CORPORATES

SECTOR IN-DEPTH Property – 30 March 2021 China Property Focus: Very strong sales growth unsustainable amid tight regulations

TABLE OF CONTENTS » National property sales recorded very strong growth in the first two months of National property sales recorded very 2021 because of the low base in the same period of 2020. National contracted sales strong growth in the first two months of 2021 because of the low base in value increased 143.5% year-on-year in the first two months of 2021 because of the low 2020 2 base as a result of the coronavirus disruptions last year. The growth was largely driven Rated developers' offshore bond by a volume increase. We expect national sales to slow amid tightened onshore credit issuance weakened in Q1 2021 4 conditions. Year-on-year contracted sales value for the 30 developers we track (of the 70 Liquidity stress indicator rose in February 2021 5 we rate) increased 88.0% in the first two months of 2021, underperforming the national Ten rating actions from 27 January to market. 29 March 6 Appendix I 8 » Strong price growth will moderate in the rest of 2021. Property price growth Appendix II 9 remained strong in February 2021, mainly driven by Tier 1 and Tier 2 cities. However, we Appendix III 13 expect price growth to moderate in the rest of 2021 because local governments will fine- Moody's related publications 14 tune city-specific regulatory measures, aiming to curb rising prices.

» Rated developers' offshore bond issuance declined in Q1 2021. In the first quarter of 2021 (up to 26 March), offshore bond issuance was $17.4 billion, a decline of 27.3% from Contacts the $23.9 billion in Q1 2020. Onshore bond issuance increased to RMB56.6 billion in Q1 Cedric Lai +852.3758.1456 2021 (up to 26 March), up 13.8% from the RMB41.0 billion in the corresponding period of VP-Senior Analyst [email protected] 2020. Franco Leung, CFA +852.3758.1521 » Liquidity stress indicator increased in February. Our February Asian Liquidity Stress Associate Managing Director sub-indicator for rated high-yield Chinese developers increased to 20.0% from 18.3% in [email protected] January, driven by weakened operating cash flow of one developer. Gary Lau +852.3758.1377 MD-Corporate Finance » Ten rating actions from 27 January to 29 March 2021. We upgraded one company, [email protected] downgraded three companies and revised the outlooks of five companies.

CLIENT SERVICES Moody's China Property Dashboard Americas 1-212-553-1653 No. of high yield (HY) rated developers with weak liquidity Bond issuance ($ billion) Feb 21 Jan 21 Onshore Offshore Asia Pacific 852-3551-3077 # of HY developers with SGL-4 12 11 Jan-Mar 21 8.6 17.4 % of total HY developers 20.0% 18.3% 2020 36.2 52.8 Japan 81-3-5408-4100 Developers with highest YTD sales growth No. of rating actions 27 Jan 21 - 29 Mar 21 Jan-Feb 2021 Name % Positive Negative EMEA 44-20-7772-5454 Sales growth 1 Greentown 405% Rating actions 6 4 year-on-year 2 Hopson 316% New rating assignments 0 3 Agile 232% % of rated developers with positive outlook and RUR Up 9% % of rated developers with negative outlook and RUR Down 10% MOODY'S INVESTORS SERVICE CORPORATES

National property sales recorded very strong growth in the first two months of 2021 because of the low base in 2020

» National contracted sales value grew 55.8% (three-month moving average) year-on-year in February from 21.8% growth in December 2020, largely driven by a sales volume (three-month moving average) increase of 38.6% in February from 12.7% in December 2020 (Exhibit 1). The average selling price (ASP) rose 12.4% (three-month moving average) year-on-year in February (up from 8.1% growth in December 2020).

» In the first two months of 2021, national contracted sales value increased 143.5% year-on-year because of the low base last year as a result of the coronavirus disruptions.

» We expect national sales value growth in rest of 2021 to moderate as a tightened credit environment will slow growth for both ASP and sales volume. The growth is likely to be front-loaded because of the low base in H1 2020 when sales were disrupted by the coronavirus outbreak.

» Year-on-year contracted sales value growth (three-month moving average) for the 30 developers we track (of the 70 we rate) accelerated to 63.4% in February from 25.5% in December 2020 and 17.5% in November 2020 (Exhibit 2). Still, this underperformed the national market. Nevertheless, we expect our rated developers will outperform the general market because of their strong sales execution abilities, branding and better access to funding.

» Among the 70 rated Chinese developers, Holdings Limited (Ba3 stable) recorded the highest year-on-year contracted sales growth for the first two months of 2021 (405%), followed by Holdings Limited (B2 stable) (316%), Agile Group Holdings Limited (Ba2 stable) (232%), and Logan Group Company Limited (Ba2 stable) (222%).

» Property prices continued to grow in February (Exhibit 3). According to residential property sales prices in 70 large and medium-sized cities released by the National Bureau of Statistics, the pace of growth increased to 4.5% and 3.5% for Tier 2 and lower-tier cities, from 4.1% and 3.3% in December 2020. Meanwhile, price growth in Tier 1 cities rose further in February, to 4.8% from 4.0% in December 2020 and 3.9% in November 2020.

