S&P revises Yanlord view to stable

S&P said it revised Yanlord Land Group Ltd.’s outlook to stable from negative and affirmed the BB- issuer rating and B+ on its guaranteed senior unsecured notes.

“We revised our outlook on Yanlord because we believe the company's moderate investment appetite and solid execution in higher-tier cities will help it reduce its leverage over the next one to two years. These positive developments should temper the impact of Yanlord's compressed profitability, which remains a key risk in our view. Swelling land costs and restrictive selling prices in cities the company operates in have limited its profits,” S&P said in a press release.

S&P said it estimates Yanlord's contracted sales will be RMB 75 billion-RMB 80 billion in 2021, compared with RMB 78 billion in 2020.

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