Fitch: Stable outlook for China Fortune Land Development

On Friday, Fitch Ratings published China Fortune Land Development Co., Ltd.'s (CFLD) long-term foreign-currency issuer default rating (IDR) as BB+ with a stable outlook.

Fitch Ratings, one of the world's top three foreign ratings agencies, also assigned BB+ ratings to CFLD (Cayman) Investment Ltd's notes as they are unconditionally and irrevocably guaranteed by CFLD.

CFLD's ratings are supported by its leading position in the industrialization and urbanization of large districts in less developed counties in key economic regions such as the pan-Beijing region, the Yangtze River Delta, the Pearl River Delta, Central China and the Sichuan-Chongqing zone, Fitch said on its website.

CFLD, an industry zone developer and operator, has a unique business model differentiated from most Chinese homebuilders, strengthening its competitive advantage, Fitch added.

Furthermore, domestic credit-rating agency Dagong Global Credit Rating Co maintained on May 31 both the bond credit rating and the enterprise credit rating for CFLD at AAA, with a stable outlook.

CFLD's financial report in Q1 shows that CFLD's business revenue rose 21.48 percent year-on-year to more than 9.49 billion yuan, while net profit attributed to equity shareholders reached 2.29 billion yuan, up 30.33 percent from a year earlier.

In recent years, CFLD has explored differentiation development strategies in various cities and established more than 80 new industry cities in Beijing and the provinces of Guangdong, Jiangsu, Zhejiang and Henan, as well as in Indonesia.