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1We may revise the outlook to stable if Glorious improves its liquidity position.
2We may revise the outlook to stable if SPG Land's property sales and liquidity improve.
3We could also revise the outlook if the company stabilizes its leverage and improves its cash flows.
4We may revise the outlook to stable if HAGL's liquidity stabilizes and the company reduces its leverage.
5We could revise the outlook to stable if Hopson better executes its growth strategy and demonstrates financial discipline.
6We could also revise the outlook if the company's financial flexibility, including headroom in its financial covenant, increases.
7We could revise the outlook to stable if Shanghai Zendai refinances or repays the debt due in mid-2012.
8Conversely, we could revise the outlook to stable if the company's financial performance stabilizes and its liquidity position improves.
9We may revise the outlook to stable if risks of flood loss development subside and if premium volumes stabilize.
10We could revise the outlook to stable if Hopson improves the execution of its growth strategy and demonstrates financial discipline.
11We could revise the outlook to stable if Hopson improves its sales execution, reduces leverage, and its liquidity situation improves.
12We may revise the outlook to stable if Powerlong's sales improve more than we expect and the company's liquidity position stabilizes.
13We may revise the outlook to stable if Fantasia's sales execution meets our expectation and the company maintains its consistent financial management.
14We may revise the outlook to stable if the company's property sales improve and it restores its financial strength and liquidity buffer.
15We could revise the outlook back to negative if the company is unsuccessful in completing the transaction, and if EBITDA declines accelerate.
16We could revise the outlook to stable if Kaisa shows good execution of its property sales and improves its leverage and cash flow coverage.
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