惠譽料恆大(03333.HK)事件對所覆蓋建築商影響可控
國際評級機構惠譽預期,由於所覆蓋內地建築公司對中國恆大(03333.HK)敞口有限,相信恆大信貸事件對其影響將是可控的。
惠譽指,中國建築(601668.SH)有承建與恆大相關的項目,但由於其擁有龐大且多樣化的客戶組合,前五名客戶僅佔其2020年收入的1.1%,面對單一客戶違約事件風險很小。至於江蘇南通三建集團則由於大部分收入和合約依賴恆大,將受違約事件的影響最大。惠譽認爲近幾個月對恆大有重大敞口的承包商,經營風險及流動性壓力顯着增加。
惠譽認爲,工程和建築公司的規模優勢,有助降低單一客戶違約或項目失敗事件的風險,但如果房地產市場發生更廣泛違約情況,則住宅承建業務有重大敞口的建築公司都將可能受到影響。
另外,惠譽預計房地產市場放緩的潛在影響,將被基建復甦部分抵銷,主要是由於基建是內地政府支持經濟的關鍵工具。
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