Fitch rates Future Land notes BB

Fitch Ratings said it assigned an expected rating of BB to Future Land Development Holdings Ltd.'s proposed dollar-denominated senior notes.

The proposed notes are rated at the same level as Future Land's senior unsecured rating because they will constitute its direct and senior unsecured obligations, Fitch said.

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

The group's strategy will focus resources on the Yangtze River Delta, a wealthy region in eastern China that includes the Jiangsu and Zhejiang provinces and Shanghai, Fitch explained.

This has helped drive scale expansion and strong sales turnover, the agency added.

The group will continue to focus on the Yangtze River Delta, but has been increasing its land bank outside the region to provide a buffer in case of regional market uncertainties, Moody's noted.

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