投资者关于城投在中国离岸美元债券市场的十大问题

联合评级国际有限公司(“联合国际”) 在过去几个月内一直在与境内和境外投资者进行交流。大多数投资者对中国离岸美元债券市场中的中国地方政府和地方政府融资平台(“城投”)的信用状况感兴趣。我们在本报告中总结了投资者最常问的问题和我们的反馈。 了解更多

Investors’ Top 10 Questions on Chinese LGFVs in the China Offshore...

Lianhe Ratings Global Limited (“Lianhe Global”) has been outreaching to both onshore and offshore investors in the past several months. Most investors are interested...

中国房地产开发商2021年度业绩回顾:物竞天择

联合评级国际有限公司(“联合国际”)所评级的中国房地产开发商公布了2021年年度业绩,在合约销售和收入方面分别平均增长6.7%和18.2%(不包括离群值)。然而,由于更多的房价降价和折扣销售,其毛利率在2021年继续收紧,与2020年相比平均下降了2.3个百分点。 了解更多

Chinese Property Developers 2021 Annual Results Review: Survival of the Fittest

A number of Lianhe Ratings Global Limited (“Lianhe Global”)’s rated Chinese property developers announced their 2021 annual results with an average growth of 6.7%...

Takeaways from the Two Sessions on China Housing Policy: Focus on...

During the opening meeting of the National People’s Congress (NPC) and the National Committee of the Chinese People’s Political Consultative Conference (CPPCC) sessions, which...

2022 年中资离岸美元债券投资者调查报告(下)

这份2022 年中资离岸美元债券投资者调查报告是基于对 31 位中资离岸美元债券投资者一对一访谈的数据和反馈,其中 25 位投资人在中国香港地区,6 位在中国香港以外地区。该调查于 2022 年 1 月和 2 月进行。调查分为四个部分:一般问题、宏观经济的看法、中资离岸美元债券市场的看法和中资离岸美元债券市场的投资策略。 了解更多

2022 Chinese Offshore USD Bond Investor Survey Report (Part Two)

The 2022 Chinese offshore USD bond investor survey is based on the data and feedback collected from 31 Chinese offshore USD bond investors of...

2022年中资离岸美元债券投资者调查报告(上)

这份2022年中资离岸美元债券投资者调查报告是基于对31位中资离岸美元债券投资者一对一访谈的数据和反馈,其中25位投资人在中国香港地区,6位在中国香港以外地区。该调查于2022年1月和2月进行。调查分为四个部分:一般问题、宏观经济的看法、中资离岸美元债券市场的看法和中资离岸美元债券市场的投资策略。 了解更多

2022 Chinese Offshore USD Bond Investor Survey Report (Part One)

The 2022 Chinese offshore USD bond investor survey is based on the data and feedback collected from 31 Chinese offshore USD bond investors of...

China Property Developers’ Contracted Sales Outlook Remains Weak in 2022

The weak contracted sales trend since the second half of 2021 continued at the beginning of 2022. According to the National Bureau of Statistics,...

Possible Credit Warning Signal: Auditor Change

The change of auditors by issuers often arouses concern over corporate governance and the quality of the financial statements. We will examine the following...

China Offshore Bond Market 2021 Review and 2022 Outlook: There is...

The China offshore bond market was severely hit by a series of defaults and credit events caused by Chinese property developers in the second...

2021年中国离岸债券市场回顾和2022年展望:物竞天择的过程中渐露曙光

在2021年下半年,中国房地产开发商引发的一系列违约和信用相关事件严重打击了中国离岸债券市场。由于债券收益率的大幅飙升,与票面利率利差不断扩大,开发商的债券融资渠道几乎被关闭。因此,在2021年首十个月,中国离岸美元债券发行额下降至1,655亿美元,同比减少了11.9%。尤其是2021年下半年截至10月底的四个月内,离岸美元债的发行额同比减少了30%。 了解更多

China Offshore Bond Market 2021 Review and 2022 Outlook: There is...

The China offshore bond market was severely hit by a series of defaults and credit events caused by Chinese property developers in the second...

