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SUNAC CHINA HOLDINGS LIMITED 融創中國控股有限公司 (Incorporated in the Cayman Islands with Limited Liability) (Stock Code: 01918)
THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION If you are in any doubt about any aspect of this circular or as to the action to be taken, you should consult your licensed securities dealer or registered institution in securities, bank manager, solicitor, professional accountant or other professional advisers. If you have sold or transferred all your shares in Sunac China Holdings Limited, you should at once hand this circular together with the enclosed form of proxy to the purchaser(s) or transferee(s) or to the bank, licensed securities dealer or registered institution in securities or other agent through whom the sale or transfer was effected for transmission to the purchaser(s) or transferee(s). Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this circular, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this circular. This circular appears for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for any securities. SUNAC CHINA HOLDINGS LIMITED 融創中國控股有限公司 (incorporated in the Cayman Islands with limited liability) (Stock Code: 01918) (1) CONNECTED TRANSACTION — PROPOSED SHARE ISSUANCE UNDER SPECIFIC MANDATE AND (2) APPLICATION FOR WHITEWASH WAIVER Independent Financial Adviser to the Independent Board Committee and the Independent Shareholders Capitalised terms used on this cover shall have the same meanings as those defined in the section headed “Definition” in this circular, unless the context requires otherwise. -
Three Red Lines” Policy
Real Estate Developers with High Leverage to See Inventory Quality Tested Under Broader “Three Red Lines” Policy October 28, 2020 In our view, the widening of regulations aimed at controlling real estate developers’ interest- ANALYSTS bearing debt would further reduce the industry’s overall credit risk in the long term. However, the nearer term may see less headroom for highly leveraged developers to finance in the capital Xiaoliang Liu, CFA market, pushing them to sell off inventory to ease liquidity pressure. Beijing +86-10-6516-6040 The People’s Bank of China said in September that measures aimed at monitoring the funding [email protected] and financial management of key real estate developers will steadily be expanded. Media reports suggest that the new regulations would see a cap of 15% on annual growth of interest-bearing Jin Wang debt for all property developers. Developers will be assessed against three indicators, which are Beijing called “red lines”: whether asset liability ratios (excluding advance) exceeded 70%; whether net +86-10-6516-6034 gearing ratio exceeded 100%; whether cash to short-term debt ratios went below 1.0. Developers [email protected] which breached all three red lines won’t be allowed to increase their debt. If only one or two of the red lines are breached, such developers would have their interest-bearing debt growth capped at 5% and 10% respectively. The first half of the year saw debt grow rapidly among developers. In a sample of 87 real estate developers that we are monitoring, more than 40% saw their interest-bearing debt grow at a faster rate than 15% year over year as of the end of June (see the chart below). -
Annual Report 2009
NWS HOLDINGS LIMITED NWS Holdings Limited (incorporated in Bermuda with limited liability) ANNUAL REPORT 2009 ANNUAL REPORT 28/F New World Tower 18 Queen’s Road Central Hong Kong Tel: (852) 2131 0600 Fax: (852) 2131 0611 E-mail: [email protected] Sustaining Growth www.nws.com.hk Striving for Excellence NWS Holdings Limited takes every practicable measure to conserve resources and minimize waste. NWS HOLDINGS LIMITED This annual report is printed on FSC certified paper using vegetable oil-based inks. Pulps used are elemental chlorine-free. ANNUAL REPORT 2009 The FSC logo identifies product group from well-managed forests and other controlled sources in accordance with the rules of the Forest Stewardship Council. STOCK CODE: 659 VISION To build a dynamic and premier group of infrastructure and service management companies