Fitch: Greenland notes BBB-

Fitch Ratings said it assigned final ratings of BBB- to Greenland Holding Group Co. Ltd.’s $400 million 4 3/8% notes due 2019 and $600 million 5 7/8% notes due 2024.

The notes are rated at the same level as Greenland’s senior unsecured debt rating as they represent direct, unconditional, unsecured and unsubordinated obligations of the company.

They are issued by Greenland’s indirect wholly owned subsidiary Greenland Global Investment Ltd. and the company plans to use the proceeds for overseas expansion, Fitch said.

The notes are guaranteed by Greenland Holding, the agency said.

Greenland is one of the top three homebuilders in China with a nationwide presence, Fitch said. Its size provides significant cost benefits, while its diversification mitigates risks from volatility in local markets, the agency said.

Greenland also has non-property related businesses that are focused on energy trading and coal mining, which accounted for around 56% of its 2013 revenue, Fitch added.

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