The Issuer Rating reflects Yango Group Co., Ltd’s (“Yango” or “the company”) leading market position and brand recognition in the Chinese property market which is underpinned by its sizable and diversified land bank portfolio. The rating also considers the company’s improvement in both financial and operating profiles, track record of strategy execution, disciplined use of financial leverage and steady project delivery. However, Yango’s rating is constrained by its lower-than-peer profitability.