Fitch Ratings revised the outlook on Chinese real estate developer China Aoyuan Property Group Ltd. to positive from stable and affirmed its long-term foreign-currency issuer default rating and senior unsecured rating at BB-.

The revised outlook takes into account the increased probability that China Aoyuan can maintain attributable contracted sales of more than 60 billion yuan annually from 2018, backed by robust housing demand in its home markets, increasing geographic diversification and its history of fast-churn policy implementation.

Fitch said the company has demonstrated fiscal discipline during its growth by keeping leverage under 40% and preserving healthy profitability, with an EBITDA margin of about 25%.

As of Aug. 13, US$1 was equivalent to 6.89 yuan.