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Property and LGFV Risks Prominent in China as Recovery Momentum Slows

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China Property

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The China property sector has recently lurched from one crisis to another. To facilitate a better-informed decision in this uncertain time, we offer you Fitch’s market-leading expertise and insightful analysis on this sector, here, all in one place.

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China Provincial Governments & SOEs

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This series of reports provide a snapshot on each of China's provincial-level local governments and provincial-level state-owned enterprises (SOE) which play crucial roles in economic development in their jurisdictions.

Key Macro Risks & Insights

China’s Macro and Financial Risks

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Publications

Fitch on China

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A curated compilation of Fitch Ratings’ China research and commentary. This is to provide you an in-depth understanding of new market developments, and the risks and returns associated with different sectors in China.

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China Perspectives

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China Perspectives is a podcast series covering the latest credit market and economic developments from China, featuring a range of experts from both within and outside of Fitch Ratings.

China Blue Book

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China Blue Book is a series of Fitch China Research Initiative publications dedicated to providing comprehensive, in-depth research and insight into the key credit aspects of corporate sectors in China.

Fitch Solutions

Fitch Ratings Credit Research: China Focus

Access proprietary China credit ratings and research to help you understand the differences between Chinese issuers and inform investment decisions to meet your risk appetite.

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04Videos

Pressure from LGFV Debt Varies Across Chinese Banks

Pressure from LGFV Debt Varies Across Chinese Banks

Small Chinese Banks Continue to Face Credit Profile Pressure

2023 Global Mining Sector Outlook Changed to Neutral from Deteriorating

2023 Global Housing and Mortgage Outlook Mid-Year Update

China’s Recovery Reduces Risks to APAC Sector Mid-Year Outlooks

China’s LGFVs May Issue More Infrastructure REITs

Evolving Role of China’s Central SOEs May Influence Credit Profiles

2023 Virtual Investor Series - China Structured Finance

Economic Backdrop Remains Supportive for APAC Banks

China’s Manufacturing Investment Growth Slows; Infrastructure Stays Strong

APAC Cross-Border Bond Market Size to Contract Further in 2023

China’s Evolving Financial Holding Companies Regulation Curtails Risks

China’s Theme Park Industry to Resume Strong Growth

Growth in Cross-Border E-Tailing to Diversify Revenue for Some Chinese Corporates

Global Bank Regulators to Draw Lessons from Bank Turmoil

Signs of Stabilising in China’s Property Market, but Not All Will Benefit

Higher Rates May Erode Coverage for APAC's Lower-Rated Corporates

China’s Financial Regulatory Overhaul Aims to Bridge Regulatory Gaps

China Preserves Fiscal Support to Safeguard Economic Recovery

APAC Banks Resilient to Risks Highlighted by US Bank Failures

China’s LGFV Funding

Banking Access Key for China's Private Developers Amid Sector’s High Bond Maturities

China 2023 Growth Forecast Revised Up to 5%

China’s New Financial Stability Law to Curb Contagion Risk

China’s Reopening Lifts Tourism Recovery Prospects in APAC Economies

Credit Outlook 2023 - Prices to Aid APAC Oil & Gas’s Stable Credit Metrics; Downstream Recovery

Credit Outlook 2023 - Continued Domestic Growth, Adequate Liquidity Support APAC Emerging-Market Fincos

Credit Outlook 2023 - Deteriorating Outlooks on Half of APAC Corporate Sectors Amid Weaker Macro Backdrop

Credit Outlook 2023 - Chinese LGFVs Carry Local and Regional Governments' Fiscal Pressure

Credit Outlook 2023 - Global MMFs 2023 Sector Outlook is Deteriorating

Credit Outlook 2023 - APAC Transportation Infrastructure Remains Resilient Despite Rising Risks

Credit Outlook 2023 - APAC Tech Deteriorating Amidst Global Economy Risks in 2023

Credit Outlook 2023 - Global Oil & Gas Sector’s Profits are High Despite Windfall Taxes

Credit Outlook 2023 - Neutral 2023 Global Autos Outlook Pent Up Demand Offsets Macro Risk

Credit Outlook 2023 - Resilient Demand Balancing Macro Risk for Global Transports in 2023

Credit Outlook 2023 - Asia-Pacific Power Demand Growth to Stabilise, Energy Transition to Continue

Credit Outlook 2023 - APAC Sovereigns to Face Risks from Slowing Global Growth in 2023

