The Issuer Rating reflects Yincheng International Holding Co., Ltd. (“Yincheng” or “the company”) established market position and branding in its home market Nanjing, a steady expansion of its development projects’ pipeline to sustain its contracted sales growth momentum, and a gradual diversification of its land bank from the heavy reliance on Nanjing. However, Yincheng’s rating is constrained by its small operating scale and geographical concentration as compared with its peers.