Moody's: SPG Land negative

Moody's Investors Service said that SPG Land (Holdings) Ltd.'s 2011 results are generally consistent with its negative outlook.

"SPG Land exhibited weak contract sales in 2011, and that has affected its liquidity and financial positions," Kaven Tsang, a Moody's assistant vice president and analyst, said in a statement.

The weak sales were due to its focus on the Yangtze River Delta, where home purchase restrictions had been strictly enforced, the agency noted.

"SPG Land also shows weak interest coverage, and this reduces its financial flexibility," Tsang said.

SPG Land's B1 corporate family rating reflects the company's land bank and solid track record in developing large-scale housing and high-end integrated projects, the agency said.

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