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Most of SEDC's revenue is generated from infrastructure construction in the Suqian ETDZ, hence SEDC's profitability is dependent on the government's schedule for the repurchase of projects and settlement of payment.
Jiangsu NHL received capital injections from Lianyungang ETDZ's management committee during 2016 and its paid-up capital increased to CNY12.2 billion by end-October 2016, from CNY10.5 billion a year earlier.
'Strong' Support Track Record and Expectation: Most of SEDC's revenue is generated from infrastructure construction in the Suqian ETDZ, hence SEDC's profitability is dependent on the government's schedule for the repurchase of projects and settlement of payment.
Nonetheless, given SEDC is the sole company providing infrastructure and social housing construction in the Suqian ETDZ, Fitch expects temporary disruption in the construction if the issuer faces any financial difficulties.
Support Track Record and Expectation "Strong": Jiangsu NHL received capital injections from Lianyungang ETDZ's management committee during 2016 and its paid-up capital increased to CNY12.2 billion by end-October 2016, from CNY10.5 billion a year earlier.
Socio-Political Implications of Default "Moderate": Jiangsu NHL is an important entity for developing large-scale urban infrastructure projects and providing ancillary services in Lianyungang ETDZ. It helps implement the blueprint of Lianyungang municipality and Lianyungang ETDZ's management committee.
Financial Implications of Default "Strong": Jiangsu NHL undertakes urban development projects in Lianyungang ETDZ, with a significant amount of receivables from Lianyungang ETDZ and its finance bureau.
'Strong' Status, Ownership and Control: Yancheng Oriental is wholly owned by the Yancheng municipality via the Yancheng ETDZ Management Committee.
'Moderate' Socio-Political Impact of Default: Yancheng Oriental plays an important role in urban development within the Yancheng ETDZ. Hence, a default could have a negative impact on the economic development of the ETDZ, which accounted for about 7% of the city's gross regional product in 1Q18.
Strategic Importance Midrange: Yancheng Oriental ranked second in terms of total assets among the city's local-government financing vehicles (LGFVs) and is the flagship vehicle within the ETDZ, which accounted for about 8% of the city's GRP.
The company's liquidity could be adversely affected by any extension in the settlement of project buybacks by the municipality and sizeable receivables due from Yancheng ETDZ's Finance Bureau.
Strategic Importance Attribute Unchanged at Mid-Range: SEDC remains the major local government financing vehicle established for developing and managing infrastructure and social housing in Suqian ETDZ. Suqian ETDZ is a national-level development zone that accounted for more than 12.5% of Suqian Municipality's 2106 GRP.
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