Coronavirus outbreak, which began in China in December 2019 and has since spread across multiple regions, is affecting various economic activities in China. We believe Chinese property developers will experience decrease in contracted sales in the short-term and those with weaker financial profiles will be under liquidity pressure due to a slow-down in sales recognition and cash collection resulting from the delays in both the construction and presales fronts. Credit polarization in the Chinese property industry is expected to exacerbate as a result of the outbreak.