Fitch rates Logan Property notes BB-

Fitch Ratings said it assigned an expected BB- to Logan Property Holdings Co. Ltd.'s proposed dollar-denominated senior notes.

The proposed notes are rated at the same level as Logan's senior unsecured debt rating as they will constitute its direct and senior unsecured obligations, Fitch said.

The proceeds will be used to refinance existing debt, the agency said.

The ratings are supported by the company's well located land bank in the city of Shenzhen and the Guangdong region, which provides the company with stronger contracted sales and margin visibility over the next 18 months, Fitch said.

The ratings also consider that Logan's contracted sales are highly concentrated in Guangdong province, which leaves sales dependent on the local economy and policy changes, the agency said.

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