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Research Report

30/10/2020 17:24

China property sales remains strong despite slower price

[ET Net News Agency, 30 October 2020] Moody's Investors Service said in a new report
that Chinese property sales continued their strong growth momentum in September, although
property price growth decelerated from previous months.
"Year-on-year contracted sales value growth (three-month moving average) improved to
21.3% in September from 18.9% in August and 15.1% in July," said Danny Chan, a Moody's
Assistant Vice President and Analyst.
Rated developers continued to outperform national sales growth at 23.7% in September
(three-month moving average) compared with 23.9% in August.
"Property prices meanwhile should remain broadly stable because of tight regulatory
controls and healthy inventory levels across different tiers of cities," added Chan.
Rated developers' onshore bond issuance slowed to RMB7.9 billion (US$1.2 billion) in
October from RMB23.7 billion (US$3.5 billion) in September, mainly due to the national
holiday in early October. Offshore bond issuance, however, increased modestly.
Moody's Asian Liquidity Stress sub-indicator for rated high-yield Chinese developers
improved slightly to 18.6% in September from 20.3% in August as operating cash flow
improved for one developer. (KL)

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