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HOPSON DEVELOPMENT HOLDINGS LIMITED

Real Estate and Homebuilding / Corporate Finance/Global / Asia-Pacific/China

EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

ESG Relevance
1
2
3
4
5


CONTENTS

 * 00Back to Top
 * 01Ratings
 * 02Rating Actions
 * 03Insights
 * 04Sector Outlooks
 * 05Securities and Obligations
 * 06Fitch Adjusted Financials
 * 07Disclosures
 * 08Identifiers
 * 09Criteria
 * 10Analysts


ENTITY

 * Latest Rating Action
 * Issuer Report


RESOURCES

 * Directors & Shareholders Relevant Interests
 * Rating Definitions
 * Criteria


TRENDING TOPICS

 * Geopolitics and Elections
 * Private Credit
 * China
 * Inflation and Rates
 * Commercial Real Estate





01RATINGS

RatingActionDateTypeBDowngrade20-Oct-2023Long Term Issuer Default Rating




Ratings KeyOutlookWatchPositiveNegativeEvolvingStable 

* Ratings displayed in orange denotes EU or UK Unsolicited and Non-Participatory
Ratings



Where there was a review with no rating action (Review – No Action), please
refer to the “Latest Rating Action Commentary” for an explanation of key rating
drivers



*Premium Content is displayed in Fitch Red


RATING HISTORY

 * Long Term Issuer Default Rating




Date
:20-Oct-202316-Feb-202325-Feb-202202-Mar-202110-Mar-202014-May-201931-Aug-201831-Oct-200827-Jun-200809-Jul-200714-Feb-2007
Rating :BB+B+B+B+B+B+WDBBBBBB Action
:DowngradeAffirmedAffirmedAffirmedAffirmedReview - No ActionNew
RatingWithdrawnRating Watch OnAffirmedNew Rating





02RATING ACTIONS

Rating Action Commentary / Mon 23 Oct, 2023


惠誉将合生创展的评级下调至'B'；展望稳定

Rating Action Commentary / Fri 20 Oct, 2023


FITCH DOWNGRADES HOPSON DEVELOPMENT TO 'B'; OUTLOOK STABLE

Rating Action Commentary / Thu 16 Feb, 2023


惠誉确认合生创展的评级为'B+'；展望稳定

Rating Action Commentary / Thu 16 Feb, 2023


FITCH AFFIRMS HOPSON DEVELOPMENT AT 'B+'; OUTLOOK STABLE

Rating Action Commentary / Wed 02 Mar, 2022


惠誉确认合生创展的评级为'B+'；展望稳定

Rating Action Commentary / Fri 25 Feb, 2022


FITCH AFFIRMS HOPSON DEVELOPMENT AT 'B+'; OUTLOOK STABLE

Rating Action Commentary / Mon 21 Jun, 2021


惠誉授予合生创展拟发行美元高级票据'B+'的评级

Rating Action Commentary / Sun 20 Jun, 2021


FITCH RATES HOPSON DEVELOPMENT'S PROPOSED USD SENIOR NOTES 'B+'

Rating Action Commentary / Mon 17 May, 2021


惠誉授予合生创展拟发行美元高级票据'B+'的评级

Rating Action Commentary / Wed 12 May, 2021


FITCH RATES HOPSON DEVELOPMENT'S PROPOSED USD SENIOR NOTES 'B+'

Rating Action Commentary / Thu 04 Mar, 2021


惠誉确认合生创展的评级为'B+'；展望稳定

Rating Action Commentary / Tue 02 Mar, 2021


FITCH AFFIRMS HOPSON DEVELOPMENT AT 'B+'; OUTLOOK STABLE

Rating Action Commentary / Tue 10 Mar, 2020


惠誉确认合生创展的评级为'B+'；展望稳定

Rating Action Commentary / Tue 10 Mar, 2020


FITCH AFFIRMS HOPSON DEVELOPMENT AT 'B+'; OUTLOOK STABLE

Rating Action Commentary / Fri 28 Jun, 2019


惠誉授予合生创展5亿美元票据'B+'的最终评级

Rating Action Commentary / Fri 21 Jun, 2019


FITCH RATES HOPSON DEVELOPMENT'S USD500 MILLION NOTES FINAL 'B+'

Rating Action Commentary / Tue 18 Jun, 2019


FITCH RATES HOPSON DEVELOPMENT'S PROPOSED USD NOTES 'B+(EXP)'

