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Agenda15:00 - 16:00HKT
Chinese property developers: Impact of increasing joint venture use on credit quality
- Why are developers increasingly using JVs and is this trend likely to continue?
- How will their use of JVs affect their governance and credit profiles?
- What is Moody’s approach to assessing developers with significant JV exposures?
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SpeakersFranco Leung Associate Managing Director, Corporate Finance Moody's Investors Service
Kaven Tsang Senior Vice President, Corporate Finance Moody's Investors Service
Celine Yang Vice President - Senior Analyst, Corporate Finance Group Moody's Investors Service
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Franco Leung is an Associate Managing Director and Team Leader in Moody’s Corporate Finance Group. Based in Hong Kong, he covers mainly Chinese corporate entities in the property sector.
He was previously a lead analyst for a portfolio of Chinese corporates with a focus on property companies, while other coverage includes companies in the chemicals, metals & mining, consumer products and construction materials sectors, local government financing vehicles (LGFVs), and state-owned conglomerates.
Prior to joining Moody’s in 2012, Franco worked in various positions at Standard Chartered Bank for about 10 years, including credit risk management, treasury and global markets in Hong Kong and London.
Franco holds an MBA from the London Business School and a BSc (Quantitative Finance) from the Chinese University of Hong Kong, and is a CFA and FRM Charterholder.
Kaven Tsang is a Senior Vice President in Moody’s Corporate Finance Group in Asia Pacific. Based in Hong Kong, Kaven covers a portfolio of property companies.
Prior to joining Moody’s, Kaven worked in commercial banks, including CITIC Ka Wah Bank, WestLB AG and the Norinchukin Bank, covering corporates in Hong Kong and China.
Kaven holds a Master of Business Administration and a Bachelor of Business Administration from The Chinese University of Hong Kong. He is also a CFA charterholder.
Celine Yang is a Vice President - Senior Analyst with Moody’s Corporate Finance Group. Based in Hong Kong, Celine is the Lead Analyst for a portfolio of China property companies.
Prior to joining Moody’s, Celine worked for more than nine years with Standard Chartered Bank in Shanghai, London and Singapore. In her most recent role, Celine was responsible for credit research, covering investment strategy for credits in Asia, as well as Chinese investment grade companies. During her time at the bank,
Celine also took on roles as a Credit Analyst, in Business Strategy and Development, Portfolio Management and the structuring of securitizations.
Celine holds a Master’s in Finance from the London Business School, where she specialized in Corporate Finance. She also holds a BA in Accounting and English.
Franco Leung is an Associate Managing Director and Team Leader in Moody’s Corporate Finance Group. Based in Hong Kong, he covers mainly Chinese corporate entities in the property sector.
He was previously a lead analyst for a portfolio of Chinese corporates with a focus on property companies, while other coverage includes companies in the chemicals, metals & mining, consumer products and construction materials sectors, local government financing vehicles (LGFVs), and state-owned conglomerates.
Prior to joining Moody’s in 2012, Franco worked in various positions at Standard Chartered Bank for about 10 years, including credit risk management, treasury and global markets in Hong Kong and London.
Franco holds an MBA from the London Business School and a BSc (Quantitative Finance) from the Chinese University of Hong Kong, and is a CFA and FRM Charterholder.
Kaven Tsang is a Senior Vice President in Moody’s Corporate Finance Group in Asia Pacific. Based in Hong Kong, Kaven covers a portfolio of property companies.
Prior to joining Moody’s, Kaven worked in commercial banks, including CITIC Ka Wah Bank, WestLB AG and the Norinchukin Bank, covering corporates in Hong Kong and China.
Kaven holds a Master of Business Administration and a Bachelor of Business Administration from The Chinese University of Hong Kong. He is also a CFA charterholder.
Celine Yang is a Vice President - Senior Analyst with Moody’s Corporate Finance Group. Based in Hong Kong, Celine is the Lead Analyst for a portfolio of China property companies.
Prior to joining Moody’s, Celine worked for more than nine years with Standard Chartered Bank in Shanghai, London and Singapore. In her most recent role, Celine was responsible for credit research, covering investment strategy for credits in Asia, as well as Chinese investment grade companies. During her time at the bank,
Celine also took on roles as a Credit Analyst, in Business Strategy and Development, Portfolio Management and the structuring of securitizations.
Celine holds a Master’s in Finance from the London Business School, where she specialized in Corporate Finance. She also holds a BA in Accounting and English.