Fitch rates Shimao Property notes BBB-

Fitch Ratings said it assigned an expected BBB- rating to Shimao Property Holdings Ltd.'s proposed dollar-denominated senior unsecured notes.

The notes are rated at the same level as Shimao's senior unsecured rating because they will constitute direct and senior unsecured obligations of the company, Fitch said.

The proceeds will be used to refinance existing debt and for general corporate purposes, the agency said.

The ratings are supported by the company's successful contracted sales expansion as it maintained superior margins from its high quality and well-located land bank, S&P said.

The ratings also consider the homebuilder's strong execution record and leadership in key regions, the agency said.

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