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Announcement:

Moody's: CNLP's proposed share issue is credit positive

02 May 2018

Hong Kong, May 02, 2018 -- Moody's Investors Service says that China Logistics Property Holdings Co., Ltd's (CNLP) proposed share issue, if completed, is credit positive, but will have no immediate impact on its B2 corporate family rating and B3 senior unsecured rating.

The ratings outlook remains stable.

On 30 April 2018, CNLP announced that it has conditionally agreed to place 321 million shares, with Jingdong Logistics Group Corporation ("JD"), a wholly owned subsidiary of JD.com, Inc. (Baa3 positive). Upon completion of the proposed share issuance, JD will be CNLP's third largest shareholder, with an approximate 9.9% stake in its enlarged share capital.

Upon completion of the subscription agreement, JD will undertake a six-month lock-up for the shares, and will be entitled to one non-executive seat on CNLP's board.

The company intends to use the net proceeds of around HKD899 million to fund the development of additional logistics parks, and for general working capital purposes.

The closing of the share subscription is subject to the fulfilment of certain conditions precedent, including regulatory approval from the Hong Kong Stock Exchange.

"If the proposed share issue is completed as planned, it will enhance CNLP's access to funding and broaden its shareholder base," says Stephanie Lau, a Moody's Vice President and Senior Analyst.

CNLP has a relatively short public listing track record -- listing on the Hong Kong Stock Exchange in July 2016 -- and faces high funding needs to ramp up its logistics parks portfolio to meet strong leasing demand.

Moody's expects that the company's debt position in the next 12-18 months will remain similar to that of 2017. The additional funding procured from the share issuance will support planned and existing developments.

Moody's projects CNLP's revenue will grow to around RMB700-800 million in the next 12-18 months. Its completed and stabilized GFA grew to 2.3 million sqm at year-end 2017 from 0.9 million sqm at year-end 2016, and will make a full-year contribution in 2018. A stable debt level and higher earnings will in turn improve CNLP's EBITDA/interest to around 1.0x in the next 12-18 months, positioning the company well in its B2 rating category.

"The subscription agreement is consistent with our expectation that logistics facilities operators like CNLP will benefit from strong leasing demand for grade-A logistics space from e-commerce operators such as JD.com. In addition, the warehouse leasing cooperation between CNLP and JD.com can also create synergies," adds Lau, who is also Moody's Lead Analyst for CNLP.

Moody's projects JD.com will record strong revenue growth in the next 12-18 months, driven by fast growing gross merchandize value (GMV) migrating to online platforms from offline channels. This strong growth as a leading technology-driven e-commerce and infrastructure retail service provider in China underpins its strong warehousing demand. As a shareholder and existing tenant of CNLP, JD.com can offer insights into site selection and network establishment, while continuing to support CNLP's occupancy rate.

The principal methodology used in these ratings was Global Rating Methodology for REITs and Other Commercial Property Firms published in July 2010. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

China Logistics Property Holdings Co., Ltd is a leading operator of Grade-A logistics facilities in China. At 31 December 2017, it had 130 completed facilities totaling 2.4 million sqm in operation. The facilities are located in 14 provinces or centrally administered municipalities. In addition, it had 700,000 sqm of facilities under development as of the same date, and 800,000 sqm of land held for future development. Its portfolio had a total value of RMB16.8 billion at 31 December 2017.

Listed on NASDAQ in May 2014, JD.com, Inc. is the largest retailer in China in terms of revenue, both online and offline. It offers a wide selection of products, including communications, computers and consumer electronics, home appliances, apparel, food, books and other household items. It also provides an online marketplace for third-party sellers to sell products to customers through its website and mobile applications. As of 31 December 2017, it operated 7 fulfilment centres and 486 warehouses across China, staffed by its own employees. JD.com is a member of the NASDAQ100 and a Fortune Global 500 company.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Stephanie Lau
Vice President - Senior Analyst
Corporate Finance Group
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Gary Lau
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Releasing Office:
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

No Related Data.
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