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Global rating agency Moody's Investors Services on Monday downgraded credit ratings of seven major Chinese real estate developers including Greentown China, Yango Group, China Aoyuan Group, Kaisa Group, Shinsun Holdings, R&F Properties and Zhongliang Holdings.
The downgrades were mostly due to uncertainties in the developers' property sales and financing prospects as well as worries about their liquidity conditions, according to Moody's reports.