Moody's: Zhong An view negative

Moody's Investors Service said it changed the outlook for Zhong An Real Estate Ltd.'s B1 corporate family rating to negative from stable.

"The negative outlook reflects Moody's concerns that Zhong An's weak property sales could affect its credit metrics. Its presales, estimated at below ¥2 billion in 2011, is way below its annual target," Moody's vice president Ken Chan said in a news release.

"Such weak sales also reflect Zhong An's sales concentration in certain cities such as Hangzhou in the Yangtze Delta where investment activities were rampant in the past and property sales are now the most affected by the government's purchase restrictions," Chan added in the release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.