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Announcement:

Moody's: China property; sales and price growth continued in Sept

 The document has been translated in other languages

29 Oct 2013

Hong Kong, October 29, 2013 -- Moody's Investors Service says China's nationwide cumulative contracted sales and property prices continued to grow in September, supported by solid underlying demand for residential properties and better sentiment.

"Nationwide cumulative contracted sales grew a strong 34.5% year-on-year in the first nine months of 2013," says Kaven Tsang, a Moody's Vice President and Senior Analyst.

"In addition, contracted sales for September amounted to RMB691 billion, growing from RMB515 billion in August according to China's National Bureau of Statistics, as developers increased the number of new projects launched during the traditional high season for property sales, between September and October," adds Tsang.

Moody's comment is contained in the latest edition of its China Property Focus newsletter.

Moody's newsletter says that while property sales growth between January and September was strong, it was lower than the 46% recorded in the first six months of this year, reflecting the gradual absorption of pent-up demand.

Consequently, Moody's expects Chinese property developers to record milder year-on-year sales growth for the last quarter of this year.

"At the same time, property prices in 69 of China's 70 major cities grew in September; a result which has not changed since May, reflecting strong underlying demand for residential homes," says Tsang.

First-tier cities such as Beijing, Shanghai, Guangzhou and Shenzhen have maintained their record of posting the highest growth in property prices, at over 20% year-on-year in September.

Major second-tier cities such as Nanjing and Xiamen recorded more than 10% year-on-year price increases.

Further strong growth in property prices will affect home affordability, and which would lead to more government measures to cool the sector.

For example, on 22 October, the Beijing Municipal Commission of Housing and Urban-Rural Development issued policy guidelines aimed at increasing the supply of and controlling the prices for homes in the city. Moody's believes these latest efforts will pressure sales volumes and prices in Beijing.

In terms of new bond issues, Moody's points out that such issues have been strong since the last publication of Moody's newsletter. From 21 September to 25 October, six rated developers -- China Overseas Land & Investment Limited (Baa1 stable), Franshion Properties (China) Limited (Baa3 stable), Greenland Hong Kong Holdings Limited (Ba1 stable), Country Garden Holdings Company Limited (Ba2 stable), Evergrande Real Estate Group Limited (B1 stable) and Yuzhou Properties Company Limited (B1 stable) -- issued a total of $4.55 billion of bonds on the international debt capital markets. In contrast, between 21 August and 20 September, four rated developers issued a total of $825 million in bonds.

Moody's expects active bond issues will continue in 4Q 2013, given the improved market sentiment after the US Federal Reserve indicated last month that its stimulus measures will remain in place until the outlook for the US labor market substantially improves.

Moody's newsletter also says that overall, the developers' growing sales revenues and enhanced liquidity positions -- through funding activities such as bond issues -- should support their stable credit profiles in the next 12-18 months.

Subscribers can access the report at https://www.moodys.com/research/China-Property-Focus-October-2013--PBC_158258

NOTE TO JOURNALISTS ONLY: For more information, please call one of our global press information hotlines: London +44-20-7772-5456, New York +1-212-553-0376, Tokyo +813-5408-4110, Hong Kong +852-3758-1350, Sydney +61-2-9270-8141, Mexico City 001-888-779-5833, Sao Paulo 0800-891-2518, or Buenos Aires 0800-666-3506. You can also email us at mediarelations@moodys.com or visit our web site at www.moodys.com.

Kaven Tsang
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
SUBSCRIBERS: (852) 3551-3077

Gary Lau
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (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
SUBSCRIBERS: (852) 3551-3077

Moody's: China property; sales and price growth continued in Sept
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