Poor market sentiment led to weak project sales and operating cash flow, access to new financing is key to cope with refinancing risks
Listed residential property developers’ profitability plunged in 9M2023 amid market downturn. Debt coverage capacity remains weak due to deteriorating cash flow driven by weak pre-sales. We expect developers’ performance in 2023 will diminish notably compared to 2022 before gradually recovering in 2H2024, as the government support measures come into effect.
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