China Property Sector: Preliminary Signals of Bottoming Out
The China property industry experienced an unprecedented and prolonged industry consolidation in recent years, which included significant decreases of property prices and transaction volume,...
联合评级国际有限公司（“联合国际”）认为控股股东变更不影响中国长城资产管理股份有限公司的战略重要性和政府支持
中国长城资产管理股份有限公司（“中国长城资产”或“公司”; ‘AA-/稳定’）于2025年2月14日披露，中华人民共和国财政部（“财政部”）将其持有中国长城资产的全部股份（约占公司已发行股份总数的73.53%）无偿划转至中央汇金投资有限责任公司（“中央汇金”），划转完成后中央汇金将成为中国长城资产的控股股东，公司仍为国有控股金融机构。
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Lianhe Global:Change in Controlling Shareholder Will Not Impact China Great Wall’s Strategic...
14 February 2025, China Great Wall Asset Management Co., Ltd. (“China Great Wall” or “the company”; ‘AA-/Stable’) disclosed that Ministry of Finance of the...
2025年中资离岸债券市场展望:尽管监管更加严格，但再融资需求和宏观环境向好将支持发行稳定增长
2024年，中资离岸美元债券发行规模同比增长42.0%至884.6亿美元。新增发行主要得益于融资条件有所改善，以及强大的再融资需求。同期，中资离岸人民币债券发行规模为381.9亿美元，较上年增长了41.2%。
2024年，中资城投离岸债券（包含所有货币）发行规模较上年激增92.8%至494.5亿美元，大量债务集中到期，促使城投发行人通过发行债券进行再融资。尽管中央政府和监管机构仍然对城投企业新增离岸债券施以严格监管，但融资成本有所下滑，仍促进了发行规模的增长。
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China Offshore Bond Market 2025 Outlook:Steady Growth Ahead Supported by Refinancing...
The China offshore USD bond new issuance rose to USD88.5 billion in 2024, representing a year-on-year (“yoy”) growth of 42.0%. The new issuance was...
2024年中资离岸债券市场半年报:强劲再融资需求推动发行表现明显转暖
受益于融资条件放松、再融资需求强劲以及部分违约主体成功进行了债券重组，2024年上半年中资离岸美元债券发行规模上涨至385亿美元，较2023年同期增长51.1%。另一方面，中资离岸人民币债券新发规模与2023年上半年基本一致（167亿美元），同比小幅下跌0.1%。
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China Offshore Bond Market 2024 Mid-Year Update:Apparent Recovery Underpinned by Strong...
The China offshore USD bond new issuance climbed to USD38.5 billion in 1H2024, representing a year-on-year (“y-o-y”) growth of 51.1% compared with the first...
每日收入分成凭证（DRO）现金流预测及证券化信用评级研究
收入分成融资（Revenue Based Financing，即RBF）是近年来新兴的一种资产类型。在中国地区，RBF的代表性资产为每日收入分成凭证（Daily Revenue Obligation, 即DRO）。本研究以滴灌通集团（“滴灌通”）运营的DRO为分析案例，介绍了DRO作为基础资产进行资产证券化的信用分析框架，主要包含DRO资产现金流预测方法和证券化信用评级思路。
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Ongoing Viability of LIDCs Remains Essential in Underpinning China’s Economy and...
China’s local investment and development companies (“LIDCs”), also generally known as local government financing vehicles (“LGFVs”), have been established to facilitate local infrastructure and...
2024年中资离岸债券投资者调查报告（下）
这2024年中资离岸债券投资者调查报告是基于对30位中资离岸债券投资者一对一访谈的数据和反馈，其中23位投资人在中国香港地区，7位在中国香港以外地区。该调查于2024年1月到3月进行。调查分为四个部分：一般问题、宏观经济的看法、中资离岸债券市场的看法和中资离岸债券市场的投资策略。
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2024 Chinese Offshore Bond Investor Survey Report (Part Two)
The 2024 Chinese offshore bond investor survey is based on the data and feedback collected from 30 Chinese offshore bond investors of which 23...
