Union [2022] No. 841
By comprehensively analyzing and evaluating the credit status of China Vanke Co.Ltd(000002) and its corporate bonds to be issued to professional investors in 2022 (phase I), Lianhe credit evaluation Co., Ltd. determined that the long-term credit rating of China Vanke Co.Ltd(000002) subject is AAA, and the credit rating of China Vanke Co.Ltd(000002) corporate bonds to be issued to professional investors in 2022 (phase I) is AAA, The rating outlook is stable.
It is hereby announced
Rating director of united credit rating Co., Ltd.:
February 14, 2002
China Vanke Co.Ltd(000002) 2022 for professional investors
Credit rating report of public issuance of corporate bonds (phase I)
Rating results: rating Perspective
Long term credit rating of the subject: AAA united credit rating Co., Ltd. (hereinafter referred to as “united credit”) current bond credit rating: AAA’s rating of China Vanke Co.Ltd(000002) (hereinafter referred to as “the company”) reflects the rating outlook: it stabilizes the company as one of the earliest enterprises engaged in real estate development in China, Rich industry experience and stable leading position. The company has maintained a stable business style and financial debt profile for a long time: policies, real estate development, commercial development and operation, property services and logistics warehousing, the issuance scale of current bonds: no more than 1.99 billion yuan, services and other business development trends are good, and the ability of sustainable development and the ability (including) to cross the business cycle are strong. In the past three years, the company’s sales performance has increased steadily and its profitability is strong. The term of book bonds: the bonds are divided into two varieties,
Variety 1 has a 3-year period and variety 2 has a 5-year period. The monetary capital is sufficient and the liquidity is abundant. At the same time, Lianhe credit also pays attention to the way of real estate Repayment: annual interest payment and one-time repayment when due. Under the background of the long-term regulation policy of the real estate industry, the purpose of raising funds for the operation of the real estate market in the future: there is some uncertainty in the deduction and issuance of the funds raised by the bonds The relatively scattered ownership structure of the company and other factors may have an adverse impact on the company’s credit level that the company plans to use all the expenses of the public bank to repay the resale / maturity.
Corporate bonds and other business activities that meet the requirements of national laws, regulations and policies, the cash inflow of the company’s business activities and the impact of EBITDA on the guarantee process of current bonds, as well as the latest business activities in accordance with laws and regulations
Requirements and the latest policies of regulators allow a high degree of use.
The company has sufficient project reserves. In the future, with the further realization of the rating time of the company’s stock projects: February 14, 2022, sales and further expansion of commercial real estate business, the company’s business condition will remain good.
The rating method and model used in this rating: Based on the comprehensive evaluation of the company’s long-term credit status and the name version of the current bond credit status, the company’s long-term credit rating is determined to be AAA through joint credit, and the credit rating method of this real estate enterprise is v3 0201907 bonds have a credit rating of AAA and a stable rating outlook.
Real estate enterprise credit rating model V3 0201907 (scoring table) Note: the above rating methods and rating models have publicly disclosed their advantages on the official website of united credit
1. The company has rich industry experience, high brand awareness and strong brand spillover effect. The company is a leading real estate development enterprise in China, with more than 30 years of experience in the real estate industry. The sales scale of the company ranks in the forefront of the industry all year round, the leading position in the industry is stable and the brand influence is strong.
2. The company has abundant land reserves and scattered regional distribution. The synergy of diversified operation has been gradually brought into play, which has effectively dispersed the business risks. For a long time, the company has been operating steadily and has strong ability to cross the cycle. The company adheres to the strategy of deeply cultivating the urban circle. The land reserve quality is good, which is mainly distributed in the first and second tier cities. The decentralized regional layout can resist the risk of industry rotation to a certain extent. At the same time, the company is positioned as a service provider for urban and rural construction and living. The synergy between urban supporting service business and real estate development business is gradually brought into play, and can form an effective supplement to the company’s income. The company has been operating steadily for a long time, has experienced multiple cycles, has rich industry experience and strong ability to cross cycles.
www.lhratings. com. one
The scoring table and results of this rating model: 3. The company has sound financial policies, strong sustainable profitability and good AAA elasticity of financial indication rating and AAA rating results.
Following the changes of the real estate market pattern, the company always adheres to the rigorous evaluation content, evaluation of risk factors, evaluation results and land purchase strategy, and continues to explore diversified land acquisition modes and land acquisition cost results
Macro and zone 2 are relatively reasonable. In the past three years, the company’s sales performance has increased steadily, and the large-scale business environment is facing risks
Operating industry risk 3 sold but not carried forward projects can provide certain support for future performance. Sales collection is risk by risk a basic quality 1
Its own enterprise management has increased in one year, with sufficient monetary funds, and the coverage of cash assets to short-term debt is competitive
Business analysis 1 high. The debt burden of the company is moderate, the term distribution is relatively balanced, and most of them are asset quality 1 credit loans. The financing structure is reasonable and the refinancing space is large.
Cash flow profitability 1
Financial F1 cash flow 1
Risk concerns
Capital structure 1
Solvency 1. The regulation of the real estate industry tends to be long-term. The regulation policies of the real estate industry tend to be long-term, and the adjustment factors and reasons are sub periodic. There are certain uncertainties in the operation of the real estate market in the future.
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Note: from low to high, the operating risk is divided into 6 categories: A, B, C, D, e and F. 2. The company’s equity structure is relatively scattered. The company’s equity is relatively scattered and there is no actual control level. The factor evaluation at all levels is divided into 6 grades, with 1 grade being the best and 6 grades being the worst; Financial risk makers should pay attention to the stability of their equity structure.
The insurance is divided into seven grades f1-f7 from low to high. The factor evaluation at all levels is divided into seven grades, one is the best and seven is the worst; The financial index is the weighted average value in recent three years; Get the indicated rating results through the matrix analysis model analyst: Zhao Xi, Luo Xingchi email: [email protected]. Tel: 01085679696 Fax: 01085679228 address: No. 2 Jianguomenwai street, Chaoyang District, Beijing
The People’S Insurance Company (Group) Of China Limited(601319) property insurance building, 17th floor (100022)
Website: www.lhratings.com com.
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Main financial data:
Combined caliber
Cash assets of the project from 2018 to 2019 to September 2021 (RMB 100 million) 200321177959195411147170
Total assets (100 million yuan) 1528579172992918691771967403
Owner’s equity (100 million yuan) 235621270579349844374930
Short term debt (100 million yuan) 9318393887 8291378291
Long term debt (100 million yuan) 168024163965175613188423
Total debt (100 million yuan) 261208257852258526266714
Operating income (100 million yuan) 297679367894419112271486
Total profit (100 million yuan) 6746076539.796733101