Rating Action Commentary / Thu 13 Sep, 2018


惠誉首次授予合生创展‘B+’的发行人违约评级；展望稳定

Rating Action Commentary / Fri 31 Aug, 2018


FITCH ASSIGNS HOPSON DEVELOPMENT FIRST-TIME IDR OF 'B+'; OUTLOOK STABLE

Rating Action Commentary / Fri 31 Oct, 2008


FITCH WITHDRAWS HOPSON'S RATINGS

Rating Action Commentary / Fri 27 Jun, 2008


FITCH PLACES HOPSON ON RATING WATCH NEGATIVE

Rating Action Commentary / Mon 09 Jul, 2007


FITCH AFFIRMS CHINA'S HOPSON AT 'BB'; OUTLOOK STABLE

Rating Action Commentary / Tue 13 Feb, 2007


FITCH ASSIGNS 'BB' TO CHINA'S HOPSON; OUTLOOK STABLE






03INSIGHTS

Recovery Tool / Wed 08 Nov, 2023


HOPSON DEVELOPMENT HOLDINGS LIMITED - RECOVERY TOOL

Rating Report / Tue 07 Nov, 2023


HOPSON DEVELOPMENT HOLDINGS LIMITED

Rating Report / Mon 27 Feb, 2023


HOPSON DEVELOPMENT HOLDINGS LIMITED

Rating Report / Fri 01 Apr, 2022


HOPSON DEVELOPMENT HOLDINGS LIMITED

Fitch Wire / Tue 29 Mar, 2022


CHINA DEVELOPERS’ AUDIT PROBLEMS RAISE FINANCING PRESSURES

Rating Report / Fri 30 Apr, 2021


HOPSON DEVELOPMENT HOLDINGS LIMITED

Rating Report / Fri 13 Mar, 2020


HOPSON DEVELOPMENT HOLDINGS LIMITED

Non-Rating Action Commentary / Mon 29 Jul, 2019


TRACK RECORD IMPORTANT DRIVER OF 'B+' RATED CHINESE DEVELOPERS

Navigator Report / Mon 07 Jan, 2019


HOPSON DEVELOPMENT HOLDINGS LIMITED - RATINGS NAVIGATOR

Rating Report / Fri 14 Dec, 2018


HOPSON DEVELOPMENT HOLDINGS LIMITED

Special Report / Mon 23 Jul, 2007


CHINESE HIGH YIELD PROPERTY PEER GROUP ANALYSIS

Non-Rating Action Commentary / Tue 10 Apr, 2007


NEW REGULATORY CAMPAIGN HEALTHY FOR CHINA'S SIZZLING PROPERTY MARKET






04SECTOR OUTLOOKS

Outlook Report / Tue 05 Dec, 2023


GLOBAL LODGING OUTLOOK 2024

Outlook Report / Tue 28 Nov, 2023


惠誉评级2024年信用前景展望：中国房地产行业

Outlook Report / Mon 27 Nov, 2023


惠誉评级2024年信用前景展望：中国钢铁和水泥行业

Outlook Report / Mon 27 Nov, 2023


CHINA PROPERTY DEVELOPERS OUTLOOK 2024

Outlook Report / Mon 27 Nov, 2023


CHINA STEEL AND CEMENT OUTLOOK 2024

Outlook Report / Wed 22 Nov, 2023


惠誉评级2024年信用前景展望：中国工程建设行业

Outlook Report / Thu 16 Nov, 2023


CHINA ENGINEERING AND CONSTRUCTION OUTLOOK 2024

Outlook Report / Tue 27 Jun, 2023


GLOBAL CORPORATES MID-YEAR OUTLOOK 2023

Outlook Report / Mon 12 Dec, 2022


APAC CORPORATES OUTLOOK 2023

Outlook Report / Wed 30 Nov, 2022


惠誉评级2023年信用前景展望：中国钢铁和水泥行业

Outlook Report / Wed 30 Nov, 2022


惠誉评级2023年信用前景展望：中国房地产行业

Outlook Report / Thu 24 Nov, 2022


惠誉评级2023年信用前景展望：中国工程建设行业

Outlook Report / Thu 24 Nov, 2022


CHINA STEEL AND CEMENT OUTLOOK 2023

Outlook Report / Wed 23 Nov, 2022


CHINA PROPERTY DEVELOPERS OUTLOOK 2023

Outlook Report / Thu 17 Nov, 2022


CHINA ENGINEERING AND CONSTRUCTION OUTLOOK 2023

Outlook Report / Tue 21 Jun, 2022


GLOBAL CORPORATES: 2022 SECTOR OUTLOOK UPDATES

Outlook Report / Wed 15 Dec, 2021


FITCH RATINGS 2022 OUTLOOK: ASIA-PACIFIC CORPORATES

Outlook Report / Wed 08 Dec, 2021


GLOBAL HOUSING AND MORTGAGE OUTLOOK - 2022

Outlook Report / Wed 01 Dec, 2021


FITCH RATINGS 2022 OUTLOOK: CHINA PROPERTY DEVELOPERS

Outlook Report / Mon 29 Nov, 2021


惠誉评级2022年信用前景展望：中国工程建设行业

Outlook Report / Mon 22 Nov, 2021


