Moody’s ups Hopson Development

Moody's Investors Service said it upgraded Hopson Development Holdings Ltd.'s corporate family rating to B2 from B3.

The outlook is stable.

"The upgrade reflects our expectation that Hopson's property sales execution will continue to improve and that its credit metrics will improve to levels that are appropriate for a B2 corporate family rating over the next 12-18 months," Cedric Lai, Moody's assistant vice president and analyst, said in a news release.

Specifically, the agency said it expects Hopson will grow its contracted sales by 50% to 60% year-on-year to RMB 15 billion in 2018, supported by its established market position and sizable available-for-sale resources in its core markets in the Pearl River Delta, Bohai Area and Yangtze River Delta.

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