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 July 31 2017


Chinese rating agency assigns rating to Chinese property developer's
offshore debt issue for first time


Hong Kong, 31 July 2017 -- The offshore USD bond of Future Land Holdings Co., Ltd. (“FLH”) rated by China Chengxin (Asia Pacific) Credit Ratings Company Limited (“CCXAP”) will be issued. CCXAP has assigned a long-term credit rating of Ag+ to FLH and a senior unsecured rating of Ag+ to the proposed USD notes, with a stable outlook. The notes, if issued, are rated by CCXAP, Moody’s and Fitch. This is the first time that a Chinese rating agency assigns rating for a Chinese property developer issuing offshore bond, which help enhance the influence of Chinese rating agencies in the offshore bond market.

CCXAP has assigned this rating based on the development of China’s property market, as well as FLH’s business profile and financial strength. China’s property market has undergone a rapid development, and the property industry continues to consolidate. The stable housing demands are supported by the effects of urbanization in the long run. In addition, CCXAP considers FLH’s rating is underpinned by the following factors.

(1)    Good sales execution in terms of growing operating scale;

(2)    Improvement of geographical diversification into tier-one and tier-two cities in Yangtze River Delta;

(3)    Recurring income from its commercial properties;

(4)    Stable profit margin;

(5)    Good access to capital and adequate liquidity buffer.

The proposed USD notes will be issued by New Metro Global Limited and guaranteed by FLH. Credit Suisse, Bank of China, Haitong International, Guotai Junan International, Future Land Resources Securities Limited and Central Wealth Securities Investment Limited has been mandated as Joint Global Coordinators, Joint Lead Managers and Joint Bookrunners. CCXAP is the first Chinese rating agency licensed in Hong Kong, which was established in response to the internalization of RMB currency and China’s capital markets. CCXAP provides credit rating services to domestic and international corporates and financial institutions, which issue bonds, structured finance products and asset securitization products denominated in all currencies and issued in Hong Kong, Asia Pacific and Europe.