FITCH RATINGS 2022 OUTLOOK: CHINA ENGINEERING AND CONSTRUCTION

Outlook Report / Sun 27 Dec, 2020


惠誉评级2021年信用前景展望 : 中国房地产行业

Outlook Report / Mon 14 Dec, 2020


惠誉评级2021年信用前景展望: 中国工程建设行业

Outlook Report / Thu 10 Dec, 2020


FITCH RATINGS 2021 OUTLOOK: ASIA-PACIFIC CORPORATES

Outlook Report / Mon 30 Nov, 2020


FITCH RATINGS 2021 OUTLOOK: CHINA HOMEBUILDING

Outlook Report / Thu 12 Nov, 2020


FITCH RATINGS 2021 OUTLOOK: CHINA ENGINEERING AND CONSTRUCTION

Outlook Report / Wed 01 Jan, 2020


惠誉评级2020年信用前景展望 : 中国房地产行业

Outlook Report / Wed 11 Dec, 2019


FITCH RATINGS 2020 OUTLOOK: CHINA HOMEBUILDING

Outlook Report / Mon 09 Dec, 2019


惠誉评级2020年信用前景展望：中国工程建设行业

Outlook Report / Tue 03 Dec, 2019


FITCH RATINGS 2020 OUTLOOK: CHINA ENGINEERING AND CONSTRUCTION

Outlook Report / Thu 27 Dec, 2018


FITCH RATINGS 2019 OUTLOOK: ASIA-PACIFIC CORPORATES

Outlook Report / Wed 12 Dec, 2018


惠誉评级2019年信用前景展望: 中国房地产行业

Outlook Report / Tue 11 Dec, 2018


惠誉评级2019年信用前景展望: 中国建筑行业

Outlook Report / Sun 18 Nov, 2018


FITCH RATINGS 2019 OUTLOOK: CHINA HOMEBUILDING

Outlook Report / Sun 18 Nov, 2018


FITCH RATINGS 2019 OUTLOOK: CHINA ENGINEERING AND CONSTRUCTION

Outlook Report / Tue 19 Dec, 2017


FITCH 2018 OUTLOOK: ASIA-PACIFIC CORPORATES

Outlook Report / Tue 28 Nov, 2017


FITCH 2018 OUTLOOK: CHINA HOMEBUILDING

Outlook Report / Mon 27 Nov, 2017


FITCH 2018 OUTLOOK: CHINA ENGINEERING & CONSTRUCTION

Outlook Report / Mon 23 Jan, 2017


2017 OUTLOOK: ASIA-PACIFIC CORPORATES

Outlook Report / Mon 05 Dec, 2016


2017年の展望 ： アジア太平洋地域ストラクチャード・ファイナンス（2016年11月18日付）

Outlook Report / Thu 01 Dec, 2016


2017 OUTLOOK: CHINA HOMEBUILDING

Outlook Report / Wed 30 Nov, 2016


2017 OUTLOOK: CHINA CEMENT INDUSTRY

Outlook Report / Wed 30 Nov, 2016


2017 OUTLOOK: CHINA COMMERCIAL PROPERTIES

Outlook Report / Fri 18 Nov, 2016


2017 OUTLOOK: ASIA-PACIFIC STRUCTURED FINANCE

Outlook Report / Thu 17 Nov, 2016


2017 OUTLOOK: CHINA ENGINEERING & CONSTRUCTION

Outlook Report / Thu 14 Jan, 2016


2016 OUTLOOK: ASIA-PACIFIC CORPORATES

Outlook Report / Wed 09 Dec, 2015


2016 OUTLOOK: CHINA HOMEBUILDING

Outlook Report / Wed 02 Dec, 2015


2016 OUTLOOK: ASIA-PACIFIC STRUCTURED FINANCE

Outlook Report / Wed 25 Nov, 2015


2016 OUTLOOK: CHINA BUILDING MATERIALS AND CONSTRUCTION

Outlook Report / Mon 12 Jan, 2015


2015 OUTLOOK: ASIA-PACIFIC CORPORATES






05SECURITIES AND OBLIGATIONS

Filter
International
National / Local
Short Term
Long Term
Speculative Grade
Investment Grade
Sort by
Most Recent
Debt Type / Sub-Type
Rated Entity / Debt  

Ratings  

Entity Details  

Debt Type & Identifiers  

Other Details  



Issuer: Hopson Development Holdings Limited
Debt Level: senior unsecured
Issue: USD debt class

20-Oct-2023
B
Downgrade
Long Term Rating
RR4 50%

Rating History
Country: China
Sectors: Real Estate and Homebuilding; Corporate Finance
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer
(sell side)
senior unsecured; bond/note

Currency: USD
Amount: 0
Placement: Public


Issuer: Hopson Development Holdings Limited
Debt Level: senior unsecured
Issue: USD 300 mln 7% bond/note 18-May-2024