driven by a shared passion for customer value and care MISSION Synergize and develop business units that: • Nurture total integrity • Attain total customer satisfaction • Foster learning culture and employee pride • Build a world-class service provider brand • Maximize financial returns CORE VALUES • Reputable customer care • Pride and teamwork • Innovation • Community contributions and environmental awareness • Stakeholders’ interest CONTENTS 2 CORPORATE PROFILE 4 MILESTONES 6 FINANCIAL HIGHLIGHTS 8 CHAIRMAN’S STATEMENT 10 BOARD OF DIRECTORS 14 CORPORATE GOVERNANCE REPORT 26 KEY INFORMATION FOR SHAREHOLDERS 30 HUMAN CAPITAL 32 COMMUNITY CARE 34 ENVIRONMENTAL FRIENDLINESS 36 MANAGEMENT DISCUSSION AND ANALYSIS 48 REPORTS AND FINANCIAL STATEMENTS 150 FIVE-YEAR FINANCIAL SUMMARY 152 PROJECT KEY FACTS AND FIGURES 164 GLOSSARY OF TERMS 166 CORPORATE INFORMATION CORPORATE PROFILE About NWS Holdings NWS Holdings Limited (“NWS Holdings” or the “Group”, Hong Kong stock code: 659) is the infrastructure and service flagship of New World Development Company Limited (Hong Kong stock code: 17). -
Placing 400 Million New Shares at HKD 25.25, Underlying Profit
Company Report: CR Land (01109 HK) Van Liu 刘斐凡 公司报告：华润置地 (01109 HK) +86 755 23976672 [email protected] 国泰君安研究 25 May 2015 Placing 400 million New Shares at HKD 25.25, Underlying Profit Revised up, Maintain fiBuyfl Research GTJA 以25.25港元配售4亿股,调高核心净利，维持“买入” Rating: Buy Maintained z CR Land (fithe Companyfl) plans to raise approximately HK$ 10.1 billion 评级： 买入 维持 by placing 400 million new shares at a price of HK$ 25.25 per placing ( ) share. The management intends to use the raised capital for further land acquisition, development costs and general working capital purposes. 6-18m TP 目标价: HK$29.40 Revised from 原目标价: HK$28.70 z Limited diluted effects with stronger balance sheet. As per our estimates, after the share placing completion, the underlying EPS will increase 0.3% due Share price 股价： HK$25.300 to the underlying profit being revised up and net gearing ratio will decrease 13.0 ppts in 2015E. Stock performance z Raised capital from share placing will help the Company’s land 股价表现 replenishment and new house set up plan acceleration, which is able to translate into earnings growth under the rebounding sales environment. 100.0 % of return z Maintain ‘Buy’. Raised capital from share pricing will help sales increase. 80.0 Expectations of loosening policies and southbound capital inflow with housing 60.0 sales rebound in April 2015 are likely to drive property companies’ valuation upside potential. We revise up the target price to HK$29.40, which represents 40.0 an 15% discount to revised 2015E NAV per share, 12.3x 2015 underlying 20.0 PER and 1.6x 2015 PBR. -
Fidelity® Emerging Markets Index Fund
Quarterly Holdings Report for Fidelity® Emerging Markets Index Fund January 31, 2021 EMX-QTLY-0321 1.929351.109 Schedule of Investments January 31, 2021 (Unaudited) Showing Percentage of Net Assets Common Stocks – 92.5% Shares Value Shares Value Argentina – 0.0% Lojas Americanas SA rights 2/4/21 (b) 4,427 $ 3,722 Telecom Argentina SA Class B sponsored ADR (a) 48,935 $ 317,099 Lojas Renner SA 444,459 3,368,738 YPF SA Class D sponsored ADR (b) 99,119 361,784 Magazine Luiza SA 1,634,124 7,547,303 Multiplan Empreendimentos Imobiliarios SA 156,958 608,164 TOTAL ARGENTINA 678,883 Natura & Co. Holding SA 499,390 4,477,844 Notre Dame Intermedica Participacoes SA 289,718 5,003,902 Bailiwick of Jersey – 0.1% Petrobras Distribuidora SA 421,700 1,792,730 Polymetal International PLC 131,532 2,850,845 Petroleo Brasileiro SA ‑ Petrobras (ON) 2,103,697 10,508,104 Raia Drogasil SA 602,000 2,741,865 Bermuda – 0.7% Rumo SA (b) 724,700 2,688,783 Alibaba Health Information Technology Ltd. (b) 2,256,000 7,070,686 Sul America SA unit 165,877 1,209,956 Alibaba Pictures Group Ltd. (b) 6,760,000 854,455 Suzano Papel e Celulose SA (b) 418,317 4,744,045 Beijing Enterprises Water Group Ltd. 2,816,000 1,147,720 Telefonica Brasil SA 250,600 2,070,242 Brilliance China Automotive Holdings Ltd. 1,692,000 1,331,209 TIM SA 475,200 1,155,127 China Gas Holdings Ltd. 1,461,000 5,163,177 Totvs SA 274,600 1,425,346 China Resource Gas Group Ltd. -
