TEXT-S&P summary: China Resources Land Ltd.
(The following statement was released by the rating agency)
Nov 07 -
Summary analysis -- China Resources Land Ltd. --------------------- 07-Nov-2012
CREDIT RATING: BBB/Stable/-- Country: China
Mult. CUSIP6: 16942S
Credit Rating History:
Local currency Foreign currency
03-May-2011 BBB/-- BBB/--
The rating on China Resources Land Ltd. (CR Land) reflects the company's growing recurring income from good-quality rental properties and its large, geographically diversified, and low-cost land bank. The business and financial assistance from the company's parent, China Resources (Holdings) Co. Ltd. (CR Holdings), also supports the rating. CR Land's largely debt-funded and aggressive growth appetite and weaker capital structure than similarly rated peers' partly offset these strengths. We assess the company's business risk profile as "satisfactory" and its financial risk profile as "intermediate."