2024年中资离岸债券投资者调查报告（上）
这2024年中资离岸债券投资者调查报告是基于对30位中资离岸债券投资者一对一访谈的数据和反馈，其中23位投资人在中国香港地区，7位在中国香港以外地区。该调查于2024年1月到3月进行。调查分为四个部分：一般问题、宏观经济的看法、中资离岸债券市场的看法和中资离岸债券市场的投资策略。
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2024 Chinese Offshore Bond Investor Survey Report (Part One)
This 2024 Chinese offshore bond investor survey is based on the data and feedback collected from 30 Chinese offshore bond investors of which 23...
2024年中资离岸债券市场展望:支持性政策和强劲再融资需求有望推动发行回暖
受美联储持续调高利率、中长期离岸债券发行的监管政策趋严、离岸债券市场持续发生信用风险事件导致市场信心低迷等的因素影响，2023年中资美元债发行规模大幅下跌，发行量由2022年的1,025亿美元降至2023年的623亿美元，同比下挫39.2%。与之相反，中资离岸人民币债券新发行规模在2023年大幅增长并创纪录新高，全年发行规模激增至408亿美元。
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China Offshore Bond Market 2024 Outlook:Probable Recovery of New Issuance amid...
The China offshore USD bond new issuance met a plummet in 2023, with the issuance amount falling to USD62.3 billion from USD102.5 billion in...
China Offshore Bond Market 2023 Mid-Year Update:Seeking Financing Alternatives and Policy...
The China offshore USD bond new issuance declined to USD25.3 billion in 1H2023, representing a year-on-year decrease of 59.2%, mainly due to the USD...
2023年中资离岸美元债券投资者调查报告(下)
这2023年中资离岸美元债券投资者调查报告是基于对32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23位投资人在中国香港地区，9位在中国香港以外地区。该调查于2023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。
我们在《2023年中资离岸美元债券投资者调查报告（上）》中公布了宏观经济的看法和中资离岸美元债券市场的看法。在本报告中，我们总结了中资离岸美元债券市场的投资策略的调查结果。
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2023 Chinese Offshore USD Bond Investor Survey Report (Part Two)
The 2023 Chinese offshore USD bond investor survey is based on the data and feedback collected from 32 Chinese offshore USD bond investors of...
2023年中资离岸美元债券投资者调查报告(上)
这2023年中资离岸美元债券投资者调查报告是基于对32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23位投资人在中国香港地区，9位在中国香港以外地区。该调查于2023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。
我们将调查结果总结在2份不同的报告中。本报告包括对一般问题的调查结果、宏观经济的看法和中资离岸美元债券市场的看法。我们的第二部分报告将涵盖中资离岸美元债券市场的投资策略。
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2023 Chinese Offshore USD Bond Investor Survey Report (Part One)
This 2023 Chinese offshore USD bond investor survey is based on the data and feedback collected from 32 Chinese offshore USD bond investors of...
China Offshore Bond Market 2023 Outlook: Safety Comes First Amid Challenging...
The China offshore bond market was continuously supported by the refinancing needs of LIDC. However, the tightened policies on the use of proceeds from...
2022年上半年中国离岸债券市场回顾和2022年下半年展望：迎接新常态
在2022年上半年，中国离岸美元债券发行量下降至640亿美元，同比减少了37.3%。离岸债券发行受到地方政府融资平台(“城投”)再融资需求的支持，但在此期间同时受到中国房地产开发商违约和信贷事件以及美联储加息的冲击。
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China Offshore Bond Market 1H2022 Review and 2H2022 Outlook: Embracing the...
The China offshore USD bond new issuance dropped by 37.3% year-on-year to USD64 billion in 1H2022. The offshore bond issuance was supported by the...
China Offshore Bond Market 1H2022 Review and 2H2022 Outlook Report: ...
The China offshore USD bond new issuance dropped by 37.3% year-on-year to USD64 billion in 1H2022. The offshore bond issuance was supported by the...
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。
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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。
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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。
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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。
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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%。
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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...