Moody's: No change for China property market

Moody's Investors Service said that the rebound in China's property market in the first half of 2009 is unlikely to result in improvement in its ratings for Chinese developers.

Moody's said that developers had a positive first half off the back of a strong turnaround in the property market and improving access to funding. However, the agency said there is considerable uncertainty as to the duration and strength of such a recovery given the high regulatory and operating uncertainties in China.

Some issuers still have weakened balance sheets and liquidity positions, Moody's added, while a few small developers and others have obligations related to upcoming large land payments and short-term, offshore debt.

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