惠誉评级：资产货币化及股份发行有助于富力地产降杠杆

(The following statement was released by the rating agency)

Fitch Ratings-Hong Kong/Shanghai-April 08: 本文章英文原文最初于2020年4月3日发布于：Fitch Ratings: Monetising Assets, Stock Issuance Helps GZRF Reduce Leverage /a

2019年末中国房企广州富力地产股份有限公司（富力地产，BB-/稳定）的杠杆率（以净债务与调整后库存之比衡量）高于惠誉的预期。但惠誉认为，富力地产存在通过放缓拿地、出售项目股份及可能进行的股份发行将杠杆率降至55%以下的空间--杠杆率若达55%将导致惠誉考虑采取负面评级行动。

富力地产58%的杠杆率较2019年上半年的水平略有下降。富力地产的去杠杆进度慢于惠誉的预期，原因是2019年下半年该公司源自低线城市的现金回收及合同销售走弱。

惠誉认为富力地产管理层提出的去杠杆计划可以实现。该公司的2020年拿地预算较2019年削减20%当属合理，原因是截至2019年末该公司5,800万平方米的大规模土地储备足以支持四到五年的合同销售，从而为降杠杆提供了缓冲。

除了放缓拿地之外，富力地产在一二线城市还广泛持有投资物业和酒店，并将考虑出售部分这些权益。出售项目股份将降低开发物业项目目前归属于富力地产的高达90%以上的权益。2020年1月富力地产向一家开发商出售了一个郑州项目的10%权益，这将为该公司带来10亿元人民币的净收益。此外，富力地产股东及监管部门已批准该公司在2020年发行股份。

相较于评级与之相同的房企（杠杆率平均为45%左右），富力地产的杠杆率保持在高位。惠誉认为，富力地产的业务状况较强，业务规模较大，业务多元化程度较高，且其开发物业的EBITDA利润率高达30%左右，这弥补了该公司杠杆率较高的短板。此外，惠誉将富力地产持有其项目高达90%以上的权益视为该公司的一项信用优势，原因是这降低了向非控股股东进行分派的不确定性且提高了财务灵活性。

2019年末富力地产的流动性充足，持有现金230亿元人民币及受限制的现金150亿元人民币，足以偿付其2020年到期的104亿元人民币境内债券。富力地产的短期银行贷款及其他借款为520亿元人民币，而惠誉预计这些债务中的大部分将获得展期，原因是国内流动性环境有所放松。此外，富力地产没有境外美元债券将于2020年到期。

联系人:

范思为

CFA, CPA, 董事

+852 2263 9975

惠誉国际评级有限公司

香港中环德辅道中68号万宜大厦19楼

庄梓莹

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Media Relations: Alanis Ko, Hong Kong, Tel: +852 2263 9953, Email:alanis.ko@thefitchgroup.com; Wai Lun Wan, Hong Kong, Tel: +852 2263 9935, Email:wailun.wan@thefitchgroup.com.

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