Guangzhou R&F rating downgraded

Business | Eurus Yiu 3 Jul 2020

Guangzhou R&F Properties (2777) announced that its contracted sales were up 37 percent month-on-month to 14.51 billion yuan (HK$15.9 billion) in June.

The related gross floor area of the company rose 32 percent to 1.16 million square meters last month.

However, Fitch Ratings has downgraded the company's long-term foreign- and local-currency issuer default rating, also the senior unsecured rating, to B+ from BB-, with a stable outlook, as the weak liquidity and the slow deleveraging of the group were below its expectations.

Meanwhile, KWG (1813) said its total pre-sale rose 6.7 percent year-on-year in June to 8.061 billion yuan, while the total presale construction area was 487,000 sq m, a decrease of 3.6 percent year-on-year.

China Aoyuan (3883) also announced its contracted sales in June shot up 72 percent month-on-month to 17.59 billion yuan, a 15 percent increase year-on-year. Its contracted sales area was 1.895 million sq m.

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