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Fitch Assigns Yango Senior Unsecured Rating of ‘B

(The following statement was released by the rating agency) HONG KONG, November 08 (Fitch) Fitch Ratings has assigned China based property developer Yango Group Co., Ltd. (Yango; B/Positive) a senior unsecured rating moncler jackets of ‘B ‘ with a Recovery Rating of ‘RR5’, and its proposed US dollar senior notes a ‘B (EXP)’ expected rating and Recovery Rating of ‘RR5’. The one notch difference between Yango’s senior unsecured rating and its Long Term Issuer Default Rating reflects the subordination of its Official Moncler Outlet unsecured debt to secured debt. Secured debt accounted for around 70% of Yango’s total borrowing as of end September 2017, and made up more than 80% of Fitch estimated liquidation value. The proposed notes are rated at the same level as Yango’s senior unsecured rating because they constitute its direct and senior unsecured obligations. The final rating is subject to the receipt of final documentation conforming to information already received. Yango intends to use the net proceeds from the proposed US dollar senior notes mainly to refinance its existing debt. KEY RATING DRIVERS High Quality Land Bank: Fitch believes Yango’s land bank, which was acquired at low cost and partly located in Tier 1 cities, moncler coats outlet will support its moncler jackets outlet business scale growth and healthy profit margin. Yango had 16.4 million sq m of land available for sale by gross floor area (GFA) as of end 2016. This was sufficient for four years of development. Tier 1 cheap moncler coats for women cities moncler outlet location accounted for 24% of its total land bank at end 1H17. The average cost of the company’s land bank was Moncler Factory Outlet CNY3,252 per sq m at end 2016, or about 21% of Fitch’s expected contracted average selling price (ASP) in 2017. Yango’s land bank is larger than most of the lower leveraged homebuilder peers rated ‘BB’ and ‘BB ‘. Strong Growth in Contracted Sales: Yango’s expansion strategy has resulted in a moderate sized operation of CNY35 billion in contracted sales in 2016, based on our estimate. We estimate contracted sales will increase 90% to CNY67 billion in 2017 as the company has maintained strong sales despite a subdued domestic property market in moncler coats for kids 1H17. The rapid sales growth and steady cash collection has also been aided by the company’s fast churn business model and enhancements to its projects with education resources operated by its parent Fujian Yango Group Co., Ltd. Yango’s business profile may strengthen materially if it is able to expand to over CNY100 billion in contracted sales, especially after top management changes in 1H17. Improving EBITDA Margin: We expect Yango’s EBITDA margin to UK Moncler sale improve because of the strong appreciation of housing prices in Tier 1 and 2 cities, where most of Yango’s land reserves are located. Yango’s 2016 EBITDA margin of 23% is comparable to those of its peers. Its EBITDA margin stayed in the low to mid 20% range between 2013 and 2016. High Leverage Constrains Rating: Yango’s aggressive land acquisition since 2015, in which sales receipts were almost entirely reinvested in acquiring land, has driven leverage up. Its net debt to inventory reached 68% by end 2016 and 69% at end 1H17. We do not expect moncler jackets cheap leverage to come off in 2017 and expect only marginal improvement in 2018, given the company’s plan to continue enlarging its scale to stay competitive. Fitch expects Yango’s land acquisition pace, relative to its sales, to slow in 2018 as its land bank will hit around 26 million sq m by end 2017, which will give it four years of land reserve, based on its enlarged scale. DERIVATION SUMMARY Yango has larger scale in terms of contracted sales moncler coats and higher EBITDA than ‘B’ rated Chinese homebuilders like Guorui Properties Limited (B/Stable), Hong Yang Group Company Limited (B/Stable) and Oceanwide Holdings Co. Ltd. (B/Negative), which have contracted sales moncler outlet canada of less than CNY15 billion. Yango and Oceanwide both have high leverage of around 70%, but Yango is Discount Moncler Coats likely to expand its sales and deleverage at a faster pace. Yango’s scale is also growing faster than similarly sized Ronshine China Holdings Limited (B+/Stable), but its leverage is higher than Ronshine’s around 50%. Yango’s land bank is more diversified than Ronshine, Guorui, and Hong Yang, which explains why its contracted sales can increase much faster; unconstrained by specific market weaknesses. This faster sales growth will also support Yango’s rapid improvement in its financial profile; supporting its Positive Outlook. KEY ASSUMPTIONS moncler outlet store Fitch’s key assumptions within our rating case for the issuer include: Replenishing land to maintain land bank life of around four years Contracted sales to increase by 90% and 75% in 2017 and 2018 EBITDA margin after adjusting for capitalised interest to remain stable in 2017, but increase to 25% in 2018 and 29% in 2019. Recovery rating