Credit Outlook 2023 - Global Home Prices to See Declines or Lower Growth in 2023

Recurring Defaults Expose Chinese CMBS Weaknesses

Credit Outlook 2023 - Chinese Auto Loan ABS and RMBS to Largely Withstand Economic and Sector Headwinds

Credit Outlook 2023 - Government Support Key to Restoring Market Confidence in China Property Sector

Credit Outlook 2023 - APAC Banks Broadly Steady Despite Economic Headwinds in 2023

Credit Outlook 2023 - APAC Telcos’ 2023 Leverage to Remain Stable, Despite High 5G Capex

Credit Outlook 2023 - Growth and Funding Costs Weigh on 2023 Sovereign Outlook

EMs Closer than DMs to Restoring Pre-Pandemic Fiscal Positions

China’s Local Governments Will Resort to Incremental Debt Funding

China’s Support Measures for Property Sector Have Mixed Implications

China’s Large Banks to Maintain Stable Performance Despite Rising Risks

ESG Will Increasingly Influence Insurers’ Strategies

APAC Corporates Step up Bond Buybacks Amid Rising Rates

APAC Sovereigns Face External Headwinds

China’s Latest Easing Policies May Not Revive New Home Sales

APAC Life Insurers’ Large Liquidity Positions Limit Derivative Exposure Risks

2022 Virtual Investor Series - China RMBS

China’s Population Flows to Pressure Some Local Governments’ Financials

OPEC+ Actual Oil Output Fall to be Lower than Production Quota Cuts

US Biomanufacturing Plan Poses Minor Risks to Chinese Pharma CDMOs

Home Mortgage Boycotts in China: A Systemic Risk Explained

Cyber Insurance Premium Hikes to Support Returns Amid Rising Claims

Key Takeaways from the 2022 International Reinsurance Conference in Monte Carlo

APAC Bank Regulators Lean Towards Conservative Crypto Approaches

Higher Interest Rates Challenge APAC Digital Banks

Sustained Fall in APAC Sovereign Reserves Could Erode External Buffers for Some

China Provincial Government & SOEs Snapshot Series - Hebei Province and Local SOEs

Credit Profiles of Leading Vehicle-Battery Suppliers Can Withstand Rapid Expansion

China Accelerates NPL Resolution to Mitigate Risks at Smaller Banks

China Provincial Government and SOEs Snapshot Series - Zhejiang Province and Local SOEs

Chinese NPL Securitisations’ Performance to Face Economic Headwinds

Rise in Mortgage Defaults in China Raises Risks for Banks and Developers

Impact of Rising Interest Rates on APAC Banks

Global Food Price Inflation Likely to Fall Sharply in 2023

EM Banks’ Profitability Mitigates Economic Slowdown Risks

Chinese Corporate Credit Polarisation Persists Onshore Despite Liquidity Easing

China Provincial Government & SOEs Snapshot Series - Shanxi Province and Local SOEs

APAC Sovereigns Vulnerable if China Sees Further Covid-19 Outbreaks

Apparel, Durable Goods Most Vulnerable to Climate Risk Within Retail

Demand and Government Policies Drive Growth of China's Health Insurance Market

China Property - Grey Funding Channels

2022 Mid-Year Outlook - Sovereign Sector Outlook Revised to Neutral from Improving on Ukraine War Impact

Macro Risk May Overtake Regulatory Risk for Chinese Tech Firms

Credit Brief - Comparing China and US RMBS

2022 Mid-Year Outlook - APAC Corporate Sector Outlooks Shift Amid Global Shocks

2022 Mid-Year Outlook - Inflation, Rate Rises, Stagflation Undermine Sector Outlooks

2022 Mid-Year Outlook - Global Corporates are Adequately Equipped to Weather Risks in 2022

Chinese Digital Economy’s Industrial Penetration Set to Rise

APAC ‘BBB-’ and ‘BBB’ Corporates: Stagflation Downgrade Risk

China’s Property Developers Use JV as a Funding Channel, Including Complex Structures

