HONG
KONG,�CHINA - Media
OutReach - 8 October 2019 – Jiayuan
International Group Limited (“Jiayuan International” or the “Group”; SEHK
stock code: 02768), an established property developer of both large-scale
residential and integrated commercial complex projects in China, is pleased to
announce that a prestigious international credit rating agency Moody’s
Investors Service (“Moody’s”) has upgraded the Group’s corporate family rating
to “B2” with a stable outlook.
Moody’s says the change to Jiayuan
International’s corporate family rating reflects the reduced risk of change of
control in Jiayuan International after the Group’s founder and chairman Shum
Tin Ching completed the sale of his property projects in Anhui province to the
Group in August and reduced significantly in the last two months the amount of
loans he has secured with pledged shares in Jiayuan International.
In addition, Moody’s expects that the injection
of the Anhui province-based property projects into the Group will help to
sustain its contracted sales growth and thus enhance its liquidity over the
next 12 to 18 months. The Group’s contracted sales are expected to grow to somewhere
between RMB25 billion and RMB30 billion. The injection of such property
projects has also made the Group’s geographical market coverage comparable to
its mainland China-based peers that also have a corporate family rating of “B2”.
Moody’s mentions that Jiayuan International’s
projected credit metrics also support its “B2” rating and that the Group’s financial
position will remain strong in the next 12 to 18 months. Other factors that
have contributed to the upgraded rating are the good performance of the Group’s
operations in Jiangsu province, which is its core market, and the high-quality
land reserves that it has acquired at low costs.
Mr. Zhang Yi, Vice Chairman, President and
Executive Director of Jiayuan International said, “Moody’s upgraded the Group’s corporate family rating to “B2″. This reflects the capital market’s recognition of
the Group’s business performance and effort to optimize its debt structure. The
Group has replenished its quality land bank and extended its business footprint
to Anhui province after it has completed the acquisition of some property
projects in Anhui province from its chairman in August. With the contribution
from the property projects in Anhui to sales, the management of the Group is confident
that the Group can fulfil its sales target for the year. In the future, the
Group will continue to optimize its financial structure, capitalize on the state policies on
national development, and develop property projects in such key areas as
Yangtze River Delta, Guangdong-Hong Kong-Macau Greater Bay Area and the regions
covered by China’s Belt and Road Initiative so as to maximize the returns to
shareholders.”
Jiayuan
International is an established property developer of large-scale residential
and integrated commercial complex projects in different major cities in the
People’s Republic of China (“PRC”). With over 20 years of experience in
property development, the Group develops property projects through
comprehensive planning, meticulous quality control, sophisticated operating
systems and experienced professional teams to meet the needs of different
regions and strengthen the Group’s brand image. As of June 30, 2019, the Group
has a portfolio of more than 47 property projects, covering the cities of
Nanjing, Yangzhou, Changzhou, Nantong, Taizhou, Zhenjiang and Suzhou. Since
2016, the Group has taken the lead in entering Guangdong Hong Kong-Macao
Greater Bay Area, and has successively obtained a number of quality projects in
Shenzhen, Jiangmen and Macau. In 2018, it established a joint venture company
in Hong Kong to formally enter the Hong Kong real estate market; and purchased
the quality properties of Shanghai from Mr. Shum Tin Ching, Chairman of the
Group, thus enhancing its brand influence in the Yangtze River Delta Region. In
addition, the Group also succeeded in expanding its business coverage to key
provincial capital cities, including Guiyang and Urumqi. The Group also
ventured into countries and regions along the “Belt and Road” initiative, such
as acquiring fine and parcels in Cambodia. In addition, the Group is pending to
acquire various projects located in major cities of Anhui province from
Chairman Shum, signifying a new level in the Group’s international development.
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