Moody's rates Logan notes B1

Moody's Investors Service said it assigned a provisional B1 senior rating to Logan Property Holdings Co. Ltd.'s proposed dollar-denominated notes. The outlook is stable.

The proceeds will be used to fund the company's development of property projects, land acquisitions, refinancing and general working capital needs.

The agency said Logan's Ba3 corporate family rating reflects the company's track record of developing residential properties in Guangdong Province and its role as a leading developer in Shantou, Nanning and Huizhou.

On the other hand, Logan's rating is constrained by the company's geographical concentration and focus on lower-tier cities within Southern China, Moody's said.

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