APAC Credit Roundup: Exim Bank of India, Xiaomi/Lenovo, Shui On, New World Development, Adani Ports

Research evidence excerpt

APAC Credit Roundup: Exim Bank of India, Xiaomi/Lenovo, Shui On, New World Development, Adani Ports

Soo Chong Lim AC Asia Pacific Credit Research

(852) 2800-7387 26 June 2026 J P M O R G A N

soochong.lim@jpmorgan.com

Shui On Land – Beneficiary of China’s luxury housing market

stabilization with diverse funding channels; stay OW

Octus reported yesterday that Shui On has received Shanghai Stock Exchange’s approval to issue

Rmb5.6bn of ABS backed by its Shanghai Hongqiao Xintiandi shopping mall. We find the

issuance scale sizable as it more than covers Shui On’s Rmb3.5bn of debt maturities for the rest

of 2026, and the issuance also reminds us about Shui On’s diverse funding channels across USD

bonds, onshore loans and onshore ABS. Shui On specializes in luxury projects in leading

Chinese cities (esp. Shanghai), and we see it as a key beneficiary of the K-shaped stabilization

of China’s housing market (which favors the high-end segment in top-tier cities). Its debt

maturity has been decreasing after peaking out in 2023, and it will continue to decline to

Rmb6.9bn in 2026 (Rmb2.3bn refinanced in 1Q26), and Rmb2.1bn/3.4bn in 2027/28. We are

comfortable about its debt servicing ability, due to (1) a stabilizing high-end property market in

leading cities, (2) a declining debt maturity profile, and (3) access to extensive funding channels.

We stay OW on SHUION ’29s (101.5 offer, 9.1% ytm; see initiation report for details), and we

also like the Longfor curve in China HY Property for its IP transformation and solid debt

servicing ability. (Alvin)

New World Development – A rights issue to do right

Octus reported that New World Development (NWDEVL) is considering a near-term rights

issue, potentially as early as next week, with the Cheng family possibly underwriting about half