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Rising sales, market sentiment give boost to developers
By Ding Yining |
October 29, 2012, Monday
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Online Edition
Online Edition
IMPROVING sales and bond market sentiment are supporting property developers' credit profiles, a new report said today.
"Capital raisings in offshore bond market have helped some developers to improve their liquidity and debt maturity profiles," Kaven Tsang, Moody's vice president and senior analyst, said in a report published in China Property Focus.
Moody's said so far US$2.32 billion worth of bonds have been issued since July, exceeding the US$2 billion issued the first half of 2012.
Moody's also noted that the ongoing declines in prices and deteriorating balance sheet liquidity continue to exert near-term pressures.
New home prices declined in more cities in September than in August, the National Bureau of Statistics said earlier this month.
In September, contract sales of new homes increased 19 percent from August to 540 billion yuan (US$85.7 billion) as sentiment picked up in the traditional high season for home sales.
Tsang estimated that prices will experience mild annual declines in the near to medium term due to the government's continued efforts to rein in property investment and to increase home supply.
Tsang said they expect home sales in the rest of the year to rise year on year, mainly due to the market's lackluster performance in the same period of last year.
"Capital raisings in offshore bond market have helped some developers to improve their liquidity and debt maturity profiles," Kaven Tsang, Moody's vice president and senior analyst, said in a report published in China Property Focus.
Moody's said so far US$2.32 billion worth of bonds have been issued since July, exceeding the US$2 billion issued the first half of 2012.
Moody's also noted that the ongoing declines in prices and deteriorating balance sheet liquidity continue to exert near-term pressures.
New home prices declined in more cities in September than in August, the National Bureau of Statistics said earlier this month.
In September, contract sales of new homes increased 19 percent from August to 540 billion yuan (US$85.7 billion) as sentiment picked up in the traditional high season for home sales.
Tsang estimated that prices will experience mild annual declines in the near to medium term due to the government's continued efforts to rein in property investment and to increase home supply.
Tsang said they expect home sales in the rest of the year to rise year on year, mainly due to the market's lackluster performance in the same period of last year.
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