Moody's rates Shanghai Zendai bond B2

Moody's Investors Service said it assigned a provisional B2 corporate family rating to Shanghai Zendai Property Ltd., along with a provisional B2 foreign-currency senior unsecured rating to its proposed $150 million bond issue.

The outlook is stable.

The rating reflects the company's small operating scale with concentrated geographic focus in Shanghai, Moody's said.

Partly mitigating this is the company's relatively broad range of products, from residential apartments and high-end villas to commercial properties such as retail and office buildings, the agency said.

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