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China Jinmao Holdings Group Limited ( SEHK : 817 ), the subsidiary of state-owned Sinochem Corporation, is engaged in real estate development in Shanghai, Beijing and Zhuhai. It is incorporated and headquartered in Hong Kong, but its business is mainly in Mainland China.
Aug 4, 2023 · Jinmao is a 36.4%-owned subsidiary of Sinochem Hong Kong, one of the largest central state-owned enterprises (SOEs) in China. After the merger, Sinochem Holdings Corp. Ltd. is the new parent. Jinmao holds the real estate development and investment operations of the group.
- Positive (+1 notch)
- Fair (no impact)
- Adequate (no impact)
- bb
Jun 20, 2024 · Stock analysis for China Jinmao Holdings Group Ltd (817:Hong Kong) including stock price, stock chart, company news, key statistics, fundamentals and company profile.
- 9.5K
- Key Rating Drivers
- Derivation Summary
- Key Assumptions
- Rating Sensitivities
- Best/Worst Case Rating Scenario
- Liquidity and Debt Structure
- Issuer Profile
- ESG Considerations
- Applicable Models
- Additional Disclosures
Sales Ahead of Industry: Jinmao's total sales, including primary land sales, fell by 34% to CNY155 billion, less than the average 40%-50% drop for most of its top 30 developer peers in the industry. We believe Jinmao's sales will continue to outperform the industry in 2023, driven by its solid reputation and quality land bank. About 80% of Jinmao's...
Jinmao's attributable sales scale of around CNY80 billion, by Fitch's estimates, is larger than the CNY50 billion of Beijing Capital Development Holding (Group) Co., Ltd. (BCDH, BBB/Stable, SCP: bb) in 2022. Jinmao is a recognised national company with about half of its land bank in the Yangtze River Delta region, while BCDH is more concentrated in...
Fitch's Key Assumptions Within Our Rating Case for the Issuer: - Total development-property contracted sales to increase by 5% in 2023E and stay flat in 2024 (2022: -28%); - Attributable land-acquisition outflow to account for 25% attributable cash collection in 2022E and 45% in 2023E (1H22: 14%); - Gross profit margin for development-property cont...
Factors that could, individually or collectively, lead to positive rating action/upgrade: - Significant increase in attributable contracted-sales scale, in line with peers with higher SCPs, while maintaining leverage, measured by net debt/net property assets, below 40%; - Stronger linkage with the parent. Factors that could, individually or collect...
International scale credit ratings of Non-Financial Corporate issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, m...
Adequate Liquidity:Jinmao had total cash and cash equivalents of CNY42.3 billion at end-1H22, including a restricted portion of CNY9.4 billion. Readily available cash of CNY32.9 billion was sufficient to cover reported short-term debt of CNY28 billion. We expect the group to maintain sufficient liquidity to fund development costs, land premium paym...
Jinmao is a mid-sized, multi-regional property developer in China. It was a first mover in acquiring city operation projects, which are large in scale and require experience in district planning, primary and secondary development, and operation of industrial parks and commercial properties. Jinmao listed its 67.3%-owned property management subsidia...
Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. For more information on Fitch's ESG Relevance Scores, visit www.fit...
Numbers in parentheses accompanying applicable model(s) contain hyperlinks to criteria providing description of model(s).
6 days ago · See the latest China Jinmao Holdings Group Ltd stock price (00817:XHKG), related news, valuation, dividends and more to help you make your investing decisions.
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