China Offshore Bond Market 1H2021 Review and 2H2021 Outlook: Intensified Polarization...

China offshore USD bond new issuance amount showed a slight rebound of 5.0% year-on-year in 1H2021, but the amount was still lower than those...

Chinese Property Developers 2020 Annual Results Announcement Review: Marching Forward Amidst...

Lianhe Ratings Global Limited (“Lianhe Global”)’s rated Chinese property entities achieved 2020 annual results with an average growth of 24.5% in contracted sales, together...

2021 Chinese Offshore USD Bond Investor Survey Report (Part Two)

We have published the first part of the survey results on the Views on Macroeconomy, Views on Chinese Offshore USD Bond Market in the...

2021 Chinese Offshore USD Bond Investor Survey Report (Part One)

The 2021 Chinese offshore USD bond investor survey is based on the data and feedback collected from 26 Chinese offshore USD bond investors of...

China LGFVs 2021 Outlook: Policy Functions Remain Intact; Credit Polarization Intensifying

Due to the impact of COVID-19 and the tightening financing policies from the No. 666 Announcement by the National Development and Reform Commission (NDRC),...

Chinese Property Developers 2021 Outlook: On the Recovery Path

China’s full-year total contracted sales and GFA rose 8.7% and 2.6% year-on-year in 2020, respectively. Going forward, we foresee this steady growth momentum to...

Contracted Sales Figures Are a Better Indicator Than Revenue When Analyzing...

Lianhe Global examines a number of factors when analyzing the credit of Chinese property developers. In this commentary, Lianhe Global focuses on the predicative power...

Common Credit Attributes of Chinese Investment Grade Property Developers rated by...

Lianhe Global examines a number of factors when analyzing the credit of Chinese property developers. In this commentary, we would like to highlight some...

Interim Results of Lianhe Global’s Rated Chinese Property Developers: Sales Performance...

Receding COVID-19 Impacts in China to Aid Sales Performance; Evolving Operation Focus with Continuous Industry Polarization The first phase control of the COVID-19 in...

Mid-Year Review on Chinese LGFVs: Proactive Policies Mitigate Impact of the...

Overview of Chinese LGFV Offshore USD Bond Issuance The total issuance amount of Chinese LGFV offshore USD bonds recorded about a 45.5% decrease to USD7.8...

Mid-Year Review on Chinese Property Developers: A Tale of Two Cities

Overview of Chinese Property Developers Offshore USD Bond Issuance Total offshore USD bonds issuance amount by Chinese property developers recorded a year-on-year decrease of c....

Chinese Local Government Update: The Yancheng Municipal Government

Ongoing Economic Structural Transformation Although GDP Growth Slowed Down Yancheng is a municipal city under Jiangsu province. Yancheng’s GDP growth further slowed to 5.1% in...

Chinese Local Government Update: The Qingdao Municipal Government

Ongoing Economic Structural Transformation Although GDP Growth Slowed Down Qingdao is a municipality with an independent planning status enjoying provincial-level status in the economic planning...

Chinese LGFV Offshore US Dollar Bond Market: The Impact of COVID-19...

Concerns over the potential negative impact of the COVID-19 epidemic on the global economy caused significant pressure and fluctuation in the capital markets worldwide...

2020 Chinese Offshore USD Bond Investor Survey Report (Part Two)

The 2020 Chinese offshore USD bond investor survey is based on data and feedback collected from 32 one-on-one interviews with Chinese offshore USD bond...

2020 Chinese Offshore USD Bond Investor Survey Report (Part One)

Part A: Survey Population Characteristics The 2020 Chinese offshore USD bond investor survey is based on the data and feedback collected from 32 one-on-one interviews...

China’s Economic Structural Adjustment Encountered Virus Outbreak, Short-term Fluctuation Will Not...

Since around the beginning of 2020, China has encountered a new type of coronavirus pneumonia ("COVID-19") epidemic and it remains unclear when the epidemic...

