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Shenzhen Int'l (00152) rating not affected by profit alert
Moody's Investors Service said Shenzhen
International Holdings Limited's (SZIH) (00152) announcement of a positive profit alert
will not immediately affect its Baa2 issuer or senior unsecured ratings.
  "The substantial surge in profit will not immediately affect SZIH's cash flow, because 
the HK$2.8 billion profit represents a non-cash premium from the appreciation of land
values after the change of land use right in Qianhai," said Ivy Poon, a Moody's Vice 
President and Senior Analyst.
  "We expect that the company will speed up its property development in Qianhai," added
Poon. "We will continue to monitor the resultant business risk from the company's
increasing exposure to the property business." 

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