Major Transaction Disposal of Shares of Bbmg
THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION If you are in any doubt as to any aspect of this circular or as to the action to be taken, you should consult your stockbroker or other registered dealer in securities, bank manager, solicitor, professional accountant or other professional advisers. If you have sold or transferred all your shares in Hopson Development Holdings Limited (the ‘‘Company’’), you should at once hand this circular to the purchaser(s) or transferee(s) or to the stockbroker, registered dealer in securities or other agent through whom the sale was effected for transmission to the purchaser(s) or the transferee(s). Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this circular, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this circular. (Incorporated in Bermuda with limited liability) (Stock Code: 754) website: http://www.irasia.com/listco/hk/hopson MAJOR TRANSACTION DISPOSAL OF SHARES OF BBMG * For identification purposes only 25 June 2012 CONTENTS Page Definitions .......................................................................... 1 Letter from the Board ................................................................ 4 Appendix I — Financial information ............................................... 8 Appendix II — General information ............................................... -
Contracted Sales Growth Will Slow in 2021 on Tightened Credit
CORPORATES SECTOR IN-DEPTH Property – China 28 January 2021 China Property Focus: Contracted sales growth will slow in 2021 on tightened credit TABLE OF CONTENTS » We expect national contracted sales growth in 2021 to slow amid tighter onshore Mild national contracted sales growth credit conditions. National contracted sales value grew 10.8% year-on-year in 2020 likely in 2021 2 (compared with 10.3% growth in 2019), largely driven by an increase in average selling Rated developers' offshore bond issuance remained robust in January price. Contracted sales volume (gross floor area), increased by 3.2% in 2020, higher than amid signs of tightening onshore the 1.5% growth in 2019, reflecting solid housing demand and the gradual economic credit to the sector 4 recovery in China despite the disruption caused by the coronavirus outbreak in early Liquidity stress indicator remained flat in December 2020 5 2020. Eight rating actions from 27 November to 26 January 6 » Rated developers' offshore bond issuance remained robust in January amid signs Appendix I 8 of tightening onshore credit to the sector. Rated developers issued $11.5 billion of Appendix II 9 offshore bonds in January 2021 (to 26 January), mainly for refinancing. The amount Appendix III 13 dropped 30% from $16.5 billion in January 2020 but remained robust compared to the Moody's related publications 14 $4.4 billion average monthly issuance in 2020. The active issuance at the beginning of the year also reflects developers' efforts to replenish liquidity amid signs of tightening onshore credit to the sector. On 31 December 2020, the Chinese regulators announced Contacts new guidelines to limit Chinese banks' property loan exposure. -
FTSE Asia Pacific Ex Japan Australia and NZ Net 20 May 2014
FTSE PUBLICATIONS FTSE Asia Pacific ex Japan Australia 20 May 2014 and NZ Net Indicative Index Weight Data as at Closing on 31 March 2014 Index Index Index Constituent Country Constituent Country Constituent Country weight (%) weight (%) weight (%) AAC Technologies Holdings 0.12 HONG Beijing Capital International Airport (H) 0.03 CHINA China Development Financial Holdings 0.13 TAIWAN KONG Beijing Enterprises Holdings (Red Chip) 0.15 CHINA China Dongxiang Group (P Chip) 0.02 CHINA ABB India 0.02 INDIA Beijing Enterprises Water Group (Red Chip) 0.09 CHINA China Eastern Airlines (H) 0.02 CHINA Aboitiz Equity Ventures 0.09 PHILIPPINES Beijing Jingneng Clean Energy (H) 0.02 CHINA China Everbright (RED CHIP) 0.04 CHINA Aboitiz Power 0.04 PHILIPPINES Beijing North Star (H) 0.01 CHINA China Everbright International (Red Chip) 0.12 CHINA ACC 0.03 INDIA Belle International (P Chip) 0.17 CHINA China Foods (Red Chip) 0.01 CHINA