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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). -
STOXX Hong Kong All Shares 50 Last Updated: 01.12.2016
STOXX Hong Kong All Shares 50 Last Updated: 01.12.2016 Rank Rank (PREVIOUS ISIN Sedol RIC Int.Key Company Name Country Currency Component FF Mcap (BEUR) (FINAL) ) KYG875721634 BMMV2K8 0700.HK B01CT3 Tencent Holdings Ltd. CN HKD Y 128.4 1 1 HK0000069689 B4TX8S1 1299.HK HK1013 AIA GROUP HK HKD Y 69.3 2 2 CNE1000002H1 B0LMTQ3 0939.HK CN0010 CHINA CONSTRUCTION BANK CORP H CN HKD Y 60.3 3 4 HK0941009539 6073556 0941.HK 607355 China Mobile Ltd. CN HKD Y 57.5 4 3 CNE1000003G1 B1G1QD8 1398.HK CN0021 ICBC H CN HKD Y 37.7 5 5 CNE1000001Z5 B154564 3988.HK CN0032 BANK OF CHINA 'H' CN HKD Y 32.6 6 7 KYG217651051 BW9P816 0001.HK 619027 CK HUTCHISON HOLDINGS HK HKD Y 32.0 7 6 HK0388045442 6267359 0388.HK 626735 Hong Kong Exchanges & Clearing HK HKD Y 28.5 8 8 CNE1000003X6 B01FLR7 2318.HK CN0076 PING AN INSUR GP CO. OF CN 'H' CN HKD Y 26.5 9 9 CNE1000002L3 6718976 2628.HK CN0043 China Life Insurance Co 'H' CN HKD Y 20.4 10 15 HK0016000132 6859927 0016.HK 685992 Sun Hung Kai Properties Ltd. HK HKD Y 19.4 11 10 HK0883013259 B00G0S5 0883.HK 617994 CNOOC Ltd. CN HKD Y 18.9 12 12 HK0002007356 6097017 0002.HK 619091 CLP Holdings Ltd. HK HKD Y 18.3 13 13 KYG2103F1019 BWX52N2 1113.HK HK50CI CK Property Holdings HK HKD Y 17.9 14 11 CNE1000002Q2 6291819 0386.HK CN0098 China Petroleum & Chemical 'H' CN HKD Y 16.8 15 14 HK0688002218 6192150 0688.HK 619215 China Overseas Land & Investme CN HKD Y 14.8 16 16 HK0823032773 B0PB4M7 0823.HK B0PB4M Link Real Estate Investment Tr HK HKD Y 14.6 17 17 CNE1000003W8 6226576 0857.HK CN0065 PetroChina Co Ltd 'H' CN HKD Y 13.5 18 19 HK0003000038 6436557 0003.HK 643655 Hong Kong & China Gas Co. -
China Reits Property Landlords to Shine 19
SECTOR BRIEFING number DBS Asian Insights DBS Group59 Research • May 2018 China REITs Property Landlords to Shine 19 DBS Asian Insights SECTOR BRIEFING 59 02 China REITs Property Landlords to Shine Ken HE Equity Analyst DBS (Hong Kong) [email protected] Carol WU Head of Greater China Research DBS (Hong Kong) [email protected] Danielle WANG CFA Equity Analyst DBS (Hong Kong) [email protected] Derek TAN Equity Analyst DBS Group Research [email protected] Jason LAM Equity Analyst DBS (Hong Kong) [email protected] Produced by: Asian Insights Office • DBS Group Research go.dbs.com/research @dbsinsights [email protected] Goh Chien Yen Editor-in-Chief Jean Chua Managing Editor Martin Tacchi Art Director 19 DBS Asian Insights SECTOR BRIEFING 59 03 04 Executive Summary 08 China REITs Are Lagging Edging Towards Onshore REITs Major Obstacles in Fostering 18 an Onshore REIT Regime CMBS/CMBNs Are Growing Faster C-REITs Are Imminent Which Asset Type Will Benefit 28 More? Modern Logistics Properties The Rise of Active Property Asset Management Which Developer Will Benefit From the Establishment of C-REITs? 49 Appendix DBS Asian Insights SECTOR BRIEFING 59 04 Executive Summary No REIT regime yet he real estate investment trust (REIT) has become an important investment vehicle as evidenced by its separation from the financial sector in the Global Industry Classification Standard as a sector on its own. Major Asian countries/regions have joined western countries to kickstart local versions of REITs, leaving China the last Tbig economy that has yet to have such an investment vehicle. Two major technical In our view, removing legislative obstacles (publicly traded funds are not allowed to obstacles hold commercial properties) is the first step that the government needs to take towards establishing a modern REIT regime. -
Annual Report 2013 QUALITY GEEL