» Inventory levels across different city tiers remained at a healthy level in February. Inventory at Tier 1, Tier 2 and lower-tier cities were 7.8 months, 11.7 months and 6.5 months, respectively, largely stable from 7.8 months, 10.2 months and 6.4 months in December (Exhibit 4).

Exhibit 1 National sales value growth (three-month moving average) recorded strong growth in February because of the low base in 2020 3-Month Moving Average National Sales YOY Change (left axis) 3-Month Moving Average Sales of 30 Tracked Issuers YOY change (left axis) Market Share of 30 Tracked Issuers Measured by 12-Month Moving Average Sales (right axis)

80%

60%

40%

20%

0%

-20%

-40%

Sources: National Bureau of Statistics of China, company information

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.

2 30 March 2021 Property – China: China Property Focus: Very strong sales growth unsustainable amid tight regulations MOODY'S INVESTORS SERVICE CORPORATES

Exhibit 2 Year-to-date contracted sales and year-on-year growth of the 30 developers we track

2021 YTD Feb Contracted Sales Amount (Left axis) Year-on-Year Growth (Right axis)

140 450%

120 350% 100

80 250%

60

RMB RMB billion 150% 40 YTD YoY growth YoY YTD 50% 20

0 -50%

Sources: Company information and China Information System

Exhibit 3 Year-on-year growth of new residential property prices across different city tiers increased in February

Tier 1 cities Tier 2 cities Lower-tier cities 25%

20%

15%

10% Year Change Year - on - 5% Year

0%

-5%

Tier 1 cities: , , and . Tier 2 cities included in this exhibit: , Shijiazhuang, Taiyuan, , , Changchun, Harbin, , , , , , , Nanchang, Jinan, Qingdao, Zhengzhou, , , Nanning, Haikou, , , Guiyang, Kunming, Xi’an, Lanzhou, Xining, Yinchuan, Urumqi, , Hohhot and Sanya. Lower-tier cities in this exhibit are the remaining 70 major cities not listed above. Source: National Bureau of Statistics of China

Exhibit 4 Inventory levels remain healthy across different city tiers

Tier 1 cities Tier 2 cities Lower-tier cities 30 -

25 month month -

20

15

10 contracted salescontracted

5 sale homes based on three based on homes sale - for

# of months #months ofit wouldtake sell toavailable 0 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18 Aug-18 Nov-18 Feb-19 May-19 Aug-19 Nov-19 Feb-20 May-20 Aug-20 Nov-20 Feb-21

Tier 1 cities: Beijing, Shanghai, Guangzhou and Shenzhen. Tier 2 cities included in this exhibit: Tianjin, Chongqing, Shenyang, Fuzhou, Hangzhou, Zhengzhou, Nanjing, Wuhan, Xiamen, Xian, Changsha, Ningbo, Qingdao, Changchun, and Chengdu. Lower-tier cities included in this exhibit: Tonglu, Lin'an, Jiande, Dongying, Huzhou, Jiangyin, Wuhu, Huaibei and Wenzhou. Source: China Real Estate Information System

3 30 March 2021 Property – China: China Property Focus: Very strong sales growth unsustainable amid tight regulations MOODY'S INVESTORS SERVICE CORPORATES

Rated developers' offshore bond issuance weakened in Q1 2021

» Offshore bond issuance by our rated developers strike a low level of $1.5 billion in March, compared with an average monthly issuance of $4.4 billion in 2020 (Exhibit 5), partly because of weak investor sentiment due to China Fortune Land Development Co., Ltd. (Rating withdrawn)'s missed payment for its onshore bank loans, trust loans and offshore bonds.

» In Q1 2021 (up to 26 March), offshore bond issuance was $17.4 billion, a decline of 27.3% from the $23.9 billion in the same period of 2020.

» On the other hand, onshore bond issuance by our rated developers increased to RMB17.3 billion, or $2.6 billion equivalent, in March 2021 (to 26 March), from RMB7.0 billion, or $1.1 billion, in February.

» Although there are signs that onshore credit conditions are tightening as the government attempts to maintain the long-term stability of the property sector and to control the financial system's exposure to the sector, we expect onshore bond markets to remain open for refinancing in 2021.

» In Q1 2021 (up to 26 March), onshore bond issuance was RMB56.6 billion, up 13.8% from the RMB41.0 billion in the corresponding period in 2020, according to Wind.

Exhibit 5 Offshore bond issuance remained weak in March 2021

Onshore Offshore 18

16

14

12

10

8 $ billion

6

4

2

0 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21

Up to 26 March 2021. Sources: Bloomberg, Wind, Moody's Investors Service

4 30 March 2021 Property – China: China Property Focus: Very strong sales growth unsustainable amid tight regulations MOODY'S INVESTORS SERVICE CORPORATES

Liquidity stress indicator rose in February 2021

» Our Asian Liquidity Stress sub-indicator for rated high-yield Chinese developers rose in February (Exhibit 6). The percentage of developers with our weakest speculative-grade liquidity score (SGL-4) increased to 20.0% from 18.3% in January because of weakened operating cash flow of one developer.

