Moody's: No change for China developers

Moody's Investors Service says the devastating earthquake that struck China's Sichuan Province is unlikely to immediately impact the ratings of the country's property developers.

Of the 13 Chinese developers rated by Moody's, five show relatively material exposures to the province's affected areas, given their projects in the cities of Chengdu and Chongqing, Moody's said.

The five are China Overseas Land and Investment Ltd., Agile Property Holdings Ltd., China Properties Group Ltd., Coastal Greenland Ltd. and Neo-China Land Group (Holdings) Ltd.

Although the issuers will probably experience some negative repercussions like construction delays and sales delays, the agency said it appears at this stage that the impact is not likely to be material enough to warrant changes in ratings or outlooks.

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