S&P moves Greentown view to positive

S&P said it changed its outlook for Greentown China Holdings Ltd. to positive from stable and affirmed its BB- issuer rating.

“Greentown will likely continue to focus on higher-tier cities and increase market share in a reduced national market. China's national property sales were down 26.7% in 2022. Despite the sector's downturn, Greentown gained market share. The company was among the top eight developers in China by total self-investment sales in 2022,” S&P said in a press release.

S&P said it forecasts Greentown to keep its contracted sales scale. Total sales from self-invested projects could reach Chinese renminbi (RMB) 210 billion-RMB 220 billion in 2023 similar to the RMB 212 billion in 2022.

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