S&P moves Hopson view to negative

S&P said it changed its outlook for Hopson Development Holdings Ltd. to negative from stable and affirmed its B issuer rating.

“We revised the rating outlook to negative owing to Hopson's weakening sales outlook. The reduced sales will weigh on the company's already tight liquidity. Hopson's contracted sales dropped 30% during the first 10 months of 2022, outperforming the overall market. However, we believe the company's sales execution will be put to the test amid the prolonged property downcycle. In September and October 2022, the decline in Hopson's contracted sales widened to 45% and 52% year on year, respectively,” the agency said in a press release.

S&P said it sees Hopson's contracted sales plunging by 30%-32% to HK$35 billion-HK$36 billion in 2022 and by a further 2%-5% annually in 2023 and 2024.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.