China Property Developers’ Grey Funding Channels - Reverse Factoring

China's Consumer-Focused Firms Face Varying Risks as Demand Weakens

Chinese State Sector to Require More Debt to Fund Investment Goals

China Bank Risks to Rise on Covid-Related Disruptions

Supply-Chain ABS - A Unique Funding Source for China‘s Property Developers

China 2022 Growth Forecast Cut Amid Covid-19 Outbreaks

What Investors Want to Know - Chinese Corporates’ Post-Default Recovery

APAC Banks’ Deeper Stablecoin Engagement Carries Risks

Ukraine War Intensifies Low-Carbon Supply-Chain Disruptions

China Developers’ Audit Problems Raise Financing Pressures

Central Transfers Ease China’s Local Government Fiscal Strains

Decentralised Finance May Divide into Regulated and Unregulated

China Loosens Fiscal Policy to Support Slowing Economy

Growing Crypto Mining Could Affect Energy Markets

Chinese Developers’ Funding

China’s New Rules for Large MMFs Could Reduce Systemic Risk

2022 Credit Outlook - Financial Discipline Supports Global Oil Gas Sector Outlook

2022 Credit Outlook - Policy Tightens but Sovereigns Outlook for 2022 is Improving

2022 Credit Outlook - Global Airline Outlook Improving but Material Risks Remain

China Property Stress Scenario Points to Contagion Risk

2022 Credit Outlook - China LGFVs - Government Policies to be a Key Focus

2022 Credit Outlook - APAC Corps Neutral Outlook Overall, China Property Worsening

2022 Credit Outlook - Return of Confidence Key to Stability for Chinese Property Developers

2022 Credit Outlook - Global Home Price Growth to Slow in 2022

2022 Credit Outlook - Asia-Pacific Sovereigns - Gradual Turn to Policy Normalisation

2022 Credit Outlook - Global Auto Conditions to Improve in 2022, Supply Chain Risk Exists

2022 Credit Outlook - China Structured Finance Performance May Deteriorate in 2022

2022 Credit Outlook - APAC Banks' Earnings Improvements Continue at a Varying Pace

2022 Credit Outlook - Asia-Pacific Transportation Infrastructure

2022 Credit Outlook - Moderate Recovery, Challenges Remain for APAC Tech in 2022

China Provincial Government & SOEs Snapshot Series - Yunnan Province and Local SOEs

China Property Tax May Add to Near-Term LRG Cash-Flow Strains

Chinese Coal, Steel and Cement Firms to See Further Consolidation

Emerging Markets Central Banks Respond to Inflation Shock

China Provincial Government & SOEs Snapshot Series - Jiangsu Province and Local SOEs

Young Buyers, Online Sales Drive Growth of China’s Local Brands

Blue Book: State-owned Capital to Lead China’s “Clean Water” Mandate

China Water Sector Blue Book

China’s SOEs to See Greater Differentiation of State Support

Regulatory Risk a Key Factor Influencing Chinese Internet Issuers’ Credit Profiles

Exclusive Interview with Australian Treasurer

Central Bank Digital Currencies May Disrupt Financial Systems

Spectrum Outcomes to Shape 5G Priorities, Credit Trends

China’s Fintech Evolves on Fast Track, Diversified Applications

Tighter Regulation to Trim China Household Lending Growth

Reprofiling Bank Debt May Pose Rating Challenges for China SOEs

China’s High-Tech Foreign Direct Investment

China Strikes Cautious Note on Fiscal Consolidation

China’s Tougher Online Loan Rules Unlikely to Hurt Rated Banks

Semiconductor Shortage Delays Global Automotive Sector Recovery

The Rise of Consumer Finance in China to Bolster Consumption

China Bank Property Lending Caps to Curb Concentration Risks

Fitch Ratings 2021 Outlook - APAC Sovereigns

Fitch Ratings 2021 Outlook - China Homebuilding

Fitch Ratings 2021 Outlook - China Local Regional Governments and Related Entities

Fitch Ratings 2021 Outlook - APAC Banks

APAC Corps to Recover in 2021, but Cash Flow Weaker than 2019

Fitch Ratings 2021 Outlook - China Structured Finance

China E-tailing Sector

APAC Corporate Earnings Improving; Still Face Pandemic Strain

China’s Gas Reform Credit Neutral for NOCs; Positive for Large Distributors

Chinese Securities Firms Enjoy High Profitability vs APAC Peers

Fitch Ratings Introduces Peer Group of 50 Asian High-Yield Corporates

US Exports Curbs on Chinese Forms to Shift Tech Supply Chains

Cutting-edge Chinese E-tailing Operators Compete Intensely in Fast-Evolving Market

