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29/07/2020 17:36

Moody's-rated Chinese developers' market share to grow in 2H

[ET Net News Agency, 29 July 2020] Moody's Investors Service said in a new report that
monthly contracted sales for its 30 tracked Chinese property developers grew 16.9% in June
2020 compared to June 2019, taking yearly sales growth to 0.3% for 1H 2020. This growth
outpaced the decline in national sales, which dropped 2.8% in 1H 2020.
In particular, 17 developers out of the 30 that Moody's tracks reported positive
year-to-date growth in 1H 2020, an increase from 11 in May and eight in April.
"The sales growth of tracked developers in 1H 2020 was driven by strong sales at
large-scale developers such as China Jinmao Holdings Group Limited (Baa3 stable), China
Evergrande Group (B1 negative) and Gemdale Corporation (Ba2 stable)," said Cedric Lai, a
Moody's Vice President and Senior Analyst.
Moody's expects its 71 rated developers will continue to increase market share in 2H
2020 because of their stronger sales execution, established brands, larger scale and
better access to funding. They will also expand their market share as weaker developers
are forced out of the market, leading to a continuation of industry consolidation over the
next 12-18 months.
Meanwhile, improved market sentiment has boosted offshore bond issuance, with 16 rated
developers issuing offshore bonds of US$5.7 billion in July (to 24 July), up from US$4.9
billion in June and US$0.9 billion in May. Onshore bond issuance also increased in July
(to 24 July), and Moody's expects overall onshore funding conditions will remain broadly
stable as liquidity stays supportive. (KL)

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