Moody's may downgrade Shanghai Zendai

Moody's Investors Service said it put Shanghai Zendai Property Ltd.'s B2 corporate family and senior unsecured ratings on review for possible downgrade.

The review follows a confirmed report that Zendai has acquired a piece of land in Shanghai for RMB9.22 billion with a deposit paid already of RMB450 million.

The scale of the transaction is substantial compared to Zendai's total asset of HK$8.8 billion as of June 2009, the agency said.

Moody's also noted that Zendai is considering jointly developing the land with investors, but the shareholding structure and cooperation details have not yet been finalized.

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