» Of the 60 developers with a high-yield rating as of 28 February 2020, 12 had weak liquidity, of which 11 were rated at single-B level or below.

» Rated developers' refinancing needs remain high over the next 12 months, with around $40.9 billion of onshore bonds and $42.8 billion of offshore bonds maturing or subject to put options in the 12 months from 1 April 2021 (Exhibit 7).

» Small and financially weak developers are likely to face higher refinancing pressure in both the onshore and offshore markets because banks and investors will become more selective in lending to property developers.

Exhibit 6 20.0% of rated Chinese high-yield property developers have weak liquidity Chinese property liquidity stress sub-indicator

40%

35%

30%

25%

20%

15% weak weak liquidity

10%

5%

% of Chinese HY property developers with property HY ofdevelopers% Chinese 0% Apr-16 Oct-16 Apr-17 Oct-17 Apr-18 Oct-18 Apr-19 Oct-19 Apr-20 Oct-20 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Feb-17 Feb-18 Feb-19 Feb-20 Feb-21 Aug-16 Dec-16 Aug-17 Dec-17 Aug-18 Dec-18 Aug-19 Dec-19 Aug-20 Dec-20

This sub-indicator measures the percentage of high-yield Chinese property companies with our weakest speculative grade liquidity score (SGL-4). This sub-indicator increases as liquidity weakens across the portfolio and decreases as liquidity broadly improves. Source: Moody's Investors Service

Exhibit 7 Rated developers' bonds maturing or becoming puttable before 26 March 2022

Onshore Offshore 12

10

8

6 $ billion

4

2

0 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Sources: Bloomberg, Wind and Moody’s Investors Service

5 30 March 2021 Property – China: China Property Focus: Very strong sales growth unsustainable amid tight regulations MOODY'S INVESTORS SERVICE CORPORATES

Ten rating actions from 27 January to 29 March

» On 29 March 2021, we revised the outlook of Agile Group Holdings Limited to stable from negative and affirmed the Ba2 CFR. The outlook revision reflected our expectation that Agile’s revenue growth and controlled debt increase will help to further improve its key financial metrics over the next 12-18 months.

» On 29 March 2021, we changed the outlook of Zhongliang Holdings Group Company Limited to positive from stable and affirmed its B1/B2 ratings. The revision reflects our expectation that its credit metrics will continue to be strong over the next 12-18 months for its B1 CFR, supported by its solid revenue growth and controlled debt growth.

» On 23 March 2021, we downgraded Yuzhou Group Holdings Company Limited's CFR to B1 from Ba3, and revised the outlook to negative from stable. The downgrade reflected our expectation that Yuzhou's key credit metrics will stay weak in the next 12-18 months, due to weakened revenue recognition as a result of its slow delivery of presold projects. Meanwhile, the negative outlook reflects the uncertainties over the company's ability to improve its financial metrics.

» On 17 March 2021, we revised the outlook of China Holdings Limited to positive from stable, and affirmed the Ba3 CFR. The change of outlook reflected our expectation that Sunac's debt leverage will improve over the next 12-18 months, driven by strong revenue growth, controlled land acquisitions and other investments.

» Also on 17 March 2021, we revised the outlook of Xinhu Zhongbao Co., Ltd. to stable from negative, and affirmed the B3 CFR. The change of outlook reflected our expectation that the company can maintain access to various funding sources, and will scale back its investments and land acquisitions to preserve liquidity and meet its refinancing needs in the next 12-18 months.

» On 9 March 2021, we revised the outlook of Yanlord Land Group Limited to stable from negative, and affirmed the Ba2 CFR. The change of outlook reflected our expectation of credit metric improvements supported by its strong revenue growth and controlled debt growth.

» On 11 February 2021, we downgraded China Fortune Land Development Co., Ltd.'s (CFLD) CFR to Caa1 from B2. We further downgraded the CFR to Caa3 on 2 March 2021, and withdrew the ratings because of a lack of adequate information. The actions reflected CFLD's missed payment for its onshore bank loans, trust loans and offshore bonds, and our expectation of weakened recovery prospects for its creditors.

» On 10 February 2021, we downgraded Zensun Group Limited's CFR to B2 from B1 and changed the outlook to stable from negative. The downgrade reflected Zensun's weakened sales performance and cash collection, and heightened execution risk stemming from its planned expansion to lower-tier cities in Henan province.

» On 5 February 2021, we upgraded Logan Group Company Limited's CFR to Ba2 from Ba3. The outlook has been revised to stable from positive. The upgrade reflects our expectation that the company's credit metrics will improve over the next 12-18 months, driven by robust revenue recognition and controlled debt increase.

» Of the 70 developers we rate (as of 29 March 2021), 57 have a stable outlook, six have a positive outlook, seven have a negative outlook.

