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Fitch affirms Times China's ratings

The expected monetary contributions from Times China Holdings Ltd.'s 41 urban redevelopment projects in the mainland, among other factors, prompted Fitch Ratings to affirm the developer's ratings.

The affirmed ratings are Times China's BB- long-term foreign currency issuer default and senior unsecured ratings, and the BB- ratings on seven debt issuances. The ratings have a stable outlook.

Times China's under-control leverage of below 45% and expectations that the developer will collect cash from its contracted property sales at an increased rate of 76% in 2019 from about 70% in 2018 were also highlighted as key factors to the ratings affirmation.

As of March 21, US$1 was equivalent to 6.70 yuan.