HONG KONG, April 12, 2018 /PRNewswire/ -- Times China Holdings Limited ("Times China" or the "Company", which together with its subsidiaries, is referred to as the "Group", HKSE stock code: 1233) announces that its corporate family rating (CFR) was upgraded to 'Ba3' from 'B1' by the international credit rating agency Moody's Investors Service ("Moody's"), after Fitch upgraded the Group's ratings in March this year. Meanwhile, Moody's has also upgraded the senior unsecured rating on the bonds issued by Times China to 'B1' from 'B2'. The outlook on all ratings is stable.
Moody's says the Group recorded a good performance with strong contracted sales. Riding on the development of the Guangdong-Hong Kong-Macao Greater Bay Area, the Group will benefit from the favorable demand for residential properties in the region, which should support sustained growth in the Group's presales and revenues, as well as stable gross margins.
Moody's also points out that as at the end of 2017, the total land reserve of the Group reached 16.8 million sq.m., which can support 3 to 5 years of development. The Group will also keep annual spending on land at acceptable levels relative to its annual presales. In addition, the Group will invest in redevelopment projects to lower debt requirements. The Group's Ba3 CFR reflects the company's growing operating scale, established brand, and good track record of property development in Guangdong Province, coupled with the Group's stable profit margins and strong liquidity profile.
Following the upgrade by Fitch in March this year, Times China's rating has again been upgraded by another international credit rating agency, reflecting the capital market's confidence in and affirmation of the Group's business development and credit condition. Looking forward, the Group will 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 which are targeting the first-time home buyers and those who have the upgrader demand for the first time. 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 31 December 2017, the Group had a total of 79 major projects in various stages of development in major cities of Guangdong Province, including Guangzhou, Foshan, Jiangmen, Dongguan, Huizhou, Zhuhai, Zhongshan and Qingyuan as well as in Changsha, Hunan Province.
