<p>惠譽評級已將 LONGFOR GROUP (00960.HK) 的長期外幣發行人違約評級展望從負面調整為穩定，並確認其發行人違約評級為'BB-'。惠譽還確認了該公司高級無擔保評級和未償還高級票據的'BB-'評級。</p>
<p>龍湖的評級得益於其龐大的投資物業組合以及其物業管理業務所產生的穩定經常性收入。這些優勢有助於緩解其在充滿挑戰的經營環境中來自物業開發業務的風險，以及無擔保融資渠道收窄和未被抵押的投資物業資產池縮小的影響，這些仍然是關鍵的評級限制因素。</p>
<p>惠譽認為龍湖的債務償付壓力已經緩解，並且在行業低迷期間繼續產生正的經營現金流。這使得公司能夠維持足夠的流動性緩衝，以應對中國住宅物業開發領域的進一步疲軟。</p>
<p>惠譽指出，龍湖的債務到期壓力已顯著減輕。未來三年到期的無擔保債務年金額已降至人民幣 50 億至 70 億，與前幾年每年約人民幣 200 億相比大幅減少。惠譽表示，截至 2025 年底，龍湖披露的可用現金為人民幣 180 億，公司繼續記錄正的經營現金流，提供充足的流動性緩衝以滿足近期的債務到期。</p>
<p>在評估龍湖的信用狀況時，惠譽在計算其信用指標時納入了集團的所有債務，包括與其物業開發業務相關的債務。惠譽還認為，該公司穩健的流動性緩衝和謹慎的現金流管理將有助於緩解中國房地產市場持續壓力帶來的挑戰。(ec/u)(香港股票報價延遲至少 15 分鐘。空頭數據截至 2026-04-27 16:25。)</p>
<p>本文由 AI 自動翻譯，中文版本應視為權威版本。AASTOCKS.com Limited 不保證其準確性或完整性，並對因使用此翻譯而產生的任何損害或損失不承擔任何責任。</p>

龍湖集團

長盈集團(控股)

南方中證全指房地產ETF

華寶中證800地產ETF

房地產ETF

<p>惠譽評級已將龍湖集團的展望從負面調整為穩定，並確認其長期外幣發行人違約評級為'BB-'。儘管房地產開發面臨挑戰，但這些評級得益於強大的投資物業組合和穩定的物業管理收入。惠譽指出，龍湖的債務償還壓力已減輕，未到期無擔保債務大幅減少。該公司報告可用現金為 180 億元人民幣，並繼續產生正的經營現金流，確保有足夠的流動性滿足近期的義務</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>惠譽評級已將 LONGFOR GROUP (00960.HK) 的長期外幣發行人違約評級展望從負面調整為穩定，並確認其發行人違約評級為'BB-'。惠譽還確認了該公司高級無擔保評級和未償還高級票據的'BB-'評級。</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>龍湖的評級得益於其龐大的投資物業組合以及其物業管理業務所產生的穩定經常性收入。這些優勢有助於緩解其在充滿挑戰的經營環境中來自物業開發業務的風險，以及無擔保融資渠道收窄和未被抵押的投資物業資產池縮小的影響，這些仍然是關鍵的評級限制因素。</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>惠譽認為龍湖的債務償付壓力已經緩解，並且在行業低迷期間繼續產生正的經營現金流。這使得公司能夠維持足夠的流動性緩衝，以應對中國住宅物業開發領域的進一步疲軟。</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>惠譽指出，龍湖的債務到期壓力已顯著減輕。未來三年到期的無擔保債務年金額已降至人民幣 50 億至 70 億，與前幾年每年約人民幣 200 億相比大幅減少。惠譽表示，截至 2025 年底，龍湖披露的可用現金為人民幣 180 億，公司繼續記錄正的經營現金流，提供充足的流動性緩衝以滿足近期的債務到期。</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>在評估龍湖的信用狀況時，惠譽在計算其信用指標時納入了集團的所有債務，包括與其物業開發業務相關的債務。惠譽還認為，該公司穩健的流動性緩衝和謹慎的現金流管理將有助於緩解中國房地產市場持續壓力帶來的挑戰。(ec/u)(香港股票報價延遲至少 15 分鐘。空頭數據截至 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 自動翻譯，中文版本應視為權威版本。AASTOCKS.com Limited 不保證其準確性或完整性，並對因使用此翻譯而產生的任何損害或損失不承擔任何責任。</p>
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惠譽確認龍湖集團的評級為'BB-'，並將展望調整為穩定