Tuesday, October 27, 2020

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...

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...

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...

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

QPIG- Is it a LGFV or SOE?

Qinghai Provincial Investment Group (“QPIG” or “the company” or in Chinese “青海省投资集团有限公司”) is under the spotlight for missing its interest payment on 22 February...

2019 Chinese Offshore USD Bond Investor Survey Report

The 2019 Chinese offshore USD bond investor survey is based on the data and feedback collected from 24 one-on-one meetings with Chinese offshore USD...

Offshore Investors’ Top 10 Questions about the Credit Profiles of Chinese...

Lianhe Global has been outreaching to both the Chinese and international investors in the past several months. The investor population includes banks, asset management...

Chinese Government’s Eased Attitude Towards LGFVs’ Financing Activities Underpins Their Credit...

Financing policies for China’s local government financing vehicles (“LGFVs”) have been eased since 2H2018 due to the dynamic condition of China’s macroeconomy and the...

2019 Credit Outlook for China Financial Leasing Sector

China Lianhe’s Viewpoints on the China Financial Leasing Sector • Shareholder support and resilience and stability of financial leasing companies’ operation are key considerations in...

2019 Credit Outlook for China Property Developer Sector

China Lianhe’s Viewpoints on the Chinese Property Developer Sector Amid the spectre of the Sino-US trade tension, a slowing economy and a teetering property market,...

中国中小银行的信用状况受对影子银行和地区依赖性的影响而存在分歧

中国中小银行(包括股份制银行和城市商业银行)一直积极开展影子贷款活动(如另类投资和表外理财产品),并提供信贷以支持区域经济发展。这导致它们的业务增长强于大银行而在银行体系中市场份额增加,系统重要性提高和信用状况分化。 了解更多

The Chinese Government to Maintain Adequate Market Liquidity for Infrastructure Investments...

The Chinese government is unlikely to roll out any massive stimulus plan but instead, it will use available tools to fine-tune its policy goals...

Chinese Property Developers Under the Spotlight of New Financing Policies

China Lianhe’s Viewpoint on the Chinese Property Developer Industry • Chinese Property Developers Face a Wall of Maturing Debt in 2018-2020 Chinese property developers have been...

The Odd Couples: Chinese Property Developers and Local Governments

China has a unique economic structure with features of both market and planned economies. The Chinese central government uses monetary policy, as well as...

Reserve Requirement Ratios Reduction Alleviates Bond Market Risks

On 7 October 2018, the People’s Bank of China (PBOC) announced a plan to reduce the Reserve Requirement Ratios (RRR) by 1.0% for large...

China’s Small and Medium-Sized Banks’ Credit Profiles Diverge on Shadow Banking...

China’s small and medium-sized banks (including joint stock banks and city commercial banks) have been active in shadow lending activities (such as alternative investments...

Perceived Weaker Support Strains China’s Local Government Financing Vehicles

China’s Local Government Financing Vehicles (“LGFVs”) have incurred higher funding cost amid tightened regulations on their debt financing and perceived lower possibility of support...