This report does not constitute a rating action. Overview Key strengths Key risks Solid market position in China's top-tier cities. Margins remain under pressure due to inventories with higher land cost. 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 commitment from parent, Guangzhou Yue Xiu Holdings Ltd. (Yuexiu Group), to provide extraordinary support when needed. We expect Yuexiu Property Co. Ltd. to remain disciplined in land acquisitions. This will partially offset cash flow impact from the latest presale measures rolled out in August 2026 nationwide. The new rules will likely delay developers’ cash inflow from property sales. We believe Yuexiu Property’s discipline in land
