4. Liquidity remains stable

Flowers blossom across the river from a residential area in Rizhao city, Shandong province, Mar 29. [Photo/IC]

Moody's expects most rated developers to meet repayment obligations, but casts doubt over the debts of Glorious Property Holdings, Kaisa Group and Renhe Commercial Holdings.

"We expect high uncertainty for Glorious Property's $300 million senior notes due in October 2015, given its inadequate liquidity and weak contracted sales in 2014," said the report, adding that Renhe's liquidity position also remains fragile.