Theratings are constrained by Sunac's limited geographicaldiversification and product mix. Its land banks are concentrated in Tianjin and Beijing,which together represent 53% of total sales in January-August2012 and 14 out of a total of 22 projects, without consideringthe Greentown projects. Its focus on mid- and high-endproperties implies that it is more exposed to the home purchaserestrictions imposed by the Chinese government. However, Fitch notes that this niche position is the maindriver of the company's high profitability, a key rating driver.Sunac's Stable Outlook reflects its adequate liquidity positiongiven its strong presales. The consideration of CNY3.4bn for theGreentown projects, which has been fully paid in August andSeptember, falls within Fitch's assumption of the company's landreplenishment expenditure in 2012. What could trigger a rating action?