Moody's assigns Ba2 to Greenland Holding's MTN drawdown (Simplified Chinese translation)

Greenland Holding Group Company Limited: Update following rating action - Credit Opinion – 2021/10/22 – US$ 250.00 – ...On 18 October, we downgraded Greenland Holding Group Company Limited's corporate family rating (CFR) to Ba2 from Ba1. Meanwhile, we have placed the rating on review for further downgrade. Greenland Holding's Ba2 corporate family rating (CFR), which is on review for downgrade, reflects the company's large scale, and good geographic and product diversification in China; and better access to onshore bank funds than its privately-owned property peers in China, given its linkage with the Shanghai government. However, the CFR is constrained by the company's high exposure to the construction sector, which weighs on the company's overall profitability; and its weakened access to debt capital markets, which makes it difficult to refinance its sizable offshore debt maturities. While the company will continue to reduce leverage over the next 12-18 months, its financial metrics will weaken because China's softening property development and construction markets will likely constrain the company's cash...

Greenland Holding Group Company Limited: Update to credit analysis - Credit Opinion – 2021/10/06 – US$ 250.00 – ...Greenland Holding Group Company Limited's Ba1 corporate family rating (CFR) reflects the company's large scale; good geographic and product diversification in China; and good access to onshore bank funds because of its close links with the Shanghai government. The Ba1 CFR is constrained by the company's increased exposure to the construction sector, which strains the company's overall profitability, its high refinancing needs and weakened access to debt capital market (both onshore and offshore). Nevertheless, we expect it will have sufficient liquidity to address its refinancing needs. While the company will continue to deleverage over the next 12-18 months, its financial metrics will remain moderate because China's softening property development and construction markets will constrain the company's cash flow and EBITDA generation. We expect the company's adjusted debt/capitalization will stay at around 58%-62%, adjusted debt/EBITDA will be 4.7x-4.9x and EBIT/interest coverage will be...

Greenland Holding Group Company Limited: Update following rating affirmation - Credit Opinion – 2020/08/05 – US$ 250.00 – ...Greenland Holding Group Company Limited's (Greenland Holding) Ba1 corporate family rating (CFR) reflects the company's large scale, good geographic and product diversification in China (A1 stable); fast-growing construction business through both acquisitions and organic growth; and good access to funding, given its close link with the Shanghai government. A key constraint on Greenland Holding's rating is its weak profit margins and interest coverage. We expect its EBIT/interest coverage to decline to 2.7x-2.8x over the next 12-18 months from 3.3x in 2019, mainly because of higher interest expenses and weakening margins. Its rating is also constrained by the execution risks associated with fast growth in its construction and other non-property businesses. Greenland Holding's refinancing needs are high over the next 12-18 months. Nonetheless, it has a good access to various funding channels, including banks and capital markets, to support its debt refinancing needs....

Greenland Holding Group Company Limited: Update to credit analysis - Credit Opinion – 2020/06/17 – US$ 250.00 – ...Greenland Holding Group Company Limited's (Greenland Holding) Ba1 corporate family rating (CFR) reflects the company's large scale, nationwide coverage and wide range of products in the property business across different tier cities in China (A1 stable); fast-growing construction business through both acquisitions and organic growth; and good access to funding because of its local state-owned enterprise (SOE) background. A key constraint on Greenland Holding's rating is its weak margins and interest coverage. We expect its EBIT/interest coverage to decline to 2.7x-2.8x over the next 12-18 months from 3.3x in 2019, mainly because of higher interest expenses and weakening margins. Its rating is also constrained by the execution risks associated with fast growth in its construction and other non-property businesses. Greenland's refinancing needs are high over the next 12-18 months. Nonetheless, it has a good history of accessing different funding channels, including banks and capital markets,...

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....

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....

Moody's: Greenland Holding's mildly improved 1H 2017 results within expectations - Announcement – 2017/08/31 – US$ 180.00

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