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Moody's affirms China Evergrande's rating with positive outlook

Moody's affirmed China Evergrande Group's B1 corporate family rating and raised its outlook to positive from stable.

The positive outlook reflects Moody's expectation that China Evergrande will keep on improving its debt leverage over the following 12 to 18 months.

China Evergrande's rating is based on its strong market position as one of China's top three property developers, in terms of contracted sales and the size of its land bank.

The rating agency anticipates that Evergrande's sizable land reserves, which amount to 822 projects spanning 305 million square meters in gross floor area as at June 30, will be sufficient in assisting its positive contracted sales growth.