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Home / Reports / Fitch Affirms China’s LVGEM at ‘B’; Outlook Stable 【FitchRatings】
Fitch Affirms China’s LVGEM at ‘B’; Outlook Stable 【FitchRatings】 Author: CHINA LVGEM

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.


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