DOCSLIB.ORG

Investment Savills Research

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Investment Savills Research Beijing – February 2019 MARKET IN MINUTES Investment Savills Research Savills team Please contact us for further information RESEARCH James Macdonald Senior Director China +8621 6391 6688 james.macdonald@ savills.com.cn Jack Xiong Director Beijing +8610 5925 2042 jack.xiong@ savills.com.cn CENTRAL MANAGEMENT En-bloc investment market remains active Anthony Mcquade Foreign investors showed a growing appetite for assets in prime locations and Managing Director Northern China many large-scale transactions were completed during the quarter. +8610 5925 2002 anthony.mcquade@ savills.com.cn • The first-hand strata-title office market received 271,100 sq • A total of 28 land plots were transacted in Q4/2018 for a m of new supply in Q4/2018, down 29.1% quarter-on-quarter combined consideration of RMB76.7 billion, marking a INVESTMENT (QoQ). Total transaction area reached 186,300 sq m, up considerable 366% QoQ increase. Spring Cao 16.1% QoQ. Senior Director Beijing • New supply in the first-hand strata-title retail market +8610 5925 2048 reached 47,000 sq m in Q4/2018, down 41.3% QoQ. Total spring.cao@ “ Urban planning policy in savills.com.cn transaction area decreased by 25.9% QoQ to 172,000 sq m. Beijing will limit future supply Savills plc • Activity in the en-bloc investment market was largely active Savills is a leading global real of commercial assets in the estate service provider listed on in Q4/2018. A total of seven deals were concluded during the the London Stock Exchange. The company established in 1855, has period, registering a combined consideration of RMB29.4 a rich heritage with unrivalled city, further highlighting the growth. It is a company that leads billion. rather than follows, and now has over 600 offices and associates value of existing assets. throughout the Americas, Europe, • A total of 28 deals were concluded in 2018, registering a Asia Pacific, Africa and the Middle East. This report is for general combined consideration of RMB45.3 billion. Institutional investors have informative purposes only. It may not be published, reproduced or quoted in part or in whole, nor may jumped on this opportunity it be used as a basis for any • Grade A office capital values registered an average of contract, prospectus, agreement RMB87,476 per sq m by the end of Q4/2018. Meanwhile, or other document without prior and completed many en-bloc consent. Whilst every effort has Grade A office gross reversionary yields tightened by 0.02 of been made to ensure its accuracy, Savills accepts no liability a percentage point (ppt) to 5.12%. transactions in Q4/2018.” whatsoever for any direct or consequential loss arising from its JACK XIONG, SAVILLS RESEARCH & CONSULTANCY use. The content is strictly copyright and reproduction of the whole or part of it in any form is prohibited without written permission from Savills Research. savills.com.cn/research 1 Investment and Art Centre in Dongcheng district. The GRAPH 1: First-Hand Strata-Title Office Sales, OFFICE SECTOR office project was acquired from Hong Q1/2014 to Q4/2018 The first-hand strata-title office market received 271,100 sq m of new supply in Kong-listed Hopson Development for a total 30 Q4/2018, down 29.1% QoQ, although up consideration of RMB4.5 billion. 27.9% year-on-year (YoY). Total transaction Pacific Century Place in Chaoyang district 25 area reached 186,300 sq m during the was acquired by Beijing Yuanjing Mingde quarter, up 16.1% QoQ and 88.2% YoY. Management & Consulting Co. from Gaw Capital for a total consideration of RMB10.5 20 Total consideration increased by only 6.7% QoQ to RMB4.45 billion, although it billion. was up significantly YoY at 111.7%. Average Harbour Link Ventures Limited 15 transaction prices dropped by 8.1% QoQ to purchased a 94% equity share in Ocean RMB23,917 per sq m, but were up 12.5% YoY. Office Park in the CBD for RMB5.38 billion. 