Acer 0.05 TAIWAN Bengang Steel Plates (B) <0.005 CHINA China Galaxy Securities (H) 0.02 CHINA Adani Enterprises 0.05 INDIA Berjaya Sports Toto 0.03 MALAYSIA China Gas Holdings (P Chip) 0.08 CHINA Adani Ports and Special Economic Zone 0.05 INDIA Berli Jucker 0.02 THAILAND China Hongqiao Group (P Chip) 0.02 CHINA Adani Power 0.01 INDIA Bharat Electronics 0.01 INDIA China Huishan Dairy Holdings (P Chip) 0.03 CHINA Adaro Energy PT 0.04 INDONESIA Bharat Forge-A 0.02 INDIA China International Marine Containers (H) 0.04 CHINA Aditya Birla Nuvo 0.02 INDIA Bharat Heavy Elect .LS 0.06 INDIA China Life Insurance (H) 0.67 CHINA Advanced Info Serv 0.27 THAILAND Bharat Petroleum Corp 0.04 INDIA China Longyuan Power Group (H) 0.11 CHINA Advanced Semiconductor Engineering 0.22 TAIWAN Bharti Airtel 0.22 INDIA China Machinery Engineering (H) 0.01 CHINA Advantech 0.06 TAIWAN Bharti Infratel 0.02 INDIA China Mengniu Dairy 0.22 HONG Agile Property Holdings (P Chip) 0.03 CHINA Big C Supercenter 0.04 THAILAND KONG Agricultural Bank of China (H) 0.32 CHINA Biostime International Holdings (P Chip) 0.03 CHINA China Merchant Holdings (Red Chip) 0.13 CHINA AIA Group Ltd. -
Annual Report 2003 3
.33802 /15467 ,++- .33802 /15467 ,++- @^bYcedceWg[Z ^b g][ MWkaWb Pf`WbZf i^g] `^a^g[Z `^WX^`^gkA Kg] N`cceB R[i Vce`Z Uci[e EB EJ Sh[[b?f TcWZ M[bgeW`B Ocb\ Qcb\ U[`L @JHFA FEGE DFDE NWj L @JHFA FEGE DFEI iiiCbiY`CYcaC]_ a new way of living and working The New World Group has been active in the Mainland China property market since the early 1980s. New World China Land is helping to transform the nation and its people by offering a wide variety of property projects, encompassing residential communities, hotels, offices, shopping malls and resorts. We have always dedicated ourselves to delivering the highest quality developments. The Company is bringing new definitions of style and comfort, unprecedented levels of service and convenience. Together, these are creating distinctive environments for families or business. We stand for a whole new way of living and working. A truly national developer Global expertise Serving the community Our property portfolio spans Our professional management As we invest in a region, we the nation. By maintaining this team from Mainland China and recognise we have a broad geographic presence in from overseas brings together responsibility as a good Mainland China, we seek to diverse skills and expertise. We corporate citizen. We are play a key role in fulfilling the blend best international practice dedicated to improving the nation’s property needs. with home-grown vision and lives of the local communities talent to deliver unrivalled results. in which we operate. 30-year blue-chip heritage Best in class Turning dreams into reality Through our parent New World Quality is at the heart of We do more than build Development, a reputable and everything we do. -
U ACCESS Variable Capital Investment Company Luxembourg
Semi-annual report, including Unaudited Financial Statements as at 30th June 2019 U ACCESS Variable Capital Investment Company Luxembourg R.C.S. Luxembourg B 189 490 No subscription can be received on the basis of these financial statements. Subscriptions are only valid if made on the basis of the current prospectus and the Key Investor Information Documents (KIIDs) supplemented by the subscription form, the latest annual report including audited financial statements and the most recent semi-annual report including unaudited financial statements, if published thereafter. U ACCESS Contents Organisation ..................................................................................................................................................... 4 Combined statement of net assets ................................................................................................................... 8 Combined statement of operations and other changes in net assets ............................................................... 9 U ACCESS - BEST SELECTION CHINA A .................................................................................................... 10 U ACCESS - DYNAMIC CHINA (launched as at 9th April 2019)..................................................................... 19 U ACCESS - GLOBAL CREDIT 2020............................................................................................................. 27 U ACCESS - GLOBAL CREDIT 2021............................................................................................................ -
