Yuexiu Property Co. Ltd.

This report does not constitute a rating action. Overview Key strengths Key risks Solid market position and sufficient land bank in China's top-tier cities. Margins remain under pressure during the current industry downturn. Stable and diversified funding channels to support land banking. Leverage in terms of debt-to-EBITDA ratio to stay elevated over the next two years. Strong long-term commitment from parent to provide extraordinary support when needed. The company's contracted sales could reach about Chinese renminbi (RMB) 120 billion in 2025, up 4%-5% from 2024. Its contracted sales in the first half of 2025 increased 11%, outperforming the top 100 developers whose sales declined 11%. This reflected YXP's satisfactory sales in high-end projects in Beijing and Shanghai. YXP will likely

...Yuexiu Property Co. Ltd.'s (YXP) land bank in higher-tier cities will support sales. The company's contracted sales could reach about Chinese renminbi (RMB) 120 billion in 2025, up 4%-5% from 2024. Its contracted sales in the first half of 2025 increased 11%, outperforming the top 100 developers whose sales declined 11%. This reflected YXP's satisfactory sales in high-end projects in Beijing and Shanghai. YXP will likely continue to focus on operations in China's four first-tier cities and a handful of selected second-tier cities like Hangzhou, Hefei, Chengdu, and Xi'An. The company increased...

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