assumptions: Yango will be liquidated in a bankruptcy because it is an asset trading company 10% administrative claims All proceeds from the proposed offshore bond issuance are used to refinance the moncler outlet kids secured borrowing The liquidation estimate reflects Fitch’s view of the value of inventory and other assets that can be realised and distributed to creditors. We applied a haircut of 25% to adjusted inventory, in line with Yango’s homebuilding peers We assumed Yango’s CNY3billion of pledged deposits are used to pay debt We applied a haircut of 60% to Yango’s available for sale assets Based on our calculation of the cheap moncler jackets outlet adjusted liquidation value, after administrative claims of 10%, we estimate the recovery rate of the offshore senior unsecured debt at 15%, which corresponds to a Recovery Rating of ‘RR5’. RATING SENSITIVITIES Developments that May, Individually or Collectively, Lead to Positive Rating Action Achieving management’s 2017 target for the amount of sales collected and on track to achieve the moncler coats for women target for 2018 Net debt/adjusted inventory falling to around 65% in 2018 and continuing to deleverage Contracted sales/gross debt sustained above 1x from 2018 Developments that May, Individually or Collectively, Lead to Negative Rating Action Failure to achieve the positive sensitivities over the next 12 months Changes to the company’s top management team resulting in disruption to its business strategy LIQUIDITY Tight Liquidity: Yango had CNY31 billion in cash and CNY17 billion in unused bank facilities at end 1H17, which is insufficient to cover negative free cash flow of around CNY20 discount moncler jackets billion and short term debt of CNY33 billion. The company has plans to optimise its debt structure and extend debt maturity by using multiple funding channels, including equity financing, and moncler coats for men issuance of offshore moncler chicago bonds and perpetual capital securities. 07 Aug 2017) here Country Specific Treatment of Recovery Ratings (pub. 18 Oct 2016) here Non Financial Corporates Notching and Recovery Ratings Criteria (pub. 16 Jun 2017) here moncler outlet uk Additional Disclosures Dodd Frank Rating Information Disclosure Form here Solicitation Status heresolicitation Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE moncler jackets for women OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. DIRECTORS AND SHAREHOLDERS RELEVANT INTERESTS ARE AVAILABLE here. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE moncler outlet ny FOR RATINGS https://www.thebeastmark.com FOR WHICH THE LEAD ANALYST IS BASED IN AN EU REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1 800 753 4824, (212) 908 moncler coats cheap 0500. Fax: moncler jackets kids (212) 480 4435. Reproduction or retransmission in whole or in part is prohibited except by permission. Fitch conducts a reasonable investigation of the factual information relied upon moncler jackets toronto by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction. The manner of Fitch’s factual investigation and the scope of the third party verification it obtains will vary depending moncler outlet woodbury on the nature of the rated security and its issuer, the requirements and practices moncler jacket online in the jurisdiction in which the rated security is offered and sold and/or the issuer is located, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the availability of pre existing third party verifications such as audit reports, agreed upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors. Users of Fitch’s ratings and reports should understand that neither an enhanced factual investigation nor any third party cheap moncler verification can ensure that all of moncler outlet usa the information Fitch relies on in connection with a rating or a report will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings and its reports, Fitch must rely on the work of experts, including independent auditors with moncler jackets men respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings and forecasts of financial and other information are inherently forward looking and embody assumptions moncler jackets outlet online and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was moncler outlet mall issued or affirmed. The information in this report is provided «as is» without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. 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Ratings do not comment on the adequacy of market price, the buy moncler jackets toronto suitability of any security for a particular investor, moncler outlet online store or the tax exempt nature or taxability of payments made in respect to any security. cheap moncler jackets wholesale Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent womens moncler jackets by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of moncler coats for cheap the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than moncler coats sale to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001.

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