...Greenland Hong Kong Holdings Limited's (Greenland Hong Kong) B3 corporate family rating (CFR) reflects the company's exposure to high contagion risk arising from the increased liquidity stress faced by its parent, Greenland Holding Group Company Limited (Caa2 negative), and associated constraints, given the two entities' close links and sharing of brand name. The B3 CFR also considers the company's well-located land bank and adequate liquidity, against its volatile sales performance, modest operating scale, and execution risks arising from difficult business conditions. We expect Greenland Hong Kong's debt leverage, measured as revenue/adjusted debt, to moderate to 140%-150% over the next 12-18 months from 160% in 2021. Meanwhile, its EBIT/interest will decline to 4.5x-4.6x from 5.6x over the same period (Exhibit 1). This primarily reflects Greenland Hong Kong's declining sales and profitability amid tough operating and funding conditions....