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Fitch affirms KWG Property rating

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Fitch affirms KWG Property rating

Fitch Ratings affirmed Chinese developer KWG Property Holding Ltd.'s long-term issuer debt rating at BB-, with a stable outlook.

The rating agency also affirmed KWG Property's BB- senior unsecured rating, attributing the affirmations to the company's established homebuilding operations in Guangzhou, China, and strong brand name recognition in the country's higher-tier cities. Fitch also noted the company's diverse land bank spread across China's Greater Bay Area, as well as eastern and northern China.

Fitch also highlighted the company's high EBITDA margin, which has remained at 30% to 35% through different business cycles, as well as its strong liquidity and healthy maturity profile.