As more Chinese property developers return to the onshore market for fundraising, they are bringing home some shiny baggage - international credit ratings that differ vastly from those awarded by domestic agencies. Now that they have more choices available, domestic professional investors are beginning to prefer international ratings over local ones for credit assessments. "When we were doing the roadshow for the first onshore bonds, we noticed that domestic investors were very much inclined to refer to international ratings when analysing the parent company, [rather than] domestic ratings on the onshore entity," said an investor relations official with real-estate group Longfor Properties.
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