10 RMB billion Grade A office capital values continued to grow to an average of RMB87,476 per sq LAND MARKET 5 m by the end of Q4/2018. Meanwhile, Grade A total of 28 land plots were transacted in A office gross reversionary yields tightened Q4/2018 for a combined consideration of 0 further by 0.02 of a ppt to 5.12%. RMB76.7 billion, marking a considerable Q1 Q1 Q1 Q1 Q1 Q2 Q2 Q2 Q2 Q2 Q3 Q3 Q3 Q3 Q3 Q4 Q4 Q4 Q4 Q4 366% QoQ increase, although down 19.1% 14 15 16 17 18 RETAIL SECTOR YoY. A total of 24 new plots were designated Source Savills Research New supply in the first-hand strata-title retail or partially designated for residential market reached 47,000 sq m in Q4/2018, usage, with three commercial plots and one down 41.3% QoQ and 64.8% YoY. Total industrial plot. transaction area decreased by 25.9% QoQ One major transaction during the quarter and 49.7% YoY to 172,000 sq m by the end of saw Beijing North Star Company Limited GRAPH 2: Grade A Office Capital Values And Yield, Q4/2018. acquire a 486,600 sq m commercial-use Q1/2014 to Q4/2018 Total consideration registered RMB5.56 land plot in the core area of Asia-Olympic Capital value (LHS) Gross yield (RHS) billion in Q4/2018, marking a decrease district for RMB8.66 billion. 100,000 15% of 24.8% QoQ and 35% YoY. Average transaction prices registered RMB32,308 per MARKET OUTLOOK sq m, up 1.5% QoQ and 29.2% YoY. Beijing is home to Mainland China’s 80,000 12% most mature real estate market, and has EN-BLOC INVESTMENT MARKET historically seen ROI basically guaranteed. 60,000 9% The en-bloc investment market was largely Urban planning policy in Beijing will limit active in Q4/2018, with a total of seven future supply of commercial assets in deals registering a combined consideration the city, further highlighting the value of 40,000 6% of RMB29.4 billion concluded during the existing assets. RMB per sq m period. Traditional asset classes proved Emerging districts such as Lize and popular during the quarter with deals Tongzhou have great potential for 20,000 3% concluded in both the office and retail development and are expected to be markets. Equity transactions were the most new real estate hotspots. The relocation 0 0% popular deal structure. of Beijing’s Municipal Government to Q1 Q1 Q1 Q1 Q1 Q2 Q2 Q2 Q2 Q2 Q3 Q3 Q3 Q3 Q3 Q4 Q4 Q4 Q4 Q4 Beijing Jingtong Roosevelt Plaza in Tongzhou will greatly benefit the district’s 14 15 16 17 18 Tongzhou district was acquired by Link Real investment market. Lize, an emerging Estate Investment Trust for RMB2.56 billion. financial district, offers huge investment Source Savills Research A joint venture between Hony Capital and potential and has already attracted some AEW purchased the Beijing Oriental Culture buyers. GRAPH 3: First-Hand Strata-Title Retail Sales, TABLE 1: Major First-Hand Strata-Title Office Projects, Q4/2018 Q1/2014 to Q4/2018 GREENLAND INTERNATIONAL HOUSE IN PARK CENTRAL PLAZA CITY 16 14 LOCATION Tongzhou Changping Chaoyang 12 10 Beijing Capital DEVELOPER Greenland Group CRCC Development / Vanke 8 RMB billion RMB 6 TRANSACTION 16,590 20,442 9,783 4 AREA (SQ M) 2 AVERAGE PRICE 0 29,276 20,137 30,112 Q1 Q1 Q1 Q1 Q1 Q2 Q2 Q2 Q2 Q2 Q3 Q3 Q3 Q3 Q3 Q4 Q4 Q4 Q4 Q4 (RMB PER SQ M) 14 15 16 17 18 Source Savills Research Source Savills Research savills.com.cn/research 2 Investment GRAPH 4: En-bloc Investment Volumes, TABLE 2: Major Strata-Title Retail Projects, Q4/2018 2014 to 2018 Q1 Q2 Q3 Q4 FORTE CENTRE VANKE WORLD THE CENTRAL 60 50 LOCATION Tongzhou Daxing Mentougou PROPERTY Residential / Retail Residential / Retail 40 Strata-title retail TYPE podium podium n o i l l i b 30 B DEVELOPER Forte Land Vanke Group Huayuan Group M R 20 TRANSACTION 7,795 10,575 5,235 AREA (SQ M) 10 AVERAGE PRICE 68,066 31,204 50,713 (RMB PER SQ M) 0 2014 2015 2016 2017 2018 Source Savills Research Source Savills Research GRAPH 5: En-bloc Investment Volumes By TABLE 3: Major En-Bloc Transactions, Q4/2018 Property Type, 2014 to 2018 BEIJING BEIJING PACIFIC JINGTONG ORIENTAL CENTURY OCEAN ROOSEVELT CULTURE & ART PLACE OFFICE PARK Office Retail Serviced apartment Hotel Mixed-use development PLAZA CENTRE Beijing Yuanjing 60 Link Real Estate Hony Capital / Mingde Harbour Link BUYER Investment Trust AEW Management & Ventures Ltd. Consulting 50 Hopson Sino-Ocean ARA Asia Dragon Development Gaw Capital Group Holding SELLER Fund II Ltd. 40 International Ltd. Ltd. LOCATION Tongzhou East 2nd Ring Road Sanlitun CBD 30 RMB billion PURCHASED 55,860 56,160 169,900 108,000 AREA(SQ M) (Retail Area) 20 TRANSACTED PRICE 2,560 4,500 10,500 5,384 10 (RMB MILLION) UNIT PRICE 45,829 80,128 61,800 53,017 (RMB PER SQ M) 0 2014 2015 2016 2017 2018 Offshore DEAL Onshore Offshore Equity Offshore Equity Equity Equity Source Savills Research STRUCTURE Transaction Transaction Transaction Transaction (94%) Source Savills Research GRAPH 6: Land Transaction Volumes, 2014 to 2018 TABLE 4: Major Land Transactions , Q4/2018 TOTAL CONSIDERATION Q1 Q2 Q3 Q4 PLOT CODE DISTRICT GFA USAGE BUYER (RMB MILLION) 300 (SQ M) Chaoyang Chaoyang 486,596 Commercial 8,663 Beijing North Star 250 2018 – 026 200 Fengtai China Railway Fengtai 163,477 Residential 7,020 2018 – 028 Noble Real Estate 150 BCEG / Beijing Changping Capital RMB billion Changping 327,948 Residential 6,900 2018 – 047 Development / 100 China Resources Fengtai Fengtai 131,841 Residential 5,840 CRCC 50 2018 – 034 Shunyi Beijing Capital 0 2018 – 037 Shunyi 132,950 Residential 4,500 Development / 2014 2015 2016 2017 2018 Gemdale Source Savills Research Source Savills Research savills.com.cn/research 3.
Load more

Recommended publications
  • 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.
    [Show full text]
  • 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).
    [Show full text]
  • 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.
    [Show full text]
  • 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 ...............................................
    [Show full text]
  • 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.
    [Show full text]
  • Vanguard Global Ex-U.S. Real Estate Index Fund Annual Report October 31, 2020
    Annual Report | October 31, 2020 Vanguard Global ex-U.S. Real Estate Index Fund See the inside front cover for important information about access to your fund’s annual and semiannual shareholder reports. Important information about access to shareholder reports Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your fund’s annual and semiannual shareholder reports will no longer be sent to you by mail, unless you specifically request them. Instead, you will be notified by mail each time a report is posted on the website and will be provided with a link to access the report. If you have already elected to receive shareholder reports electronically, you will not be affected by this change and do not need to take any action. You may elect to receive shareholder reports and other communications from the fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you invest directly with the fund, by calling Vanguard at one of the phone numbers on the back cover of this report or by logging on to vanguard.com. You may elect to receive paper copies of all future shareholder reports free of charge. If you invest through a financial intermediary, you can contact the intermediary to request that you continue to receive paper copies. If you invest directly with the fund, you can call Vanguard at one of the phone numbers on the back cover of this report or log on to vanguard.com. Your election to receive paper copies will apply to all the funds you hold through an intermediary or directly with Vanguard.
    [Show full text]
  • Steady Growth Prospect, "Buy"
    股 票 esearch 研 Jack Liu 柳晨 Company[Table_Title Report:] China Aoyuan (03883 HK) 究 (852) 2509 2149 Equity R 公司报告： 中国奥园 (03883 HK) [email protected] 26 November 2019 Steady[Table_Summary Growth] Prospect, "Buy" 稳健的增长预期，“买入” Contracted sales is likely to extend its uptrend in 4Q2019. In Jan.-Oct. 2019, 公 [Table_Rank] accumulated contracted sales grew by 31.2% YoY and reached RMB88.62 bn, Rating: Buy 司 achieving 77.7% of the Company’s 2019 sales target. Saleable resources in 2H19 is expected to reach around RMB130 bn, indicating a sell-through rate of 报 评级： 买入 approximately 60% to complete the 2019 sales target. With competitive products 告 across an agglomeration of key urban areas in China and low target sell-through Company Report Company rate, we believe that the Company’s 2019 sales target is achievable. 6[Table_Price]-18m TP 目标价 : HK$13.92 Abundant land bank with low unit land cost is expected to support the Company’s business expansion. As at 30 Jun. 2019, the Company had a total Share price 股价: HK$11.220 land bank GFA of approximately 40.12 million sq.m (attributable: 81%) with an average unit land cost of RMB2,321 per sq.m, representing only 23.0% of ASP in 1H19. Land bank in GBA accounted for 18.8% of its total land bank GFA. Stock performance 证 股价表现 1H19 underlying net profit surged by 86.6% YoY to RMB2,073 mn. The [Table_QuotePic180.0 ] 券 Company’s 1H19 top line soared by 73.2% YoY to RMB23,670 mn in 1H19, % of return 160.0 研 mainly due to increase in both GFA and ASP of the delivered projects.
