(The following statement was released by the rating agency)

Dec 14 -

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Summary analysis -- Lai Fung Holdings Ltd. ------------------------ 14-Dec-2012

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CREDIT RATING: Country: China

Foreign currency B+/Negative/-- Primary SIC: Real estate

agents and

managers

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Credit Rating History:

Local currency Foreign currency

26-Mar-2007 --/-- B+/--

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Rationale

The rating on Hong Kong-based property developer and investor Lai Fung Holdings Ltd. reflects the company's small scale, limited geographic diversity and operating flexibility, and volatile cash flows from property development. The company's stable and fair level of recurring rental income, which its well-located investment properties support, tempers the above weaknesses. We view Lai Fung's business risk profile as 'weak' and its financial risk profile as 'aggressive,' as our criteria define these terms.

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