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China Jinmao Downgraded to Ba3 by Moody’s
April 10, 2026
China Jinmao was downgraded by a notch to Ba3 from Ba2 by Moody’s. The downgrade stems from persistently elevated leverage of ~11x in FY2025, which is well above the projected 9.3x. Jinmao’s debt rose around 5% while revenue grew only 0.5% YoY, causing debt growth to significantly outstrip EBITDA improvement. Moody’s expects Jinmao’s leverage to gradually improve to around 9.2x in 2026, supported by projected revenue growth of 20–25%. Debt reduction is unlikely to be significant in the near term because the company continues investing 45–50% of contracted sales proceeds into land acquisition, particularly in higher-tier cities. However, Jinmao’s overall liquidity remains stable, with cash holdings and operating cash flow expected to cover short-term obligations over the next 12–18 months. China Jinmao’s has close ties with its state-owned parent Sinochem HK which helps in supporting its funding access, land replenishment, and operational scale.
It’s 4.25% 2029s were stable at 92.6, yielding 6.8%.
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