    [Show full text]
  • Emerging Markets Small Cap Portfolio-Institutional Class As of July 31, 2021 (Updated Monthly) Source: State Street Holdings Are Subject to Change
    Emerging Markets Small Cap Portfolio-Institutional Class As of July 31, 2021 (Updated Monthly) Source: State Street Holdings are subject to change. The information below represents the portfolio's holdings (excluding cash and cash equivalents) as of the date indicated, and may not be representative of the current or future investments of the portfolio. The information below should not be relied upon by the reader as research or investment advice regarding any security. This listing of portfolio holdings is for informational purposes only and should not be deemed a recommendation to buy the securities. The holdings information below does not constitute an offer to sell or a solicitation of an offer to buy any security. The holdings information has not been audited. By viewing this listing of portfolio holdings, you are agreeing to not redistribute the information and to not misuse this information to the detriment of portfolio shareholders. Misuse of this information includes, but is not limited to, (i) purchasing or selling any securities listed in the portfolio holdings solely in reliance upon this information; (ii) trading against any of the portfolios or (iii) knowingly engaging in any trading practices that are damaging to Dimensional or one of the portfolios. Investors should consider the portfolio's investment objectives, risks, and charges and expenses, which are contained in the Prospectus. Investors should read it carefully before investing. This fund operates as a feeder fund in a master-feeder structure and the holdings listed below are the investment holdings of the corresponding master fund. Your use of this website signifies that you agree to follow and be bound by the terms and conditions of use in the Legal Notices.
    [Show full text]
  • China Property Sector
    China / Hong Kong Industry Focus China Property Sector Refer to important disclosures at the end of this report DBS Group Research . Equity 19 Apr 2021 Spotlight on future land supply • Solid sales growth momentum sustained with strong HSI: 28,970 potential to ink another year of record-high sales • Developers poised to meet their 2021 targets ANALYST Jason LAM +852 3668 4179 [email protected] • Future land supply and new starts as keys to watch for Danielle WANG CFA, +852 3668 4176 [email protected] • Sector top picks: Vanke, COLI, CIFI and Logan Ken HE CFA, +86 21 3896 8221 [email protected] Solid performance in 1Q21; strong potential for another year of Ben Wong [email protected] record-high residential sales. Residential sales in Mar rose 63% y-o-y (or 44% vs Mar-19) on the back of a 38% (or 19% vs Mar- Recommendation & valuation 19) increment in residential GFA sold and 19% (or 21% vs Mar- 19) rise in residential ASP, marking another solid month of FY22F physical market performance. We believe the market is well- Target Price Price Rec Mkt Cap PE poised to post another record-high sales value this year – as it HK$ HK$ US$bn x will likely attain 2020’s level even if the market records a 12.5% y- o-y decline for the remaining nine months. China Overseas Developers well on track to achieve their 2021 targets. Presales 20.15 25.70 BUY 28.4 4.0 (688 HK) growth of 30 listed developers we track on a weighted-average China Vanke 'H' 28.25 45.56 BUY 49.9 5.3 basis remained strong at 47% y-o-y (or +33% vs Mar 2019) in (2202 HK) Mar (Feb-21: 144%), as compared to their c.10% weighted Logan Property 12.50 16.44 BUY 8.9 3.5 average presales target for 2021.
