Moody's: Neo-China unchanged

Moody's Investors Service said that there is no immediate impact on Neo-China Land Group (Holdings) Ltd.'s Caa3 corporate family and senior unsecured ratings.

The agency said that this follows the company's announcement regarding the resignation of the chairman Li Song Xiao, who is also the major shareholder, and the appointment of the president, Liu Yi, as the new chairman.

The outlook remains negative.

"Although the resignation of the chairman is unlikely to lead to any material changes in Neo-China's business fundamentals, it could create further uncertainty over the company's future strategy and organizational structure which will add to concerns over the prolonged share trading suspension and ICAC investigation," said Kaven Tsang, a Moody's AVP/analyst.

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