6 30 March 2021 Property – China: China Property Focus: Very strong sales growth unsustainable amid tight regulations MOODY'S INVESTORS SERVICE CORPORATES

Exhibit 8 Rating actions on Chinese property developers (as of 29 March 2021)

Positive Actions Negative Actions 6

4

2

0

2 Number actionsratingNumber of

4

6 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Source: Moody's Investors Service

Exhibit 9 Rating outlooks of Chinese property developers (as of 29 March 2021)

Review for Downgrade Negative Stable Positive Review for Upgrade 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Jul-15 Jul-16 Jul-17 Jul-18 Jul-19 Jul-20 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 Apr-18 Oct-18 Apr-19 Oct-19 Apr-20 Oct-20 Jun-15 Jan-16 Jun-16 Jan-17 Jun-17 Jan-18 Jun-18 Jan-19 Jun-19 Jan-20 Jun-20 Jan-21 Feb-16 Mar-16 Feb-17 Mar-17 Feb-18 Mar-18 Feb-19 Mar-19 Feb-20 Mar-20 Feb-21 Mar-21 Aug-15 Sep-15 Nov-15 Dec-15 Aug-16 Sep-16 Nov-16 Dec-16 Aug-17 Sep-17 Nov-17 Dec-17 Aug-18 Sep-18 Nov-18 Dec-18 Aug-19 Sep-19 Nov-19 Dec-19 Aug-20 Sep-20 Nov-20 Dec-20 May-15 May-16 May-17 May-18 May-19 May-20

Source: Moody's Investors Service

7 30 March 2021 Property – China: China Property Focus: Very strong sales growth unsustainable amid tight regulations MOODY'S INVESTORS SERVICE CORPORATES

Appendix I

Exhibit 10 Land prices rebounded in the first two months of 2021

Land Price (Left Axis) Land Price/ASP (Right Axis) Previous-Year Land Price/Current-Year ASP (Right Axis) 6,000 80%

70% 5,000 60% 4,000 50%

3,000 40%

30% 2,000 RMB Meter / Square RMB 20% 1,000 10%

0 0% 2013-12 2014-02 2014-04 2014-06 2014-08 2014-10 2014-12 2015-02 2015-04 2015-06 2015-08 2015-10 2015-12 2016-02 2016-04 2016-06 2016-08 2016-10 2016-12 2017-02 2017-04 2017-06 2017-08 2017-10 2017-12 2018-02 2018-04 2018-06 2018-08 2018-10 2018-12 2019-02 2019-04 2019-06 2019-08 2019-10 2019-12 2020-02 2020-04 2020-06 2020-08 2020-10 2020-12 2021-02

ASP = average selling price. Source: China Real Estate Information System

8 30 March 2021 Property – China: China Property Focus: Very strong sales growth unsustainable amid tight regulations MOODY'S INVESTORS SERVICE CORPORATES

Appendix II

Exhibit 11 Rated developers' offshore bonds due or puttable before 31 March 2022 Issuer Outstanding Amount (In Million) Due/Puttable Date R&F Properties (HK) Company Limited USD475 21-Apr CIFI Holdings (Group) Co. Ltd. USD293 21-Apr Seazen Holdings Co., Ltd. USD500 21-Apr China SCE Group Holdings Limited USD600 21-Apr Guangzhou Fineland USD64 21-Apr Jingrui Holdings Limited USD207 21-Apr Logan Property Holdings Company Limited SGD200 21-Apr Logan Property Holdings Company Limited USD400 21-Apr Powerlong Real Estate Holdings Limited USD350 21-Apr Sichuan Languang Development Co., Ltd. USD420 21-Apr Yango Group Co., Ltd USD334 21-Apr Holdings Group Limited USD402 21-Apr Company Limited USD800 21-Apr Limited SGD92 21-Apr China Aoyuan Group Limited USD499 21-Apr (Puttable) China Aoyuan Group Limited USD425 21-May China USD200 21-May Seazen Holdings Co., Ltd. USD151 21-May Times China Holdings Limited USD200 21-May Yuzhou Properties Company Limited USD352 21-May China Evergrande Group USD1,473 21-Jun Jinke Property Group Co., Ltd. USD300 21-Jun Kaisa Group Holdings Ltd USD400 21-Jun Times China Holdings Limited USD100 21-Jun Yanlord Land Group Limited SGD45.5 21-Jun Kaisa Group Holdings Ltd USD300 21-Jun China Overseas Grand Oceans Group Ltd. USD500 21-Jun Zhongliang Holdings Group Company Limited USD250 21-Jun Yincheng International Holding Co., Ltd. USD140 21-Jun Jiayuan International Group Limited USD150 21-Jun Hopson Development Holdings Limited USD500 21-Jun (Puttable) Zhongnan Construction Grp Co., Ltd. USD500 21-Jun (Puttable) Xinhu Zhongbao Co., Ltd. USD160 21-Jun (Puttable)

Puttable and Maturities from Apr 2021 - Jun 2021 USD 11,407 Puttable and Maturities from Jul 2021 - Mar 2022 USD 31,355 Puttable and Maturities for the next 12 months USD 42,763

