Fitch gives Beijing Hongkun B

Fitch Ratings said it assigned Beijing Hongkun Weiye Real Estate Development Co., Ltd. a long-term foreign currency issuer default rating of B.

The outlook is stable.

The agency said that Hongkun's ratings are constrained by its smaller scale and relatively short land-bank life, which limits its ability to deleverage.

Fitch said the ratings are supported by the company’s low-cost quality land bank, which focuses on the pan-Beijing and Tianjin region, resulting in better gross profit margins than its B rated peers and driving contracted sales growth.

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