Moody’s rates Greentown China notes Ba3

Moody’s Investors Services said it assigned a definitive Ba3 senior unsecured debt rating to the $400 million senior perpetual capital securities issued by Apex Top Group Ltd. and irrevocably and unconditionally guaranteed by Greentown China Holdings Ltd.

The outlook is positive.

The proceeds will be used to refinance existing debt and for general working capital purposes, Moody’s said.

Greentown China is one of China’s major property developers with a primary focus in Hangzhou City and Zhejiang province, the agency said.

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