HONG KONG, Nov. 20, 2020 /PRNewswire/ -- Times China Holdings Limited (the "Times China" or "Company", together with its subsidiaries, the "Group", HKEx stock code: 1233), announce that Fitch Ratings ("Fitch") affirms its Long-Term Foreign-Currency Issuer Default Rating, senior unsecured rating and the ratings of all its outstanding bonds at 'BB-', while Moody's Investors Service ("Moody's") maintains the Company's corporate family rating at 'Ba3'. The outlook for all ratings is stable.
Fitch pointed out that Times China has high-quality and sufficient land bank, strong brand recognition in Guangdong Province, and a healthy gross profit margin for its property-development business. Times China also has a new source of liquidity from the primary-land development of its urban-renewal projects (URPs). It is expected that Times China will continue to be benefited from its URPs and the robust demand in the Guangdong-Hong Kong-Macao Greater Bay Area ("GBA").
Moody's stated that the 'Ba3' corporate family rating reflects the Group's growing operating scale and healthy profitability, underpinned by its good track record of property development and increasing URPs conversion in Guangdong Province, as well as its strong liquidity. Moody's also pointed out that the group is gradually increasing geographic coverage to provinces out of the Guangdong Province, reducing its geographic concentration.
As of 30 June 2020, Times China had a total of 130 major projects in various stages, including 121 projects in major cities of Guangdong Province, namely Guangzhou, Foshan, Jiangmen, Dongguan, Huizhou, Zhuhai, Zhongshan, Qingyuan, Zhaoqing, Shantou, Shanwei and Heyuan, 5 projects in Changsha, Hunan Province, 1 project in Wuhan, Hubei Province, 2 projects in Chengdu, Sichuan Province and 1 project in Hangzhou, Zhejiang Province. The Group gradually extending its layout across areas with high growth potential such as the Yangtze River Delta, Chengdu-Chongqing and the mid-stream of the Yangtze River. Meanwhile, there are over 150 urban redevelopment projects in aggregate held by the Group, with a potential total GFA of approximately 52 million sq.m..
Despite the uncertainty of the global economy, Fitch and Moody's affirmed and maintained respectively Times China's credit rating. It reflects the capital market's recognition of and confidence in the Group's business development and credit condition. The Group endeavors to seize market opportunities, consolidate and expand its leading position in the GBA, and gradually extend the geographical layout across cluster of cities with high growth potential, also continue to expand its land reserves through various channels, including participations in public auctions, urban redevelopment projects, primary development, cooperation and acquisition. The Group will continue to maintain a prudent financial policy whilst pursuing business growth, aiming at bringing satisfactory returns to shareholders and investors.
About Times China Holdings Limited
Times China Holdings Limited is one of the leading property developers in China, focusing on the development of residential properties targeting at first-time purchase and first-time home-improvement demand. The Group's shares have been listed on the Main Board of The Stock Exchange of Hong Kong since 11 December 2013. Times China positions itself as a "life stylist", with a vision of introducing modern and artistic lifestyles to increasingly affluent middle- to high-income households with relatively high disposable income and strong purchasing power. As at 30 June 2020, the Group had a total of 130 major projects in various stages of development in major cities of Guangdong Province, namely Guangzhou, Foshan, Jiangmen, Dongguan, Huizhou, Zhuhai, Zhongshan, Qingyuan, Zhaoqing, Shantou, Shanwei and Heyuan, as well as in Changsha, Hunan Province, Chengdu, Sichuan Province and Hangzhou, Zhejiang Province.