business, which reduces cyclicality in property development, (3) good access to funding because of its status as a local state-owned enterprise (SOE). A key constraint on Greenland Holding's rating is its weak interest coverage. However, the company's debt leverage has improved over the last 12 months after its cash collection from contracted sales improved and it slowed down its pace of land acquisitions....

Moody's: Greenland Holding's rating unaffected by tap bond offering - Announcement – 2018/07/26 – US$ 180.00

Greenland Holding Group Company Limited: Update to key credit factors - Credit Opinion – 2018/02/06 – US$ 250.00 – ...Greenland Holding Group Company Limited's (Greenland Holding) Ba1 corporate family rating reflects the company's (1) track record of delivering strong growth in its property development business and establishing leading market positions in key markets, and (2) highly diversified geographic coverage in China (A1 stable). The company's rating also takes into account its ability (through diversified property product lines, including various types of residential and commercial properties) to manage market volatility. Another important rating driver is Greenland Holding's strong ability to access funding because of its status as a local state-owned enterprise (SOE). A key constraint on Greenland Holding's rating is its rapid business growth strategy, which has resulted in sizable funding needs and weak credit metrics. In addition, the company's rating is also tempered by its volatile business performance....

Greenland Holding Group Company Limited: Update to key credit factors - Credit Opinion – 2017/07/24 – US$ 250.00

Moody's: Greenland Holding's high debt leverage in 2016 within expectations; outlook remains negative - Announcement – 2017/05/05 – US$ 180.00

Greenland Holding Group Company Limited: Update to key credit factors - Credit Opinion – 2016/11/29 – US$ 250.00 – ...Greenland Holding Group Company Limited's Ba1 corporate family rating reflects the company's track record of delivering strong growth for its property development business and establishing leading market positions in key markets owing to its highly diversified geographical coverage in China (Aa3 negative). The company's rating also considers its ability ¡ through diversified property product lines, including various types of residential and commercial properties ¡ to manage market volatility. Another important rating driver is Greenland Holding's strong ability to access funding and acquire land due to its status as a local state-owned enterprise (SOE), as well as its strong corporate status in Shanghai, given its important role in the urbanization of the city. A key constraint on Greenland Holding's rating is its debt-funded growth strategy, which has resulted in high debt leverage and weak credit metrics. In addition, its rating is also tempered by its volatile non-property businesses....

Moody's: Greenland Holding's 1H 2016 results highlight elevated leverage; outlook remains negative - Announcement – 2016/08/17 – US$ 180.00

Moody's assigns provisional (P)Ba3 to Greenland Hong Kong's proposed perpetual capital securities (Chinese) - Rating Action – 2016/07/25 – US$ 180.00