中国经济结构调整偶遇疫情 短期波动不改长期经济发展趋势

2020年辞旧迎新之际,中国遭遇新型冠状病毒肺炎(“COVID-19”)疫情,随着疫情发展,关于疫情何时可以得到控制目前无法得到确切定论。2020年COVID-19与2003年SARS的传染速度不同,因当前公共交通更加便利,迁移人口数量巨大,对疫情传染的防控和地方卫生体系应对突发卫生事件的能力提出巨大挑战。。。。。。 了解更多

Coronavirus Fuels the Pace of Change in the Industry Dynamics for...

Coronavirus outbreak, which began in China in December 2019 and has since spread across multiple regions, is affecting various economic activities in China. We...

Chinese Property Developers 2020 Outlook: Possibly A Watershed Year

2020 may turn out to be a watershed year for Chinese property developers as they face a slowing economy, regulatory constraints both on financing...

China LGFV 2020 Outlook: Fiscal Stimulus to Support China’s Economy Will...

China has reembraced the investment-driven growth model since 2H2018 to boost its economy, which reported a slowing year-on-year GDP growth of 6% in 3Q2019....

Factors to Consider When Analysing the Credit Profiles of Chinese LGFVs

Lianhe Global examines a basket of elements when analysing the credit profiles of China’s Local Government Financing Vehicles (“LGFVs”). In this commentary, we highlight...

Counter-cyclical Measures Benefit China’s Bond Market

In order to support the real economy and reduce financing cost, China’s central bank announced a reduction of the required reserve ratio (“RRR”) for...

China’s Domestic Spending Plans Underpin LGFVs and Property Developers’ Credit Story

In a bid to boost China's economy, the government has rembraced the investment-driven growth model. Lianhe Global lays out what this means for the...

Offshore US Dollar Debt Market 2Q2019 Review: Record issuance in the...

Since the second quarter of 2019, the Fed’s policy stance has turned dovish which pushes down yields on the US dollar denominated debts including...

1H 2019 Review and 2H 2019 Outlook on the Panda Bonds...

After four consecutive rate hikes in 2018, the U.S. Federal Reserve took a slight turn in the direction of its monetary policy in 1H...

Onshore LGFVs 1H2019 Review: Policies and financing environment remained accommodative but...

In 1H2019, monetary and macroeconomic policies remained accommodative with adequate liquidity in the market which improved the financing of LGFVs marginally. Overall policies on...

Factors to Consider When Analysing Chinese Property Developers

Lianhe Global examines a basket of elements when analysing Chinese property developers. In this commentary, we would like to highlight some of the key...

Mid-Year Review on Chinese Property Market Trend

Lianhe Global believes that contracted sales of Chinese property developers will experience a decelerated growth in 2019 as the Chinese government has placed restrictive...

Lianhe Global Expects China to Ensure a Suitable Monetary and Financial...

Private enterprises, especially micro and small-sized enterprises, generally face greater difficulties in accessing credit facilities compared with state-owned entities in China. The challenges have...

Recovery Research of 2018 Onshore RMB Bond Defaults

As of end-2018, the overall recovery rate in the onshore public bond market was around 15.46%, which was lower than the rate in 2017...

1Q2019 Chinese Offshore USD Bond Research Report

The US Treasury yields declined rapidly in the first quarter of 2019 which to some extent reduced the issuance costs of Chinese offshore USD...

2018 Annual Report on Green Bonds in China

The China green bond market grew moderately and the amount of green bonds issued totalled RMB220.9 billion with a year-on-year growth rate of 7.48%...

2018 Annual Research Report on Asset-Backed Securities Market in China

The issuance amount of asset-backed securities (“ABS”) increased significantly to RMB1,995.2 billion with year-on-year growth of 5 billion in 2018. 1,762 of the total...

China Onshore Bond Market 2018 Default Study and 2019 Outlook

40 issuers defaulted for the first time in China bond market in 2018, which reached a historic high and involved 106 defaulted bonds totalling...

青海省投资集团 — 地方政府融资平台还是国有企业?

青海省投资集团有限公司 (“QPIG” 或 “该公司”) 因未能按期支付2019年2月22日的利息而备受瞩目。联合国际依据公开信息对QPIG的性质进行了评估。 了解更多