Fitch alters Zhongliang view to positive

Fitch Ratings said it revised Zhongliang Holdings Group Co. Ltd.’s outlook to positive from stable and affirmed the issuer rating at B+. The agency also affirmed the senior unsecured rating at B+ rating with an RR4 recovery rating.

“The positive outlook reflects Zhongliang's improved contracted sales scale, which is now comparable with that of BB category homebuilders. The group's projects are spread across five core economic regions in China, mitigating regional economic and policy risk. Zhongliang adopts an ultra-fast-churn model and aims to begin sales soon after acquiring land, leading to efficient use of capital,” Fitch said in a press release.

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