Moody's may up Shanghai Industrial

Moody's Investors Service said it put on review for possible upgrade the B2 corporate family and senior unsecured ratings on Shanghai Industrial Urban Development Group Ltd., formerly the Neo-China Land Group (Holdings) Ltd.

The review was prompted by news that the company would acquire from Shanghai Industrial Holdings Ltd. the entire 59% stake in Shanghai Urban Development and other interests.

This transaction confirms Shanghai Industrial Holdings' plan to progressively consolidate its property development business under Shanghai Industrial Urban Development, Moody's said.

The acquisition will also increase Shanghai Industrial Urban Development's strategic importance in the group, the agency said, as it will have a stronger asset base and become a 70%-owned subsidiary of Shanghai Industrial Holdings once the transaction is completed.

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