Sources: Bloomberg, company information

9 30 March 2021 Property – China: China Property Focus: Very strong sales growth unsustainable amid tight regulations MOODY'S INVESTORS SERVICE CORPORATES

Exhibit 12 Rated developers' onshore bonds due or puttable before 31 March 2022 Issuer Outstanding Amount (RMB Billion) Due/Puttable Date KWG Group Holdings Limited 2.5 Apr-21 (Puttable) Beijing Capital Land Limited 0.6 Apr-21 Beijing Capital Land Limited 0.2 Apr-21 Beijing Capital Land Limited 2.0 Apr-21 (Puttable) Guangzhou R&F Properties Co., Ltd. 1.0 Apr-21 (Puttable) Poly Developments and Holdings Group Co Ltd 0.5 Apr-21 Central China Real Estate 1.5 Apr-21 China Jinmao Holdings Group Limited 3.0 Apr-21 Jiangsu Zhongnan Construction Grp Co., Ltd. 1.0 Apr-21 Land Limited 0.5 Apr-21 Greentown China Holdings Limited 2.5 Apr-21 (Puttable) Seazen Holdings Co., Ltd. 1.0 Apr-21 (Puttable) Powerlong Real Estate Holdings Limited 0.3 Apr-21 Holdings Company Limited 0.6 Apr-21 (Puttable) Beijing Capital Land Limited 1.5 Apr-21 (Puttable) Yango Group Co., Ltd 0.8 Apr-21 (Puttable) Sichuan Languang Development Co., Ltd. 0.0 Apr-21 Huayuan Property Co., Ltd. 1.1 Apr-21 (Puttable) Sinic Holdings (Group) Company Limited 0.4 Apr-21 (Puttable) China South City 0.6 Apr-21 (Puttable) Beijing Capital Land 0.8 May-21 Poly Developments 2.0 May-21 Xinhu Zhongbao 2.6 May-21 Gemdale Corporation 1.0 May-21 Gemdale Corporation 2.0 May-21 (Puttable) Gemdale Corporation 2.0 May-21 Tahoe 0.0 May-21 Tahoe 1.5 May-21 Sino-Ocean ( China) 3.5 May-21 3.0 May-21 Evergrande 15.0 May-21 (Puttable) Guangzhou R&F 1.6 May-21 (Puttable) Sichuan Languang Development Co., Ltd. 0.6 May-21 Yango Group Co., Ltd 0.9 May-21 Jiangsu Zhongnan 0.6 May-21 Beijing Capital Land 2.0 Jun-21 Guangzhou R&F 0.1 Jun-21 Gemdale Corporation 1.0 Jun-21 Gemdale Corporation 1.0 Jun-21 (Puttable) Yango Group Co., Ltd 1.0 Jun-21 Huayuan Property Co., Ltd. 1.0 Jun-21 (Puttable) Zhenro Properties Group Limited 0.4 Jun-21 (Puttable) Jiangsu Zhongnan 1.2 Jun-21 (Puttable) Powerlong Real Estate Holdings Limited 0.3 Jun-21

Puttable and Maturities from Apr 2021 - Jun 2021 66.5 Puttable and Maturities from July 2021 - Mar 2022 200.4 Puttable and Maturities for the next 12 months 266.8

Sources: Wind, company information

10 30 March 2021 Property – China: China Property Focus: Very strong sales growth unsustainable amid tight regulations MOODY'S INVESTORS SERVICE CORPORATES

Exhibit 13 Rated developers' offshore note issuance in February & March 2021 (up to 26 March 2021)

Issuer Month Debt Coupon (%) Amount (Millions) Tenor (Years) China Overseas Grand Oceans Feb-21 Bond 2.45 USD512 5.0 China SCE Group Holdings Limited Feb-21 Bond 6 USD350 5.0 Zhenro Properties Group Limited Feb-21 Bond 6.7 USD300 5.5 R&F Properties (HK) Company Limited Feb-21 Bond 11.75 USD500 2.0 Seazen Holdings Co., Ltd. Feb-21 Bond 4.5 USD404 5.0 Ronshine China Holdings Limited Feb-21 Bond 5.5 USD200 1.0 Zhongliang Holdings Group Company Limited Feb-21 Bond 7.5 USD250 1.0

