The rating outlook is stable. Rating Rationale "BJCL's Ba2 corporate family rating reflects its medium-sized operation with activities in 15 cities in China, and a track record of operating through various business cycles since it was established in 2002," says Kaven Tsang, a Moody's Vice President and Senior Analyst.
"The rating also considers its improving sales stability, seasoned management, and solid liquidity profile," adds Tsang, also the lead analyst for BJCL.
"BJCL's Ba2 rating further reflects its good access to funding and its ability to secure good growth opportunities because of its close relationship with its parent and the Beijing Municipal Government," says Tsang.
BJCL is one of the few Chinese developers that can issue bonds in both the onshore and offshore markets. Thus, it has an advantage over other privately owned rated Chinese property developers in managing its funding risks in a market where bank credit is frequently tight.
BJCL's close relationship with its parent -- the Beijing Capital Group Ltd. (the "Capital Group", unrated) and the Beijing Municipal Government has also helped it achieve good access to well-located land banks, for example the Xanadu and Reflections projects, and primary land development projects where its parent has invested in infrastructure projects.
BJCL's Ba2 rating is constrained by its small operation relative to most of the Ba-rated peers, a history of sales volatility in the down cycle in 2008, and its moderate financial metrics of adjusted debt/capitalization around 65% and EBITDA/interest around 2.5x. Such metrics are weak for its Ba2 rating relative to its peers.
The stable outlook reflects Moody's expectation that BJCL will have adequate cash and operating cash flow to fund its current projects, and that it will not aggressively pursue large land acquisitions.
Upward pressure on its ratings over the medium term could emerge if the company can demonstrate a track record of improving its financial profile through enhancing sales execution and executing disciplined land acquisitions.
Moody's would consider an upgrade if the company maintains adjusted debt/capitalization below 50% and EBITDA/interest above 4.5x - 5x.
On the other hand, downward rating pressure could emerge if BJCL: (1) fails to execute its business plan, such that contract sales are lower than RMB9-10 billion per annum; (2) materially accelerates development, and/or executes an aggressive land acquisition plan, such that its liquidity weakens with cash falls substantially below the level of short-term debt; or (3) interest cover falls below 2.5x on a sustained basis.
The principal methodology used in rating BJCL was the Global Homebuilding Industry Methodology, published March 2009. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.
Incorporated in China, Beijing Capital Land Limited ("BJCL") is a mid-sized developer in China's residential property sector. As of June 30, 2012, BJCL had a total land bank of 11 million square meters (sqm) (attributable land bank: 6.94 million sqm) in gross floor area (GFA) covering 15 cities in China. This land bank can support the company's development for the next four to five years.
The Capital Group is the largest shareholder of BJCL with a 47% equity interest. It is also a large state-owned enterprise, 100% owned by the Beijing Municipality and directly under the supervision of the State-Owned Assets Supervision and Administration Commission of the Beijing Municipality. It has three core businesses: infrastructure, real estate, and financial services.
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Kaven Tsang Vice President - Senior Analyst Corporate Finance Group Moody'sInvestors Service Hong Kong Ltd. 24/F One Pacific Place 88 Queensway Hong Kong China (Hong Kong S.A.R.) JOURNALISTS: (852) 3758 -1350 SUBSCRIBERS: (852) 3551-3077 Gary Lau MD - Corporate Finance Corporate Finance Group JOURNALISTS: (852) 3758 -1350 SUBSCRIBERS: (852) 3551-3077 Releasing Office: Moody's Investors Service Hong Kong Ltd. 24/F One Pacific Place 88 Queensway Hong Kong China (Hong Kong S.A.R.) JOURNALISTS: (852) 3758 -1350 SUBSCRIBERS: (852) 3551-3077 (C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.
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