Fitch: Shimao Results Within Expectations; No Rating Impact

April 2, 2015 6:04 AM

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(The following statement was released by the rating agency) HONG KONG, April 02 (Fitch) Fitch Ratings says Shimao Property Holdings Limited's (BB+/Stable) 2014 annual results are in line with expectations and have no impact to the Chinese property developer's rating.

Shimao's contracted sales in 2014 increased 4.8% to CNY70.2bn and met its contracted sales target of CNY70bn. Its 2014 contracted sales by gross floor area rose 10.5% to 5.79m sqm, while the average selling price (ASP) for contracted sales decreased 5.3% to CNY12,129 per sqm. EBITDA margin dropped t...

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