Modern Land (China) Co., Limited Feb-21 Bond 11.95 USD77 3.0 Kaisa Group Holdings Ltd Feb-21 Bond 10.875 USD300 2.5 Kaisa Group Holdings Ltd Feb-21 Bond 9.95 USD200 4.5 Sunac China Holdings Limited Feb-21 Bond 5.95 USD342 3.3 Sunac China Holdings Limited Feb-21 Bond 6.5 USD210 4.0 Group Co., Limited Feb-21 Bond 11.875 USD150 2.5 Kaisa Group Holdings Ltd Feb-21 Bond 9.75 USD100 2.8 China Jinmao Holdings Group Limited Feb-21 Perpetual 6 USD500 N/A China Aoyuan Group Limited Mar-21 Bond 5.88 USD350 6.0 Fantasia Holdings Group Co. Ltd. Mar-21 Bond 10.875 USD250 3.0 Country Garden Holdings Company Limited Mar-21 Bond 3.75 MYR100 1.0 Zhenro Properties Group Limited Mar-21 Bond 5.95 USD50 1.0 Helenbergh China Holdings Limited Mar-21 Bond 11 USD200 2.0 Yincheng International Holding Co., Ltd. Mar-21 Bond 11.8 USD165 1.0 R&F Properties (HK) Company Limited Mar-21 Bond 11.625 USD325 3.0 Times China Holdings Limited Mar-21 Bond 6.2 USD100 5.0

Jan-Mar 2021 Total (Bond [1]) $17,385

2020 Bond Total $52,764 2019 Bond Total $69,413

Sources: Bloomberg, company information

11 30 March 2021 Property – China: China Property Focus: Very strong sales growth unsustainable amid tight regulations MOODY'S INVESTORS SERVICE CORPORATES

Exhibit 14 Rated developers' onshore issuance in February & March 2021 (up to 26 March 2021) Issuer Month Coupon % Amount (RMB Billion) Tenor (Years) Xinhu Zhongbao Co., Ltd. Feb-21 7.60 1.0 4(2) Sino-Ocean Group Holding Limited Feb-21 4.30 3.0 2 Gemdale Corporation Feb-21 3.93 2.0 5(3) Ronshine China Holdings Limited Feb-21 6.50 1.0 5(2) Jinke Property Group Co., Ltd. Mar-21 6.30 2.2 4(2) Gemdale Corporation Mar-21 3.96 1.5 3 CIFI Holdings (Group) Co. Ltd. Mar-21 4.40 1.4 5(3) Country Garden Holdings Company Limited Mar-21 4.80 2.0 5(3) Sichuan Languang Development Co., Ltd. Mar-21 7.20 1.0 2 Beijing Capital Land Limited Mar-21 4.00 2.0 5(3) Poly Developments and Holdings Group Co Ltd Mar-21 3.90 0.9 7(5) Poly Developments and Holdings Group Co Ltd Mar-21 3.65 1.0 5(2) Shimao Group Holdings Limited Mar-21 5.15 1.0 2 Jiangsu Zhongnan Construction Grp Co., Ltd. Mar-21 7.30 1.0 4(2) China Jinmao Holdings Group Limited Mar-21 3.20 0.8 0.75 Greentown China Holdings Limited Mar-21 4.30 0.5 15(2) Gemdale Corporation Mar-21 3.98 1.5 3 Logan Group Company Limited Mar-21 4.90 0.4 4(2)

Jan-Mar 2021 Total 56.6

2020 Bond Total 236.2 2019 Bond Total 150.9

Sources: Wind, company information

12 30 March 2021 Property – China: China Property Focus: Very strong sales growth unsustainable amid tight regulations MOODY'S INVESTORS SERVICE CORPORATES

Appendix III Rated Chinese property developers (as of 29 March 2021)

