Fitch rates Future Land notes BB

Fitch Ratings said it assigned an expected rating of BB to Future Land Holdings Co., Ltd.'s proposed dollar-denominated senior notes, which will be issued by its indirect wholly owned subsidiary, New Metro Global Ltd.

The proposed notes, which will be unconditionally and irrevocably guaranteed by Future Land, are rated at the same level as its senior unsecured rating because they will constitute its direct and senior unsecured obligations, Fitch said.

The proceeds will be used for onshore real-estate project development and refinancing debt, the agency said.

Future Land Holdings is a subsidiary of Future Land Development Holdings Ltd., Fitch said.

The group's strategy to focus resources around Shanghai and the Yangtze River Delta, a wealthy region in eastern China, helped expand its scale and drive strong sales turnover, the agency said.

This demonstrates the group's ability to rapidly generate sales from new land acquisitions, Fitch said.

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