Moody's: KWG unchanged

Moody's Investors Service said that KWG Property Holding Ltd.'s 2011 annual results were generally in line with expectations and have no immediate impact on its issuer rating of Ba3 and bond rating of B1.

The outlook remains stable.

KWG reported 36% year-on-year growth in turnover to RMB 10.1 billion, with gross profit margin improving to 44% from 41%, Moody's said.

Net profit booked in 2011 increased to RMB 2.1 billion from RMB 1.3 billion. The favorable results were due to the company's broad range of product offerings, as well as its effective marketing and pricing strategies, the agency said.

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