BEIJING, June 2 (Xinhuanet) -- Fitch Ratings on Friday has affirmed China Fortune Land Development Co., Ltd.’s (CFLD) Long-term Foreign Currency Issuer Default Ratings (IDR) as "BB+", with the outlook looking stable.
Fitch also assigned "BB+" ratings to CFLD (Cayman) Investment Ltd's notes which are unconditionally and irrevocably guaranteed by CFLD.
Fitch, one of the Big Three international credit rating agencies, said on its website that CFLD's ratings are supported by its leading position in the industrialization and urbanization of large districts' less-developed counties in key economic regions such as the pan-Beijing region, the Yangtze River Delta, central China, the Sichuan-Chongqing Zone, and the Pearl River Delta of China.
Its business model which differentiates itself from its peers is also a contributing factor.
CFLD’s financial report in Q1 shows that its operating income reached 9.49 billion yuan from January to March, up by 21.48 percent year-on-year.
Its net profits attributable to shareholders was 2.29 billion yuan, up by 30.33 percent year-on-year.
The growth is remarkable given the implementation of restricted home purchase policies in the regions.
In recent years, CFLD has built its brand in new industry cities, providing different solutions for city development.
By now, it covers over 80 new industry cities across China and in countries such as Indonesia and the Philippines.
