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Fitch affirms Longfor Group Holdings ratings

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Fitch affirms Longfor Group Holdings ratings

Fitch Ratings affirmed its ratings on Longfor Group Holdings Ltd. at BBB, with a stable outlook.

The action pertains to the Chinese property developer's long-term issuer default rating, its foreign-currency senior unsecured rating and outstanding senior unsecured notes rating.

The rating agency attributed the affirmation to Longfor's strong operational performance, with its contracted sales rising 22.7% year over year in the first 11 months of 2018. Fitch also noted the rising recurring income from the company's investment property business and a healthy financial profile.

The rating agency said it expects Longfor to continue growing its recurring rental income from its investment property portfolio, which includes shopping malls and rental apartments, through consistent investments without pressuring its leverage.