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KEFtXwcWrUXpXHLNn Autore: Myles The National Gallery <a href=" http://epilepsynl.com/cheapest-place-get-rogaine.pptx#functions ">rogaine foam versus generic</a> Higher structural subordination: The JVs, especially Shanghai Sunac Greentown Real Estate Development Ltd, also mean Sunac's access to their cash is subordinated to the obligations of these JVs. To reflect the structural subordination, Fitch includes unconsolidated subsidiaries and treats minority interests as debt in its calculation of Sunac's leverage. This results in a modified net debt/adjusted inventory of 43% at end-2012 compared with the reported 29%. |
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