Fitch: Greenland notes BBB-

Fitch Ratings said it assigned a rating of BBB- to Greenland Holding Group Co. Ltd.’s $3 billion medium-term note program.

Fitch also said it assigned an expected BBB- rating to Greenland’s proposed dollar-denominated senior unsecured notes.

The notes will be issued by Greenland Global Investment Ltd., a wholly owned subsidiary of Greenland, under the $3 billion medium-term note program.

The proceeds from the notes will be used for Greenland’s overseas expansion.

The notes are rated at the same level as Greenland’s senior unsecured rating because they constitute direct, unsubordinated and senior unsecured obligations of the company, Fitch said.

Greenland is one of the top three homebuilders in China with a nationwide presence, but it also has non-property related businesses that are focused on energy trading and coal mining, which accounted for about 56% of its 2013 revenue, the agency said.

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