Fitch affirms Shanghai Zendai

Fitch Rating said it affirmed Shanghai Zendai Property Ltd.'s long-term foreign-currency issuer default rating at B+ and its senior unsecured rating at B+ with a recovery rating of 4.

The outlook is stable.

The ratings are constrained by its limited operating scale and diversification, Fitch said. Concentration in property development is another constraining factor given the inherent volatility in cash flow, the agency said.

The regulatory environment is currently supportive, the agency said. Different policy packages have begun to take effect, easing the impact of the global financial crisis, Fitch added.

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