S&P assigns Sinic Holdings B

S&P said it assigned a B rating to Sinic Holdings (Group) Co. Ltd.

“Sinic is a midsize Chinese property developer that has grown substantially in the past few years. Although the company had total attributable sales of Chinese renminbi (RMB) 45 billion in 2019, one-third of its land bank and half of its contracted sales were from the provincial capital of Jiangxi. Such concentration in a single city leaves the company vulnerable to market volatility and policy changes,” S&P said in a press release.

The agency forecasts the company's debt-to-EBITDA ratio will climb to 5.5x-6x in 2020 and 2021, from 4.8x in 2019,

The outlook is stable.

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