Moody's: China Resources unaffected

Moody's Investors Service said that China Resources Land's financial results for fiscal year 2011 are in line with Moody's expectations and have no immediate impact on the company's Baa2 issuer and senior unsecured bond ratings.

The outlook remains stable.

"Despite weakness in the property market, CR Land's overall sales performance remains strong and it achieved over 60% year-on-year growth in its 2011 contract sales. These sales were also well-diversified across 31 cities in 9 different regions in China, reinforcing its status as a national property developer," Moody's vice president and senior analyst Jonathan Lee said in a news release.

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