Moody's affirms Greenland Hong Kong's ratings; outlook stable

Greenland Hong Kong Holdings Limited: Update to credit analysis: Solid credit metrics on growing scale - Credit Opinion – 2021/04/29 – US$ 250.00 – ...Greenland Hong Kong Holdings Limited's (Greenland Hong Kong) Ba2 corporate family rating (CFR) reflects its standalone credit profile and a one-notch rating uplift based on our assessment of the expected strong financial support from its parent, Greenland Holding Group Company Limited (Greenland Holding, Ba1 stable), if necessary. Greenland Hong Kong's standalone credit profile reflects its solid credit metrics, well-located land banks, and good liquidity and access to funding, given its status as a key subsidiary of Greenland Holding. Its standalone credit profile also takes into consideration its moderate operating scale and the execution risks associated with its fast growth. We expect its credit metrics to remain solid over the next 12-18 months, mainly because revenue growth will outpace debt growth after the acquisition of Guangzhou Greenland Real Estate Development Co. Ltd. (Guangzhou Greenland) in December 2020. These ratios will appropriately position the company at the current...

Greenland Hong Kong Holdings Limited: Planned acquisition of Guangzhou Greenland is credit positive - Issuer Comment – 2020/12/14 – US$ 200.00 – ...2020E and 2021E include Greenland Guangzhou Source: Company reports and Moody's Investors Service estimates...

Greenland Hong Kong Holdings Limited: Update following rating affirmation - Credit Opinion – 2020/08/04 – US$ 250.00 – ...Greenland Hong Kong Holdings Limited's (Greenland Hong Kong) Ba2 corporate family rating (CFR) reflects its standalone credit profile and a one-notch rating uplift based on our assessment of the expected strong financial and operational support it will receive from its parent, Greenland Holding Group Company Limited (Greenland Holding, Ba1 stable), if necessary. Greenland Hong Kong's standalone credit profile reflects its solid credit metrics, well-located land banks, and good liquidity and access to funding, given its status as a subsidiary of Greenland Holding. Its standalone credit profile also takes into consideration its moderate operating scale and the execution risks associated with its fast growth. We expect its credit metrics to moderate over the next 12-18 months from the strong levels in 2019, mainly because of debt-funded land bank replenishment and business growth. Still, these ratios will appropriately position the company at the current standalone credit profile....

Greenland Hong Kong Holdings Limited: Update following 2019 results - Credit Opinion – 2020/05/14 – US$ 250.00 – ...Greenland Hong Kong Holdings Limited's (Greenland Hong Kong) Ba2 corporate family rating (CFR) reflects its standalone credit profile and a one-notch rating uplift based on our assessment of the expected strong financial and operational support it will receive from its parent, Greenland Holding Group Company Limited (Greenland Holding, Ba1 stable), if necessary. Greenland Hong Kong's standalone credit profile reflects its solid credit metrics, well- located land bank, and good liquidity and access to funding, given its status as a subsidiary of Greenland Holding. Its standalone credit profile also takes into consideration its moderate operating scale and the execution risks associated with its fast growth. We expect its credit metrics to moderate over the next 12-18 months from the strong levels in 2019 mainly because of debt-funded land bank replenishment and business growth. Still, these ratios will appropriately position the company at the current standalone credit profile....

Greenland Hong Kong Holdings Limited: Update following rating affirmation - Credit Opinion – 2019/10/15 – US$ 250.00 – ...Greenland Hong Kong Holdings Limited's (Greenland Hong Kong) Ba2 corporate family rating (CFR) reflects its standalone credit profile and a one-notch rating uplift based on our assessment of the expected strong financial and operational support it will receive from its parent, Greenland Holding Group Company Limited (Greenland Holding, Ba1 stable), if necessary. Greenland Hong Kong's standalone credit profile reflects its stable credit metrics, well- located land bank and good liquidity and access to funding, given its status as a subsidiary of Greenland Holding. The standalone credit profile also considers its moderate operating scale and the execution risks associated with its fast growth....

Greenland Hong Kong Holdings Limited: Update to credit analysis - Credit Opinion – 2019/09/06 – US$ 250.00 – ...Greenland Hong Kong Holdings Limited's (Greenland Hong Kong) Ba2 corporate family rating reflects its standalone credit profile and a two-notch rating uplift based on our assessment of expected strong financial and operating support from its parent, Greenland Holding Group Company Limited (Greenland Holding, Ba1 stable), if needed. Greenland Hong Kong's standalone credit profile reflects its well-located land bank and our expectation that the company will continue to grow in size through organic expansion and asset acquisitions while improving its credit metrics. The company's standalone credit profile also takes into consideration Greenland Holding's support for Greenland Hong Kong's operations and access to funding....

Greenland Hong Kong Holdings Limited: Covenant Quality Post-Sale Snapshot: US$300m 6% Bonds due 2021 - Covenant Quality Assessment – 2019/07/12 – US$ 750.00 – ...1. Absent covenants: (i) no RP or debt incurrence covenants; (ii) other key HY covenants are absent 2. Structural subordination: (i) no subsidiary guarantees; (ii) no restriction on subsidiary debt incurrence...

Moody's assigns Ba3 to Greenland Hong Kong's proposed senior notes - Rating Action – 2019/07/08 – US$ 180.00 – ...MOODY'S CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS OR MOODY'S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK. All information contained...

Greenland Hong Kong Holdings Limited: Disposal of property project in Shanghai is credit positive - Issuer Comment – 2019/06/28 – US$ 200.00 – ...On 25 June, Greenland Hong Kong Holdings Limited (Ba2 stable) announced that it had entered an agreement with Brookfield Asset Management Inc. to sell Brookfield a property project in Shanghai's South Bund area. We estimate that Greenland Hong Kong will receive RMB2.5-RMB3.0 billion cash proceeds from the sale in the next six to 12 months, subject to the finalization of the agreement. This amount is equal to 40%-50% of the company's total cash balance as at the end of 2018. The proposed project disposal, if completed, is credit positive for Greenland Hong Kong, because the expected cash proceeds from the sale will significantly improve the company's liquidity buffer. In addition, Greenland Hong Kong's leverage will improve because the sale will allow the company to deconsolidate around RMB3.73 billion of interest-bearing debt from the project company. The cash proceeds from the sale will significantly strengthen Greenland Hong Kong's liquidity, and help fund the company's general working...

Greenland Hong Kong Holdings Limited: Covenant Quality Post-Sale Snapshot: U.S.$200m 9.875% Bonds due 2020 - Covenant Quality Assessment – 2018/12/21 – US$ 750.00 – ...1. Absent covenants: (i) no RP or debt incurrence covenants; (ii) other key HY covenants are absent 2. Structural subordination: (i) no subsidiary guarantees; (ii) no restriction on subsidiary debt incurrence...