Moody's: Shanghai Zendai unaffected by transaction

Moody's Investors Service said it sees no impact on Shanghai Zendai Property Ltd.'s corporate family rating of Caa1 and senior unsecured debt rating of Caa2 from the company's plan to dispose of the Huangpu District Bund project to a joint venture, Shanghai Haizhimen Property Management Co. Ltd.

The outlook is negative.

Under the proposed transaction, Moody's said Zendai will transfer substantially all the execution risk of the Huangpu District Bund project in Shanghai to the joint venture and will receive net cash proceeds of about RMB 1 billion after deducting the RMB 8.54 billion payable to Haizhimen.

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