Fitch gives Sunshine 100 notes B-

Fitch Ratings said it has assigned Sunshine 100 China Holdings Ltd.'s $100 million of 12¾% senior unsecured notes due 2017 a final rating of B- and recovery rating of RR4.

The notes are issued as a tap to the $115 million of notes issued in October and together the notes form a single class with total amount of $215 million.

According to the agency, Sunshine's ratings are supported by its adequate land bank, low land bank cost and improving land bank values in second- and third-tier cities after years of city development.

The ratings are constrained by its high leverage level, low turnover rate, tight liquidity and higher volatility in commercial property strata-title sales as the company shifts gradually towards developing "street-community type" projects, Fitch noted.

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