Fitch affirms KWG Property at BB-

Fitch Ratings said it affirmed KWG Property Holding Ltd.’s long-term issuer default rating and senior unsecured rating at BB-.

The outlook is stable.

Fitch said the ratings are supported by KWG's established homebuilding operations in Guangzhou – the capital of China's southern Guangdong province – strong brand recognition in higher-tier cities across the country, consistently high margin, strong liquidity and healthy maturity profile.

The ratings are constrained by the small scale of KWG's development and investment property business, as well as the higher leverage from its land purchases in 2016, the agency added.

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