    [Show full text]
  • Federated Hermes Global Allocation Fund Portfolio of Investments
    Federated Hermes Global Allocation Fund Portfolio of Investments February 28, 2021 (unaudited) Shares, Principal Amount or Contracts Value COMMON STOCKS—61.7% Communication Services—4.7% 16,115 Activision Blizzard, Inc. $ 1,540,755 631,541 1 Alibaba Pictures Group Ltd. 87,855 910 1 Alphabet, Inc., Class A 1,839,938 1,123 1 Alphabet, Inc., Class C 2,287,394 40,806 America Movil S.A.B. de C.V. 26,078 54,940 Auto Trader Group PLC 420,303 1,517 1 CarGurus, Inc. 39,366 8,884 1 China Literature Ltd. 82,706 673,966 China Tower Corp Ltd. 101,244 579 1 Consolidated Communications Holdings, Inc. 3,046 6,511 1 Facebook, Inc. 1,677,364 1,281 1 GOGO, Inc. 15,180 615 Gray Television, Inc. 11,162 2,708 Hellenic Telecommunication Organization SA 41,552 466 Iliad SA 82,419 1,285 Info Edge India Ltd. 85,275 9,198 Intouch Holdings Public Co. Ltd. 16,883 372 Kakao Corp. 161,412 4,275 Konami Corp. 276,169 6,796 LG Uplus Corp. 71,269 289 1 Loral Space & Communications Ltd. 12,814 9,070 Mobile Telesystems, ADR 74,555 1,570 1 MSG Networks, Inc. 26,627 4,084 MTN Group Ltd. 19,616 134 NCsoft Corp. 111,428 7,678 NetEase, Inc. 167,874 4,726 New York Times Co., Class A 241,829 1,526 Nexon Co., Ltd. Tokyo 48,078 649 NHN Corp. 216,418 477 Nintendo Co. Ltd. 289,740 15,254 Omnicom Group, Inc. 1,048,407 3,664 1 Orbcomm, Inc.
    [Show full text]
  • Shui on Land Limited 瑞安房地產有限公司* (Incorporated in the Cayman Islands with Limited Liability) (Stock Code: 272)
    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 a stockbroker or other registered dealer 14A.58(3)(b) in securities, bank manager, solicitor, professional accountant or other professional adviser for independent advice. If you have sold or transferred all your shares in Shui On Land Limited (the “Company”), you should at once hand this circular, together with the enclosed proxy form, to the purchaser or the transferee or to the bank, licensed securities dealer or other agent through whom the sale or transfer was effected for transmission to the purchaser or the transferee. Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this 14A.59(1) 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. A1B1 13.51A Shui On Land Limited 瑞安房地產有限公司* (Incorporated in the Cayman Islands with limited liability) (Stock code: 272) DISCLOSEABLE AND CONNECTED TRANSACTION IN RELATION TO THE ACQUISITION OF THE ISSUED SHARE CAPITAL IN RIMMER AND MAGIC GARDEN AND CONNECTED TRANSACTION IN RELATION TO THE FINANCIAL ASSISTANCE TO MEMBERS OF THE SELLERS’ GROUP AND CONTINUING CONNECTED TRANSACTIONS IN RELATION TO LANGHAM XINTIANDI HOTEL RELATED TRANSACTIONS AND NOTICE OF EXTRAORDINARY GENERAL MEETING Financial Adviser to Shui On Land Limited Independent Financial Adviser to the Independent Board Committee and the Independent Shareholders A letter from the board of the directors of the Company is set out on pages 8 to 30 of this circular.
    [Show full text]
  • Annual Report 2016 Corporate Information
    2 Financial Highlights 3 Corporate Information 5 Letter to Shareholders 9 Directors and Senior Management Proles 14 Corporate Governance Report 23 Directors’ Report 47 Independent Auditor’s Report 51 Consolidated Statement of Prot or Loss 52 Consolidated Statement of Comprehensive Income 53 Consolidated Balance Sheet 55 Consolidated Statement of Changes in Equity 57 Consolidated Statement of Cash Flows 58 Notes to the Consolidated Financial Statements 125 Financial Summary 126 Property Prole FINANCIAL HIGHLIGHTS For the year ended 31 December 2016 2015 Change RMB’000 RMB’000 (%) Revenue 5,270,090 3,378,217 56.0% Gross profit 1,085,339 1,088,246 (0.3%) Profit before income tax 944,311 821,271 15.0% Profit for the year 538,328 393,649 36.8% Attributable to: owners of the Company 434,319 401,030 8.3% Total assets 14,806,697 13,195,623 12.2% Cash and cash equivalents 2,417,219 1,689,142 43.1% Total bank and other borrowings 3,629,232 3,220,540 12.7% Earnings per share for profit attributable to owners of the Company (Restated) – Basic and diluted (expressed in RMB cents per share) 12.23 12.27 (0.3%) 2 REDCO PROPERTIES GROUP LIMITED ANNUAL REPORT 2016 CORPORATE INFORMATION BOARD OF DIRECTORS LEGAL ADVISORS Executive Directors Sidley Austin 39th Floor, Two International Finance Centre Mr. WONG Yeuk Hung Central, Hong Kong Mr. HUANG Ruoqing Mr. TANG Chengyong REGISTERED OFFICE Independent Non-executive Directors Cricket Square Hutchins Drive Dr. WONG Yau Kar, David BBS, JP P.O. Box 2681 Mr. CHAU On Ta Yuen SBS Grand Cayman, KY1-1111 Mr.
    [Show full text]