Evergrande Real Estate Group (3333.HK) Scalability Potential Not
October 9, 2009 Evergrande Real Estate Group Limited March 1, 2010 ACTION Buy Evergrande Real Estate Group (3333.HK) Return Potential: 29% Scalability potential not priced in; initiate with a Buy rating Source of opportunity Investment Profile We believe that Evergrande’s current valuation does not price in the scalability Low High potential of the company on the back of its: (1) strong balance sheet with optimal Growth Growth Returns * Returns * debt structure post its recent IPO and overseas note issuance; (2) attractive land Multiple Multiple bank portfolio located in 17 key municipalities and provincial capitals throughout Volatility Volatility China, with an average land cost of only 9% of 2009 ASP; (3) a standardized Percentile 20th 40th 60th 80th 100th Evergrande Real Estate Group (3333.HK) operation and product line that helps reduce execution risks during times of rapid Asia Pacific Property Peer Group Average scale expansion; and (4) a seasoned management team that is highly motivated * Returns = Return on Capital For a complete description of the investment profile measures please refer to to achieve its growth targets. We initiate coverage on Evergrande with a Buy the disclosure section of this document. rating and a 12-month NAV-based TP of HK$4.15. Catalyst Key data Current Price (HK$) 3.21 (1) We expect stronger-than-peers property sales performance to be achieved by 12 month price target (HK$) 4.15 Market cap (HK$ mn / US$ mn) 48,150.0 / 6,202.2 Evergrande through: (a) providing affordable, quality-competitive, mid-end Foreign ownership (%) -- properties to capitalize on the fast growing housing upgrade needs of less developed provincial capitals in China, and (b) setting asset turnover rather than 12/08 12/09E 12/10E 12/11E EPS (Rmb) 0.21 0.07 0.52 0.59 margin expansion as the business objective in a policy tightening environment, EPS growth (%) (53.9) (65.8) 630.7 13.9 which we think is practical. -
Shenzhen Investment (604
Equities Hong Kong/China Initial Coverage Company Report Shenzhen Investment (604 HK) 3 August 2016 HK & China / Property Uprising with Shenzhen Headquartered in Shenzhen and having listed on HKEx for over 19 BUY years, SZI is the largest property developer operated under the Share Target administration of Shenzhen SASAC. Owning 12 projects in Upside Shenzhen and 17 in other cities covering industrial, commercial Price Price and residential estates, SZI’s business is mainly divided into three HK$3.21 HK$5.05 57.32% components: property development, property leasing and operating, property management. (as of 1 August 2016) Unparalleled advantage in land acquisition. Benefiting from being the largest exchange-listed real estate developer under August Zhan Shenzhen SASAC, SZI has been enjoying the surging Shenzhen (852) 2106 8172 market ever since the corporate shifted its prime focus back to [email protected] Shenzhen in 2012. In FY15, SZI recorded 7.02 million sq m net sales area in Shenzhen, contributing for 57% of its total FY15 52 Range (HK$) 2.4-3.72 contracted sales, and the ASP for Shenzhen area was Rmb52,598/sq m compared with nationwide Rmb16,857/sq m. In DVD yield % 5.03 FY15, the gross profit margin for Shenzhen projects stood at 49.6% compared with 39.8% for other tier-1 cities and 10.5% for Latest Key Data tier-2 cities and under. FF no of shares (m) -H share 2,898 Solid yet ambitious financial position. With SZI’s further FF (%) -H share 39.24 issuance of domestic corporate bonds (approved quota of FF market cap (HK$ m) 9,302 Rmb20bn, around 45% was issued by the end of FY15) and new 12M daily turnover (HK$ m) 43.20 capital shares, we expect its cost of borrowing to further decline to 12M volatility (%) 47.92 below 4.5% in FY16E and 4.2% in FY18E.