Moody's lifts Shimao CFR, bond

Moody's Investors Service said it upgraded Shimao Property Holdings Ltd.'s corporate family rating to Ba2 from Ba3 and senior unsecured bond rating to Ba3 from B1.

The outlook is stable.

"The upgrade reflects our expectation that Shimao's good sales execution will be maintained," Moody's assistant vice president and analyst Franco Leung said in a news release.

Shimao has demonstrated a good track record of sales execution since it fine-tuned its business strategy in 2011. Its strong sales are the result of its increased focus on small- to medium-sized products for the mass market that target first-time homebuyers and up-graders, the agency said.

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