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Fitch affirms China Overseas Land rating

Fitch Ratings affirmed its long-term issuer default rating on China Overseas Land & Investment Ltd. at A-.

The outlook is stable.

The rating agency also affirmed the company's foreign-currency senior unsecured rating and its guaranteed notes at A-.

Fitch said it expects the company to meet its 2016 contracted sales target of HK$210 billion, and noted that its contracted sales rose 24.8% year over year in the first 11 months of 2016. It also pointed out that China Overseas Land has one of the lowest borrowing costs among Chinese homebuilders as a result of access to offshore bond and loan markets and its status as a state-owned enterprise.

Fitch credited the stable outlook to its expectation that China Overseas will maintain its leadership position in the Chinese residential homebuilding market, and continue to grow at a moderate pace.

The rating agency further said it does not expect the recent change in management to have any impact on the company's rating.