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S&P turns Hopson view to stable
S&P said it changed its outlook for Hopson Development Holdings Ltd. to stable from negative and affirmed its B issuer rating.
“We revised the rating outlook to stable to reflect Hopson's improving sales. The increased sales will stabilize the company's tight liquidity. The company's contracted sales increased by 30% in the first quarter of 2023, better than the overall market. We believe this was due to its higher exposure to tier-1 cities where sales recovered more strongly.
“Contracted sales will likely increase by 15%-20% to HK$42 billion-HK$44 billion in 2023. They were HK$11 billion in the first three months of 2023. In our view, Hopson's satisfactory sales at its two sizable projects in Guangzhou and Shanghai provide support to its liquidity. These projects have salable resources of over HK$60 billion over the next one to two years,” S&P said in a press release.
Hopson’s $237.5 million bond matures in December. The agency said it assumes Hopson will use internal resources to repay it.
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