Exhibit 15

Issuer Issuer Rating/Corporate Family Rating Bond Rating Outlook China Overseas Land & Investment Limited (COLI)* Baa1 Baa1 Stable China Resources Land Limited* Baa1 Baa1 Stable China Co., Ltd.* Baa1 N/A Stable China Overseas Grand Oceans Group Limited (COGO) Baa2 Baa2 Stable Longfor Group Holdings Limited* Baa2 Baa2 Stable Poly Developments and Holdings Group Co Ltd* Baa2 N/A Stable China Jinmao Holdings Group Limited* Baa3 Baa3 Stable Country Garden Holdings Company Limited* Baa3 Baa3 Stable Hengli () Real Estate Limited Baa3 Baa3 Stable Sino-Ocean Group Holding Limited* Baa3 Baa3 Stable Yuexiu Property Company Limited* Baa3 Baa3 Stable Holdings Limited* Ba1 N/A Positive Dalian Wanda Commercial Grp Co Ltd Ba1 N/A Stable Greenland Holding Group Company Limited Ba1 Ba2^ Stable Seazen Group Limited* Ba1 Ba2^ Stable Seazen Holdings Co., Ltd. Ba1 Ba1 Stable CIFI Holdings (Group) Co. Ltd.* Ba2 Ba3^ Stable Gemdale Corporation* Ba2 N/A Stable Logan Property Holdings Company Limited* Ba2 Ba3^ Stable Greenland Hong Kong Holdings Limited* Ba2 Ba3^ Stable Yanlord Land Group Limited Ba2 Ba3^ Stable Agile Group Holdings Limited* Ba2 Ba3^ Stable Sunac China Holdings Limited* Ba3 B1^ Positive Beijing Capital Land Limited* Ba3 N/A Stable Central China Real Estate Limited* Ba3 B1^ Stable Famous Commercial Limited Ba3 Ba3 Stable Greentown China Holdings Limited* Ba3 Ba3 Stable RiseSun Real Estate Development Co., Ltd. Ba3 B1^ Stable Road King Infrastructure Limited Ba3 Ba3 Stable Times China Holdings Limited* Ba3 B1^ Stable Wanda Commercial Properties (HK) Co. Limited Ba3 Ba3 Stable China Aoyuan Group Limited* B1 B2^ Positive Powerlong Real Estate Holdings Limited* B1 B2^ Positive Zhongliang Holdings Group Company Limited B1 B2^ Positive China SCE Group Holdings Limited* B1 B2^ Stable Huayuan Property Co., Ltd. B1 B2^ Stable International Financial Center Property Ltd. B1 B1 Stable Jiangsu Zhongnan Construction Grp Co., Ltd. B1 B2^ Stable Jinke Property Group Co., Ltd. B1 B2^ Stable Kaisa Group Holdings Ltd B1 B2^ Stable KWG Group Holdings Limited* B1 N/A Stable Radiance Holdings (Group) Co. Ltd. B1 N/A Stable Ronshine China Holdings Limited B1 B2^ Stable Sichuan Languang Development Co., Ltd. B1 B1 Stable Yango Group Co., Ltd B1 B2^ Stable Zhenro Properties Group Limited B1 B2^ Stable Yuzhou Group Holdings Company Limited* B1 B2^ Negative China Evergrande Group* B1 B2^ Negative Guangzhou R&F Properties Co., Ltd.* B1 N/A Negative Hengda Real Estate Group Company Limited B1 N/A Negative Redsun Properties Group Limited B2 B3^ Positive Zensun Group Limited B2 B3^ Stable DaFa Properties Group Limited B2 B3^ Stable Dexin China Holdings Company Limited B2 B3^ Stable Fantasia Holdings Group Co., Limited* B2 B3^ Stable Golden Wheel Tiandi Holdings Company Limited B2 B2 Stable Guangzhou Fineland Real Estate Development B2 B3^ Stable Helenbergh China Holdings Limited B2 B3^ Stable Hopson Development Holdings Limited* B2 N/A Stable Jiayuan International Group Limited B2 B3^ Stable Jingrui Holdings Limited B2 B3^ Stable Landsea Green Properties Co., Ltd. B2 B3^ Stable Modern Land (China) Co., Limited B2 B3^ Stable Sinic Holdings (Group) Company Limited B2 N/A Stable Sunriver Holding Group Company Limited B2 N/A Stable Yincheng International Holding Co., Ltd. B2 N/A Stable R&F Properties (HK) Company Limited B2 N/A Negative Tianji Holding Limited B2 B2 Negative Xinhu Zhongbao Co., Ltd. B3 Caa1^ Stable Tahoe Group Co., Ltd Caa3 Ca^ Negative

^ The lower bond rating reflects subordination risk. * Included as 30 tracked developers. The rated entities covered in this report include companies with primary operations in property development in China but exclude REITs, Ping An Real Estate Company Ltd. (Baa2 stable), Pingan Real Estate Capital Limited (Baa3 stable), Beijing Capital Group Co., Ltd. (Baa3 stable) and Zhengzhou Zhongrui Industrial Group Co., Ltd (B3 stable), with the latter two engaging in material non-property development businesses. Source: Moody's Investors Service

13 30 March 2021 Property – China: China Property Focus: Very strong sales growth unsustainable amid tight regulations MOODY'S INVESTORS SERVICE CORPORATES

Moody's related publications Rating Actions:

» Moody's revises Agile's outlook to stable from negative, 29 March 2021

» Moody's changes Zhongliang's outlook to positive from stable, 29 March 2021

» Moody's downgrades Yuzhou's CFR to B1; outlook negative, 23 March 2021

» Moody's affirms Sunac's ratings; changes outlook to positive, 17 March 2021

» Moody's revises Xinhu Zhongbao's outlook to stable from negative, 17 March 2021

» Moody's assigns B3 to Helenbergh China's proposed USD notes, 17 March 2021

» Moody's affirms Yuexiu REIT's Baa3 ratings; outlook remains negative, 10 March 2021

» Moody's changes outlook for Yanlord to stable from negative, 9 March 2021

» Moody's downgrades CFLD's CFR to Caa3; will withdraw ratings, 2 March 2021

» Moody's downgrades Zensun's CFR to B2; outlook stable, 10 February 2021

» Moody's upgrades Logan to Ba2; outlook stable, 5 February 2021

» Moody's downgrades CFLD's CFR to Caa1; outlook negative, 2 February 2021

» Moody's assigns Baa2 to China Overseas Grand Ocean's proposed senior notes, 1 February 2021

» Moody's assigns B2 to Zhenro Properties' proposed USD notes, 26 January 2021

» Moody's assigns B2 to China SCE's proposed USD notes, 26 January 2021

» Moody's assigns Ba2 to Seazen's proposed USD notes, 26 January 2021

» Moody's assigns Baa3 to Yuexiu REIT's proposed MTN drawdown, 25 January 2021

» Moody's assigns first-time B1 CFR to Radiance; outlook stable, 22 January 2021

» Moody's upgrades the CFRs of Seazen Group and Seazen Holdings to Ba1; outlook stable, 22 January 2021

