\n<\/p>\n
HONG KONG \u00a0<\/p>\n Fitch’s report points out that CIFI’s \u00a0<\/p>\n The Stable Outlook reflects Fitch’s \u00a0<\/p>\n Fitch also believes CIFI’s quality \u00a0<\/p>\n Mr. Lin Zhong, Chairman of CIFI, said
\nSAR –\u00a0Media
\nOutReach<\/a>\u00a0–\u00a028 January 2022 –\u00a0CIFI Holdings (Group) Co. Ltd.<\/a><\/b> (“CIFI” or the
\n“Group”, HKEx stock code: 884), a leading real estate developer and
\ninvestor in first-, second- and robust third-tier cities in China, is pleased
\nthat Fitch Ratings has issued a report to affirm CIFI’s long-term foreign and
\nlocal -currency issuer default ratings at ‘BB’; the Outlook is ‘Stable’. In
\naddition, CIFI has been removed all the ratings from Under Criteria Observation
\n(UCO) by Fitch Ratings.<\/p>\n
\nbusiness and financial profiles remain commensurate with a ‘BB’ credit profile.
\nFitch believes CIFI’s above-average financial flexibility is supportive of the
\nrating despite its higher leverage of 50% compared with peers’ 40-45%.<\/p>\n
\nbelief that CIFI has strong liquidity and continued access to capital-market financing
\nin both onshore and offshore markets to refinance its maturities in 2022. Fitch
\nbelieves CIFI’s leverage to fall to 45%-50% in 2022-2023 from an estimate of
\naround 50% in 2021 due to a slowdown in land acquisition and a continued
\nramp-up of its investment properties.<\/p>\n
\nland bank, with more than 85% in tier 1-2 cities, will make it more resilient
\nin the downturn and can sustain two-three years of development and a sales
\nscale above RMB 220 billion in 2022-2023.<\/p>\n
\n“We welcome Fitch to affirms our rating which is the capital market’s
\nrecognition of our business development and financial strength. The management
\nflexibly deploy our capital to proactively manage the Group’s debt structure
\nand portfolio. We strive to enhance our capability to withstand the risks of
\nboth the industry and the economic cycle. All these efforts can ensure the
\nGroup’s healthy financial position and sustainable business development in the
\nlong term.”<\/p>\n