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Bond Market News
Longfor Downgraded to BB by S&P
March 6, 2025
Longfor was downgraded by a notch to BB from BB+ by S&P, and its senior unsecured notes to BB- from BB. S&P cited concerns that the company’s contracted sales could remain under pressure through next year, due to a further depletion of saleable resources. According to S&P, the company’s contracted sales could decline by another 13% this year to RMB 89bn ($12.3bn). Longfor’s gross profit margin from property development is also expected to remain suppressed at 5-6%, down from 11% in 2023, as its focus on clearing inventory continues to weigh on profitability. The downgrade comes as China’s property market continues to struggle with lackluster sentiment and sales.
Its dollar bonds traded stable with its 3.375% 2027s at 84.25, yielding 10.84%.
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