buy canada goose jacket cheap Fitch Rates Beijing Capital Land’s CNH Notes Final ‘BB buy canada goose jacket cheap
canada goose store Feb 21 canada goose uk shop (Reuters) R(The following statement was released by the rating agency) canada goose store
canada goose deals Fitch Ratings has assigned property developer Beijing Capital Land Ltd (BCL; BB /Negative) two notes totalling CNY2.25bn and denominated in offshore yuan, or CNH, a final rating. canada goose deals
Canada Goose Jackets The notes CNY2,000m of 5.75% canadian goose jacket guaranteed notes due 2017 and CNY250m of 6.875% guaranteed notes due 2019 were issued on 17 February 2014 under BCL USD1,000m medium term canada goose clearance sale note programme. The final rating Canada Goose Jackets is in line with the expected rating assigned canada goose uk outlet on 9 February 2014 and follows the canada goose outlet sale receipt of final documents conforming to information already received. Canada Goose Jackets
canada goose clearance The two offshore yuan notes uk canada goose outlet issued by Central Plaza Development Ltd, Canada Goose sale are irrevocably and unconditionally guaranteed by BCL wholly owned subsidiary International Financial Center Property https://www.alifeoutofdebt.com Ltd. (IFC). Under the terms of the programme, BCL has granted a keepwell deed and deed of equity interest purchase undertaking for the notes. canada goose clearance
canada goose KEY RATING Canada Goose online DRIVERS Leverage Moderated But Volatile: BCL leverage, measured by the net debt/adjusted inventory ratio, moderated to 36% in 2013 from 47% in 2012, helped by a strong increase in development sales in the last two months of 2013. canada goose store The sharp buy canada goose jacket cheap increase in investment property assets (a total of CNY3.5bn in 1H13 and 2012) reversed in 2H13 following Canada Goose Coats On Sale asset disposals. BCL intention to grow at a faster pace, which will require continued increase in land and construction expenditure, is likely to result in more volatile Canada Goose Online leverage. To achieve faster growth without increasing pressure on its credit metrics, BCL needs to sustain an improvement in contracted sales above the 2013 level of CNY19.6bn. canada goose
cheap Canada Goose Contracted Sales Outlook Uncertain: Contracted sales in 2013 were volatile from January October they increased by only 14% yoy, but surged 160% yoy in November December. Strong reliance on sales in Beijing and Tianjin (60% in 2013, 41% in 2012) could result in lumpy sales and reduced cash flow visibility. Furthermore, sales uncertainty could increase with the tightening of home purchase restrictions cheap Canada Goose in Tier 1 cities and intense competition for land. However, Fitch believes that BCL canada goose factory sale fast churn mass market canada goose uk black friday business model canada goose targets the right market. cheap Canada Goose
Canada Goose Parka Investment Property Contribution Weak: cheap canada goose uk Because of the long gestation period for investment canada goose coats properties, Canada Goose Outlet they do not yet contribute meaningfully to BCL earnings. buy canada goose jacket In addition, uk canada goose its outlet malls will likely take significantly longer to stabilise canada goose black friday sale and achieve profitable yields. These factors have resulted in a reduced focus canada goose coats on sale by BCL in the expansion of its investment property business. As a result, the ratio of recurring rental EBITDA to interest expense will remain negligible over the next two to three years. Canada Goose Parka
canada goose coats Sufficient Liquidity: BCL had CNY11.3bn cash and RMB65.6bn in unused bank credit facilities. Fitch expects the group to canada goose clearance maintain sufficient liquidity to fund development costs, land premium payments and debt obligations during 2013 15 due to its diversified funding channels from both onshore and offshore capital markets, strong support from its partners China Development Bank and Singaporean government investment company GIC Private Limited, and its flexible land acquisition strategy. canada goose coats
canada goose black friday sale Benefits from Parent and Partners: BCL is 45.58% owned by Beijing Capital Group Ltd, which has acquired a low cost land bank in prime locations throughout China through local infrastructure development with local governments. Beijing Capital Group land incubation strategy provides land bank resources for BCL at a low cost. In addition, BCL partnership with GIC and China Development Bank since 2003 has produced additional funding channels and liquidity. canada goose black friday sale
canada goose clearance sale RATING SENSITIVITIES Negative: Future developments that may, individually or collectively, lead to negative rating action include: canada goose clearance sale
canada goose coats on sale Net debt/adjusted inventory leverage remaining above 40% over the next 12 18 months canada goose coats on sale
Canada Goose Outlet Monthly contracted sales in 2014 consistently increasing at less than 20% yoy Canada Goose Outlet
buy canada goose jacket EBITDA margins (adjusted for capitalised interest) falling below 25% (28.8% at end June 2013) buy canada goose jacket
canadian goose jacket Any signs of increase in net debt to fund additional investment property expansion in the next 12 18 months canadian goose jacket
Canada Goose online Any signs of weakening in Canada Goose Parka Beijing Capital Group land incubation strategy and/or weaker ties with its strategic partners Canada Goose online
Canada Goose sale Positive rating action in the immediate future is unlikely given BCL is on Negative Outlook, although the Outlook may revert to Stable if BCL performance and leverage ratios improve to sit more comfortably within thresholds that if reached, may trigger negative rating action Canada Goose sale.