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CCXAP assigns Guangzhou Fineland Real Estate Development Co., Ltd’s US dollar-denominated senior notes final Bg+ rating

Hong Kong, 27 January 2021 -- China Chengxin (Asia Pacific) Credit Ratings (“CCXAP”) has assigned Guangzhou Fineland Real Estate Development Co., Ltd. (“Fineland” or the “Company”) (Bg+/Stable) USD340 million 13.6% senior notes due 2023 a final Bg+ rating.


The notes are senior obligations of Fineland. The notes are at least pari passu in right of payment with all other unsecured, unsubordinated indebtedness of the Company. Net proceeds will be used for refinancing certain of the Company’s existing indebtedness.


CCXAP’s final rating on the notes follows Fineland's completion of its USD bond issuance, of which the final terms and conditions are consistent with expectations. The final rating is in line with the expected rating assigned on 18 January 2021.


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CCXAP’s public ratings are available at www.ccxap.com (Rating Results) and may be distributed through media and other means. Methodology used in this rating is the Global Rating Methodology for Real Estate Development Industry dated December 2019, available at www.ccxap.com (Rating Methodologies).