Moody's cuts China Properties to B2

Moody's Investors Service said it downgraded the corporate family and unsecured bond ratings of China Properties Group Ltd. to B2 from B1.

The outlook is stable.

The downgrade is driven by an expectation that China Properties is likely to achieve weaker-than-expected property sales for 2008 and post weak cash flow coverage measures, Moody's said.

Such an anticipated sales performance mainly reflects its relatively high concentration on a few select projects - as compared to its industry peers - against the backdrop of a severe market downturn, the agency said.

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