...On 18 October, we downgraded Greenland Holding Group Company Limited's corporate family rating (CFR) to Ba2 from Ba1. Meanwhile, we have placed the rating on review for further downgrade. Greenland Holding's Ba2 corporate family rating (CFR), which is on review for downgrade, reflects the company's large scale, and good geographic and product diversification in China; and better access to onshore bank funds than its privately-owned property peers in China, given its linkage with the Shanghai government. However, the CFR is constrained by the company's high exposure to the construction sector, which weighs on the company's overall profitability; and its weakened access to debt capital markets, which makes it difficult to refinance its sizable offshore debt maturities. While the company will continue to reduce leverage over the next 12-18 months, its financial metrics will weaken because China's softening property development and construction markets will likely constrain the company's cash...