18-May-2024
NR
Matured
Long Term Rating

Rating History
Country: China
Sectors: Real Estate and Homebuilding; Corporate Finance
Disclosures: EU Endorsed, UK Endorsed;
senior unsecured; bond/note
ISIN: XS2336271510 (Reg S)

Maturity Date: 18-May-2024
Currency: USD
Amount: 300,000,000
Coupon Rate: 7%
Placement: Reg S


Issuer: Hopson Development Holdings Limited
Debt Level: senior unsecured
Issue: USD 237.5 mln 6.8% bond/note 28-Dec-2023

28-Dec-2023
NR
Matured
Long Term Rating

Rating History
Country: China
Sectors: Real Estate and Homebuilding; Corporate Finance
Disclosures: EU Endorsed, UK Endorsed;
senior unsecured; bond/note
ISIN: XS2353028298 (Public)

Maturity Date: 28-Dec-2023
Currency: USD
Amount: 237,500,000
Coupon Rate: 6.8%
Placement: Public


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06FITCH ADJUSTED FINANCIALS

NOTES AND FORMULASREPORTED VALUESSUM OF ADJUSTMENTSCASH ADJUSTMENTHYBRID
ADJUSTMENTCORP - LEASE TREATMENTOTHER ADJUSTMENTSADJUSTED VALUESIncome Statement
SummaryRevenue84797469Data 3Data 4Data 5Data 6Data 7Data 8Data
9EBITDAR84797469Data 3Data 4Data 5Data 6Data 7Data 8Data 9EBITDAR After
Associates and Minorities84797469Data 3Data 4Data 5Data 6Data 7Data 8Data
9Leases Expense84797469Data 3Data 4Data 5Data 6Data 7Data 8Data
9EBITDA84797469Data 3Data 4Data 5Data 6Data 7Data 8Data 9EBITDA After Associates
and Minorities84797469Data 3Data 4Data 5Data 6Data 7Data 8Data 9EBIT84797469Data
3Data 4Data 5Data 6Data 7Data 8Data 9

Get Access



07DISCLOSURES

Original Rating DateLong Term Issuer Default Rating14-Feb-2007

Endorsement StatusEU Endorsed, UK Endorsed

Country of Fitch OfficeHONG KONG, CHINA

Solicitation StatusLong Term Issuer Default RatingSolicited - Sell Side

Country of AnalystHONG KONG, CHINA




08IDENTIFIERS

Type:Dow Jones TickerICBLEIIdentifier:0754.HK8733549300HYMKPTC1DTZS42






09CRITERIA

13Oct
2023
Active Criteria

CORPORATES RECOVERY RATINGS AND INSTRUMENT RATINGS CRITERIA

21Jul
2023
Expired Criteria

CLIMATE VULNERABILITY IN CORPORATE RATINGS CRITERIA - EFFECTIVE FROM 21 JULY
2023 TO 3 NOVEMBER 2023

12May
2023
Expired Criteria

SECTOR NAVIGATORS: ADDENDUM TO THE CORPORATE RATING CRITERIA - EFFECTIVE FROM 12
MAY 2023 TO 3 NOVEMBER 2023

03Mar
2023
Active Criteria

COUNTRY-SPECIFIC TREATMENT OF RECOVERY RATINGS CRITERIA

28Oct
2022
Expired Criteria

CORPORATE RATING CRITERIA - EFFECTIVE FROM 28 OCTOBER 2022 TO 3 NOVEMBER 2023

More Criteria


10ANALYSTS

Samuel Hui
Primary Rating Analyst


Shuncheng Zhang
Secondary Rating Analyst




CREDIT-RELEVANT ESG SCALE

How relevant are E, S and G issues to the overall credit rating?

5



Highly relevant, a key rating driver that has a significant impact on the rating
on an individual basis. Equivalent to "higher" relative importance within
Navigator.4



Relevant to rating, not a key rating driver but has an impact on the rating in
combination with other factors. Equivalent to "moderate" relative importance
within Navigator3



Minimally relevant to rating, either very low impact or actively managed in a
way that results in no impact on the entity rating. Equivalent to "lower"
relative importance within Navigator.2



Irrelevant to the entity rating but relevant to the sector.1



Irrelevant to the entity rating and irrelevant to the sector




* ESG Relevance is applicable for international scale ratings only

Ratings KeyOutlookWatchPositiveNegativeEvolvingStable 

Recovery Ratings KeyOutstanding
RR1Superior
RR2Good
RR3Average
RR4Below-Average
RR5Poor
RR6




* Ratings displayed in orange denotes EU or UK Unsolicited and Non-Participatory
Ratings



Where there was a review with no rating action (Review – No Action), please
refer to the “Latest Rating Action Commentary” for an explanation of key rating
drivers



*Premium Content is displayed in Fitch Red



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