Moody's rates Powerlong Real Estate bond B1

Moody's Investors Service said it assigned a first-time Ba3 corporate family rating to Powerlong Real Estate Holdings Ltd., along with a provisional B1 rating to its proposed dollar-denominated senior unsecured bond issue.

The outlook is stable.

The proceeds will be used for financing existing and new property projects and general working capital purposes.

The ratings reflect the strengths of its niche business model, which offers a balanced mix of large-scale integrated residential and commercial properties, including shopping malls, in China, Moody's said.

It also considers the company's diversification among China's second- and lower-tier cities, where demand for property is weaker than in the first-tier cities, but such markets also are less susceptible to regulatory measures, the agency said.

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