Telcos Worldwide to Ramp Up 5G Capex, Raising Pressure on Credit Profiles

Chinese Vehicle Battery Suppliers

International Investment Managers Closer to Cracking Chinese Market

When LGFVs Meet New Infrastructure

Chinese E-tailing Rising as Consumers Eye Discretionary Items Online

Pandemic Shock Dampens Digital Banks’ Prospects in Asia

Chinese Home Appliances Bluebook

Blue Book: Chinese Home Appliances to Ride on Urbanisation, M&As for Growth

Chinese Auto ABS Shows Resilience Amid Pandemic; Headwinds Remain

Coronavirus Derails Home Price Growth

China’s Shift to E-tailing Picks Up After Coronavirus Outbreak

COVID-19 Investor Poll: A Gradual U-shaped Recovery

China Trade Clash Risks Vary for Australian Corporates

Introducing IPF China Fitch Analytical Comparative Tool (FACT)

China Structured Finance Quarterly Q1 2020

China Shadow-Financing Sector Faces Rising Asset Impairment

Ownership and Sector Key Factors in China SOE Defaults

Chinese Express Delivery Companies Facing Rising Capex Needs

Coronavirus Impacts On Chinese Express-Delivery Sector

Blue Book: China’s Express-Delivery Sector to Become Capital and Technology Intensive

COVID-19 Refinancing Risk Elevated for 6% of Rated China Corporates

LATAM Sovereign, Corporate Commodity Focus Ups Coronavirus-Linked Risk

Coronavirus Set to Dampen China’s Economic Growth

Political Concern and Refinancing Risks – Key Findings from the Fitch Ratings-FinanceAsia 2020 Asia Credit Market Outlook survey

Credit Outlook 2020 - China Credit Outlook

Comparison between LGFVs in China and India (Part I)

Comparison between LGFVs in China and India (Part II)

China Corporate Bond Market Blue Book: Defaults More Common; Documentation and Legal Framework Still Evolving

China Corporates May Post Slowest Earnings Growth in Four Years

China’s Rising Onshore Defaults

2019 Milken Institute Asia Summit - China: Pathways to Prosperity in an Uncertain Era

China's Food Security is Ensured, but a Long-Term Challenge

Fitch Ratings is the Leader in China

Rising Household Debt May Weigh on Medium-Term Chinese Growth

2019 Global Banking Conference HK – Shadow Banking Risks in APAC

2019 Global Banking Conference HK – Implication of Baoshang Bank case in China

2019 China Credit Conference – China’s economy in 2019

Trade War Causing Collateral Damage to Global Economic Outlook

2019 China Credit Conference – Outlook for Chinese Public Finance Sector

FT-Fitch Global Banking Conference - China has shown a decrease in shadow financing, will this trend continue?

FT-Fitch Global Banking Conference - How does China view Shadow Banking and does it compare to the US?

2019 Late Cycle Roundtable - China’s Policy Response and Way Forward

Fitch Ratings Exclusive – South Korean Deputy Prime Minister on North Korea and China

Prolonged Chinese Auto Market Slowdown Could Affect Ratings

Unpacking Chinese Engineering and Construction Firms’ PPP Investments

Tighter Regulation Challenges Chinese Peer-to-Peer Business Models

What Investors Want to Know - Chinese Internet Majors

China's Shadow Banking Sector to Shrink Further in 2019

Credit Outlook Conference 2019 - Trend of deleveraging in China

Credit Outlook Conference 2019 - The role of SOEs in China economy going forward

Credit Outlook Conference 2019 - China property market outlook in 2019

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05Awards

Fitch Named Best International Ratings Agency in China by FinanceAsia

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Fitch Wins Five Rating Agency of the Year Awards by The Asset

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06Podcasts

Fitch Learning

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Fitch Learning run live online training covering a wide range of financial topics, from credit analysis to risk management.

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07Sector Analysts

Ying Wang
Corporates - APAC
Managing Director
+86 21 6898 7980 |

Grace Wu
Banks - APAC
Senior Director
+852 2263 9919 |

Hilary Tan
SF Regional - APAC
Senior Director
+852 2263 9904 |

Samuel Kwok
International Public Finance Ratings - APAC
Senior Director
+852 2263 9961 |

Jonathan Lee
Non Banks - APAC
Managing Director
+886 2 8175 7601 |

Jeffrey Liew
Insurance Ratings - APAC
Senior Director
+852 2263 9939 |

08Business Contacts

Henry Hung
BRM Regional - APAC
Managing Director
+852 2263 9628 |

Jade Li
Investor Development – APAC
Director
+8610 5957 0963 |