<p>惠誉评级已将 LONGFOR GROUP (00960.HK) 的长期外币发行人违约评级展望从负面调整为稳定，并确认其发行人违约评级为'BB-'。惠誉还确认了该公司高级无担保评级和未偿还高级票据的'BB-'评级。</p>
<p>龙湖的评级得益于其庞大的投资物业组合以及其物业管理业务所产生的稳定经常性收入。这些优势有助于缓解其在充满挑战的经营环境中来自物业开发业务的风险，以及无担保融资渠道收窄和未被抵押的投资物业资产池缩小的影响，这些仍然是关键的评级限制因素。</p>
<p>惠誉认为龙湖的债务偿付压力已经缓解，并且在行业低迷期间继续产生正的经营现金流。这使得公司能够维持足够的流动性缓冲，以应对中国住宅物业开发领域的进一步疲软。</p>
<p>惠誉指出，龙湖的债务到期压力已显著减轻。未来三年到期的无担保债务年金额已降至人民币 50 亿至 70 亿，与前几年每年约人民币 200 亿相比大幅减少。惠誉表示，截至 2025 年底，龙湖披露的可用现金为人民币 180 亿，公司继续记录正的经营现金流，提供充足的流动性缓冲以满足近期的债务到期。</p>
<p>在评估龙湖的信用状况时，惠誉在计算其信用指标时纳入了集团的所有债务，包括与其物业开发业务相关的债务。惠誉还认为，该公司稳健的流动性缓冲和谨慎的现金流管理将有助于缓解中国房地产市场持续压力带来的挑战。(ec/u)(香港股票报价延迟至少 15 分钟。空头数据截至 2026-04-27 16:25。)</p>
<p>本文由 AI 自动翻译，中文版本应视为权威版本。AASTOCKS.com Limited 不保证其准确性或完整性，并对因使用此翻译而产生的任何损害或损失不承担任何责任。</p>

龙湖集团

长盈集团(控股)

南方中证全指房地产ETF

华宝中证800地产ETF

房地产ETF

<p>惠誉评级已将龙湖集团的展望从负面调整为稳定，并确认其长期外币发行人违约评级为'BB-'。尽管房地产开发面临挑战，但这些评级得益于强大的投资物业组合和稳定的物业管理收入。惠誉指出，龙湖的债务偿还压力已减轻，未到期无担保债务大幅减少。该公司报告可用现金为 180 亿元人民币，并继续产生正的经营现金流，确保有足够的流动性满足近期的义务</p>

<p>Fitch Ratings has revised the outlook on LONGFOR GROUP (00960.HK) -0.160 (-1.942%)  Short selling $32.46M; Ratio 25.322%  's Long-Term Foreign-Currency Issuer Default Rating to Stable from Negative, and affirmed the Issuer Default Rating at 'BB-'. Fitch also affirmed the 'BB-' rating on the company's senior unsecured rating and outstanding senior notes.</p>
<div class="lb-trans"><p>惠誉评级已将 LONGFOR GROUP (00960.HK) 的长期外币发行人违约评级展望从负面调整为稳定，并确认其发行人违约评级为'BB-'。惠誉还确认了该公司高级无担保评级和未偿还高级票据的'BB-'评级。</p>
</div><p>Longfor's ratings are supported by its sizable investment property portfolio and the stable recurring income generated from its property management business. These strengths help mitigate risks arising from its property development business amid a challenging operating environment, as well as the impact of narrowing unsecured financing channels and a shrinking pool of unencumbered investment property assets, which remain key rating constraints.</p>
<div class="lb-trans"><p>龙湖的评级得益于其庞大的投资物业组合以及其物业管理业务所产生的稳定经常性收入。这些优势有助于缓解其在充满挑战的经营环境中来自物业开发业务的风险，以及无担保融资渠道收窄和未被抵押的投资物业资产池缩小的影响，这些仍然是关键的评级限制因素。</p>
</div><p>Fitch believes Longfor's debt servicing pressure has eased and that it has continued to generate positive operating cash flow during the industry downturn. This has enabled the company to maintain sufficient liquidity buffers to withstand further weakness in China's residential property development sector.</p>
<div class="lb-trans"><p>惠誉认为龙湖的债务偿付压力已经缓解，并且在行业低迷期间继续产生正的经营现金流。这使得公司能够维持足够的流动性缓冲，以应对中国住宅物业开发领域的进一步疲软。</p>
</div><p>Fitch noted that Longfor's debt maturity pressure has significantly alleviated. The annual amount of unsecured debt maturing in each of the next three years has declined to between RMB5 billion and RMB7 billion, compared with approximately RMB20 billion in each of the previous three years. Fitch stated that, as of end-2025, Longfor disclosed available cash of RMB18 billion, and the company has continued to record positive operating cash flow, providing ample liquidity buffers to meet near-term debt maturities.</p>
<div class="lb-trans"><p>惠誉指出，龙湖的债务到期压力已显著减轻。未来三年到期的无担保债务年金额已降至人民币 50 亿至 70 亿，与前几年每年约人民币 200 亿相比大幅减少。惠誉表示，截至 2025 年底，龙湖披露的可用现金为人民币 180 亿，公司继续记录正的经营现金流，提供充足的流动性缓冲以满足近期的债务到期。</p>
</div><p>In assessing Longfor's credit profile, Fitch incorporated all of the group's debt, including debt related to its property development business, in calculating its credit metrics. Fitch also believes that the company's solid liquidity buffers and prudent cash flow management will help mitigate challenges arising from continued pressure in China's property market. (ec/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-27 16:25.)</p>
<div class="lb-trans"><p>在评估龙湖的信用状况时，惠誉在计算其信用指标时纳入了集团的所有债务，包括与其物业开发业务相关的债务。惠誉还认为，该公司稳健的流动性缓冲和谨慎的现金流管理将有助于缓解中国房地产市场持续压力带来的挑战。(ec/u)(香港股票报价延迟至少 15 分钟。空头数据截至 2026-04-27 16:25。)</p>
</div><p>This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.</p>
<div class="lb-trans"><p>本文由 AI 自动翻译，中文版本应视为权威版本。AASTOCKS.com Limited 不保证其准确性或完整性，并对因使用此翻译而产生的任何损害或损失不承担任何责任。</p>
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惠誉确认龙湖集团的评级为'BB-'，并将展望调整为稳定