Moody's might upgrade Greentown

Moody's Investors Service said it placed Greentown China Holdings Ltd.'s B1 corporate family rating and B2 senior debt rating under review for upgrade following the sale of a 24.3% equity stake in Greentown to China Communications Construction Group Ltd.

The agency said the acquisition will create more property development opportunities for Greentown, widen its financing channels and improve its corporate governance.

The review will focus on the corporate strategy of Greentown given the change in its key shareholders and changes in its board of directors, the operational impact as a result of the management change, the impact from the possible disposal of the joint-venture platform with Sunac and the financial and operational support available from the largest shareholders.

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