...On 27 September 2021, we downgraded Yincheng International Holding Co., Ltd.'s (Yincheng) corporate family rating (CFR) to B3 from B2, outlook remains negative. The downgrade reflects Yincheng's key credit metrics will be weaker than that of its B2-rated Chinese property peers over the next 12-18 months, driven by its elevated debt leverage and weak profitability. Yincheng's B3 CFR takes into account its long history of property development in Nanjing, Jiangsu province, and quality land bank in the Yangtze River Delta. However, its CFR is constrained by the company's modest operating scale, high geographic concentration, weak credit metrics, weakening liquidity because of reduced cash flow and narrow funding access, and rising exposure to joint ventures....