YUEXIU PROPERTY(HK:00123) 券商中国·2025-08-25 10:55Core Viewpoint - International rating agencies are showing positive signals towards the Chinese real estate industry, indicating an improvement in market expectations and credit ratings for companies like Yuexiu Property [2][3]. Group 1: Rating Upgrades - On August 25, S&P assigned an investment-grade rating of "BBB-" with a stable outlook to Yuexiu Property, making it the only local state-owned enterprise in the industry to receive such a rating [2]. - Fitch Ratings also upgraded Yuexiu Property's outlook to "stable" two months prior, maintaining the "BBB-" investment-grade rating, marking Fitch's first upgrade of a real estate company this year [2]. - The upgrades from S&P and Fitch reflect a broader improvement in the international capital market's outlook on the Chinese real estate sector [3]. Group 2: Company Performance - In the first half of 2025, Yuexiu Property achieved a contract sales amount of 61.5 billion yuan, a year-on-year increase of 11%, ranking second among the top 10 real estate companies [4]. - The company has successfully launched several high-quality projects, including sales of 15.2 billion yuan in Beijing and 2.3 billion yuan in Shanghai, contributing to its strong market presence [4]. - Yuexiu Property is actively expanding its land reserves in key cities, which strengthens its future development prospects [4]. Group 3: Financial Strategy - Yuexiu Property adheres to a prudent financial strategy, consistently maintaining a "green" status under the "three red lines" policy [5]. - The company recently issued a 1.4 billion yuan bond with a five-year interest rate of 1.95% and a ten-year interest rate of 2.50%, achieving a historical low for local state-owned enterprises [5]. - The favorable financing conditions enhance the company's investment capacity and operational stability, positioning it for continued leadership in the industry [5].