Fitch Ratings: Huafa Industrial included in rating watch list.

Fitch Ratings (Far East Credit Rating) announced that, as the real estate development business platform under Zhuhai Huafa Group, Huafa Industrial's monetary funds coverage of short-term debt has continued to weaken and its operating cash generation capacity has declined, with short-term debt repayment relying more on debt rollover and support from Huafa Group. However, Huafa Group's refinancing environment has recently been affected by negative publicity, and given its relatively heavy debt burden, its ability to support Huafa Industrial remains to be further observed. It decided to maintain Huafa Industrial's issuer and related debt credit ratings at AAA while placing them on a rating watch list.