Greentown China's Proposed US Dollar Notes Point to Improving Funding Access, S&P Says

MT Newswires Live

Feb 14, 2025

Greentown China Holdings' (HKG:3900) proposed US dollar note issuance signals better funding access for the developer and a deviation from onshore sources, S&P Global Ratings said in a Friday release.

This marks the first major US dollar bond issuance by a Chinese residential property developer since the start of 2022, S&P said.

The rating agency sees the transaction as a possible buffer for the company's liquidity and a catalyst for fresh investments.

S&P views the developer's liquidity as adequate, with a ratio of liquidity sources to uses, excluding the proposed issuance, of about 1.5x for the 12 months ending June 30, 2025.

The new funding could support the developer's focus on high-quality residential projects in top-tier Chinese cities, which has boosted its sales performance.

However, the rating agency still views the operating conditions for Chinese developers as challenging, with intense price competition to further pressure margins.

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