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Moody's raises Hopson's corporate family rating

Moody's raised the corporate family rating of Hopson Development Holdings Ltd. to B2 from B3, with a stable outlook.

The upgrade comes on the back of Moody's expectation that the Hong Kong-based developer will continue to enhance its property sales execution, along with its credit metrics in the following 12- to 18-month term, said Moody's Assistant Vice President and Analyst Cedric Lai.

The rating agency particularly anticipates 50% to 60% year-over-year growth in the company's contracted sales to 15 billion yuan in 2018.

Additionally, the B2 rating factors in Hopson's track record of developing properties in the Pearl River Delta and Yangtze River Delta area, as well as its potential to record recurring income streams from its investment properties.

The stable outlook reflects Moody's expectation that the developer will continue its improved sales execution, grow its investment properties portfolio and rental income, and refinance its short-term bank loans.

As of Sept. 7, US$1 was equivalent to 6.84 yuan.