» Moody's assigns B1 to Sunac's proposed USD notes, 21 January 2021

» Moody's assigns B2 to Ronshine's proposed notes, 18 January 2021

» Moody's assigns B3 senior unsecured rating to Jiayuan's proposed USD notes, 15 January 2021

» Moody's downgrades CFLD's CFR to B2; reviews ratings for further downgrade, 13 January 2021

» Moody's assigns B3 to Fineland's proposed USD notes, 11 January 2021

» Moody's assigns Baa3 rating to Yuexiu Property's MTN drawdown, 11 January 2021

» Moody's affirms Gemdale's and Famous' ratings; assigns (P)Ba3 rating to Famous' MTN program, 7 January 2021

» Moody's assigns B1 to Times China's proposed USD notes, 7 January 2021

» Moody's assigns B3 rating to Redsun's proposed USD notes, 6 January 2021

» Moody's assigns Baa3 rating to Country Garden's proposed USD notes, 5 January 2021

» Moody's assigns Ba3 to CIFI's proposed USD notes, 5 January 2021

14 30 March 2021 Property – China: China Property Focus: Very strong sales growth unsustainable amid tight regulations MOODY'S INVESTORS SERVICE CORPORATES

» Moody's assigns Ba3 to Road King's proposed USD notes, 5 January 2021

» Moody's assigns B3 rating to Modern Land's proposed USD notes, 5 January 2021

» Moody's assigns B1 rating to Yuzhou's proposed USD notes, 4 January 2021

» Moody's assigns B2 to Zhenro Properties' proposed USD notes, 4 January 2021

Issuer Comments / Issuer In-Depth:

» Ronshine China Holdings Limited: Profit warning for 2020 is credit negative, 26 February 2021

» Sichuan Languang Development Co., Ltd.: Proposed property management subsidiary disposal is credit positive, 26 February 2021

» Guangzhou Fineland Real Estate Development: Covenant Quality Post-Sale Snapshot: US$103.75m 13.6% Senior Notes due 2023, 8 February 2021

» Seazen Group Limited: Covenant Quality Post-Sale Snapshot: US$404m 4.5% Guaranteed Senior Notes due 2026, 3 February 2021

» RiseSun Real Estate Development Co., Ltd.: Credit metrics, liquidity weaken only slightly in stress test, 1 February 2021

» China SCE Group Holdings Limited: Covenant Quality Post-Sale Snapshot: US$350m 6.0% Senior Notes due 2026, 1 February 2021

» China Evergrande Group: Evergrande Vehicle's proposed share placement is credit positive, 25 January 2021

» Ronshine China Holdings Limited: Covenant Quality Post-Sale Snapshot: US$300m 7.1% Senior Notes due 2025, 20 January 2021

» Jiayuan International Group Limited: Covenant Quality Post-Sale Snapshot: US$300m 12.5% Senior Notes due 2023, 19 January 2021

» Times China Holdings Limited: Covenant Quality Post-Sale Snapshot: US$350m 5.75% Senior Notes due 2027, 18 January 2021

» CIFI Holdings (Group) Co. Ltd.: Covenant Quality Post-Sale Snapshot: US$419m 4.375% Senior Notes due 2027, 15 January 2021

» Jiayuan International Group Limited: Chairman's planned RMB6.1 billion asset injection would build equity, decrease leverage, 15 January 2021

» Redsun Properties Group Limited: Covenant Quality Post-Sale Snapshot: US$350m 7.3% Senior Notes due 2025, 12 January 2021

» Modern Land (China) Co., Limited: Covenant Quality Post-Sale Snapshot: US$250m 9.8% Senior Notes due 2023, 7 January 2021

» Zhenro Properties Group Limited: Covenant Quality Post-Sale Snapshot: US$400m 6.63% Senior Notes due 2026, 7 January 2021

Sector Comments / Sector In-Depth:

» Property – China: China Property Focus: Contracted sales growth will slow in 2021 on tightened credit, 28 January 2021

» Covenants — Asia: Chinese property bonds take covenant quality scores to all-time weakest level, 25 January 2021

» Banks and Property – China: Guidelines to limit property lending are credit positive for banks but negative for property developers, 6 January 2021

Rating Methodology:

» Homebuilding And Property Development Industry, January 2018

To access any of these reports, click on the link above. Note that these references are current at the date of publication of this report and that more recent reports may be available. All research may not be available to all clients.

15 30 March 2021 Property – China: China Property Focus: Very strong sales growth unsustainable amid tight regulations MOODY'S INVESTORS SERVICE CORPORATES

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16 30 March 2021 Property – China: China Property Focus: Very strong sales growth unsustainable amid tight regulations MOODY'S INVESTORS SERVICE CORPORATES

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17 30 March 2021 Property – China: China Property Focus: Very strong sales growth unsustainable amid tight regulations