Redsun Properties Group Limited (Initial Issuer Report)

Lianhe Ratings Global Limited (“Lianhe Global”) has assigned a ‘BB-’ global scale Long-term Issuer Credit Rating to Redsun Properties Group Limited. The Outlook is Stable.

The Issuer Rating reflects Redsun Properties Group Limited (“Redsun” or “the company”)’s proven operating track record and continuous expansion into tier 2 and 3 cities, especially in the Yangtze River Delta Region. However, Redsun’s rating is constrained by its small operating scale, weak competitiveness in land acquisition, moderately high financial leverage and lower-than-peer interest coverage.