Sunac China Placement - Previous Deal Didn’t Do Much, This Won’t Move the Needle Either

Sunac Blocks - Just the Start for Sunac China and It Won't Be the Last for Sunac Services

Credit Analyst, Lucror Analytics

Chuanyi Zhou

Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

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Credit

Sunac's sales execution has fallen in the lower-tier cities, albeit this has been offset by popular projects in higher-tier cities. Positively, the company’s cash collection has remained satisfactory despite the longer mortgage approval process. The company has been mainly relying on OCF, while credit markets have been largely inaccessible to developers. The company's refinancing plan is to repay debt using internal cash. Sunac has some quota to move funds from onshore to offshore. In our view, the puttable corporate bonds are still manageable.

  Sunac's sales execution has fallen in the lower-tier cities, albeit this has been offset by popular projects in higher-tier cities. Positively, the company’s cash collection has remained satisfactory despite the longer mortgage approval process. The company has been mainly relying on OCF, while credit markets have been largely inaccessible to developers.   The company's refinancing plan is to repay debt using internal cash. Sunac has some quota to move funds from onshore to offshore. In our view, the puttable corporate bonds are still manageable. 

Sunac China - Event Flash - Liquidity Update - Lucror Analytics

Sunac China Holdings

Sunac China - Event Flash - Liquidity Update - Lucror Analytics