國泰君安國際建議申購併持有正榮地產(6158.HK)美元債
機構:國泰君安

發行主體簡介
正榮地產是中國大型的綜合性房地產開發商,專注於開發住宅物業,以及開發、運營及管理商業及綜合用途物業。正榮地產控股為正榮集團的境內控股公司,於2015年7月成立,作為正榮集團進行其於1998年成立的房地產發展業務的獨家平台,正榮地產從正榮集團繼承了豐富的經驗及成熟的房地產開發能力。正榮地產致力於主要為中高端改善型客户開發優質住宅物業,同時也從事開發商業及綜合用途物業,以維持平衡的業態組合。
信用亮點
1)改變“粗放式”增長路線,開啟高質量增長的新徵程
2)全國化穩步推進的同時,聚焦強二線城市
3)盈利水平持續提高,信用狀況持續優化,融資渠道多元化
信用風險
1)地產行業政策趨緊
2)經濟增長放緩
結論
建議申購併持有到期
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