...Yincheng International Holding Co., Ltd's B2 corporate family rating (CFR) reflects the company's long track record of property development in Jiangsu province, especially in Nanjing city, and quality land bank. However, the B2 CFR is constrained by Yincheng's modest operating scale, low profit margin of its property development business compared with that of its peers, high geographic concentration and narrow funding access, which will limit the company's financial flexibility. We expect the company's revenue/adjusted debt to stay largely flat at around 70% over the next 12-18 months, compared with 70% for the 12 months that ended June 2020. Meanwhile, its EBIT/interest coverage will fall to about 2.0x from 2.3x over the same period because of higher interest expenses on increased use of trust loans....