S&P might cut KWG

S&P said it placed its BB- long-term corporate credit rating and cnBB+ long-term Greater China regional scale rating on KWG Property Holding Ltd. on CreditWatch with negative implications.

The agency also placed its B+ long-term issue rating and cnBB long-term Greater China regional scale rating on the company's outstanding senior unsecured notes on CreditWatch with negative implications.

S&P said it placed the ratings on CreditWatch because it expects KWG's financial position to weaken more than earlier expected under the agency’s base-case scenario for the rating. The likely deterioration follows the company's recent significant land acquisition in Hong Kong and its active land purchases in mainland China in 2016.

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