Date: 2021-08-03 Author: CHINA LVGEM
Fitch Ratings has affirmed LVGEM (China) Real Estate Investment Company Limited’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘B’. The Outlook is Stable. Fitch has also affirmed LVGEM’s senior unsecured rating and the rating on its outstanding US-dollar senior notes, issued by Gemstones International Limited, at ‘B’ with a Recovery Rating of ‘RR4’.
LVGEM’s ratings are constrained by low contracted sales, concentration in a small number of projects and high leverage. On the other hand, the ratings are supported by a maturing pipeline of highly profitable urban-renewal projects (URP) in the cities of Shenzhen and Zhuhai.
https://www.fitchratings.com/research/corporate-finance/fitch-affirms-china-lvgem-at-b-outlook-stable-03-08-2021
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