Geely Automobile Holdings Limited Holdings Geely Automobile (Incorporated in the Cayman Islands with limited liability) (Stock Code : 0175) QUALITY GEELY Annual Report 2013 Annual Report 2013 Room 2301, 23rd Floor, Great Eagle Centre, 23 Harbour Road, Wanchai, Hong Kong 香港灣仔港灣道 23 號鷹君中心 23 樓 2301 室 CONTENTS Key Figures Five Year Financial Summary 003 Editorial Chairman’s Statement 005 Management Report Performance & Governance 009 Directors and Senior Management Profiles 021 Corporate Governance Report 027 Directors’ Report 050 Accounts Independent Auditors’ Report 069 Consolidated Income Statement 071 Consolidated Statement of Comprehensive Income 072 Consolidated Statement of Financial Position 073 Consolidated Statement of Changes in Equity 075 Consolidated Statement of Cash Flows 077 Notes to the Consolidated Financial Statements 079 Our Company Directory 171 GEELY AUTOMOBILE HOLDINGS LIMITED FIVE YEAR FINANCIAL SUMMARY Annual Report 2014 KEY FIGURES Five Year Financial Summary 002 KEY FIGURES Profit attributable to equity Turnover Equity attributable to equity holders of the Company (RMB Billion) holders of the Company (RMB Million) (RMB Billion) 3,000 30 20 2,500 24 15 2,000 1,500 18 10 1,000 6 5 500 0 0 0 09 10 11 12 13 09 10 11 12 13 09 10 11 12 13 GEELY AUTOMOBILE HOLDINGS LIMITED FIVE YEAR FINANCIAL SUMMARY Annual Report 2013 KEY FIGURES Five Year Financial Summary 003 A summary of the results and the assets and liabilities of the Group for the last five financial years, as extracted from the audited financial statements, is -
Hang Seng Indexes Announces Index Review Results
14 August 2020 Hang Seng Indexes Announces Index Review Results Hang Seng Indexes Company Limited (“Hang Seng Indexes”) today announced the results of its review of the Hang Seng Family of Indexes for the quarter ended 30 June 2020. All changes will take effect on 7 September 2020 (Monday). 1. Hang Seng Index The following constituent changes will be made to the Hang Seng Index. The total number of constituents remains unchanged at 50. Inclusion: Code Company 1810 Xiaomi Corporation - W 2269 WuXi Biologics (Cayman) Inc. 9988 Alibaba Group Holding Ltd. - SW Removal: Code Company 83 Sino Land Co. Ltd. 151 Want Want China Holdings Ltd. 1088 China Shenhua Energy Co. Ltd. - H Shares The list of constituents is provided in Appendix 1. The Hang Seng Index Advisory Committee today reviewed the fast expanding innovation and new economy sectors in the Hong Kong capital market and agreed with the proposal from Hang Seng Indexes to conduct a comprehensive study on the composition of the Hang Seng Index. This holistic review will encompass various aspects including, but not limited to, composition and selection of constituents, number of constituents, weightings, and industry and geographical representation, etc. The underlying aim of the study is to ensure the Hang Seng Index continues to serve as the most representative and important benchmark of the Hong Kong stock market. Hang Seng Indexes will report its findings and propose recommendations to the Advisory Committee within six months. The number of constituents of the Hang Seng Index may increase during this period. Hang Seng Indexes Announces Index Review Results /2 2. -
China Vanke (A-1)
9-314-104 REV: MAY 9, 2014 L Y N N S . P A I N E JOHN MACOMBER K E I T H C H I - H O W O N G China Vanke (A-1) For me, long term is five to ten years. For Wang Shi it’s way out there—beyond imagination. Twenty years ago when Vanke was still a very small company, he already had a very grand vision that I thought was impossible to achieve. Twelve years ago when I became the general manager, we were only a two billion RMB company. He was thinking what Vanke might look like if it's a 100 billion company. I couldn’t have imagined that we’d achieve that goal in less than 10 years. — Yu Liang, President, China Vanke China Vanke president Yu Liang surveyed the densely developed expanse of land below as his plane touched down in the southern city of Shenzhen in November 2011. Yu was eager to get back to the company’s headquarters in the suburbs of Shenzhen after several days on the road meeting with subsidiary heads, construction partners, and government officials across China. Under the leadership of its founder Wang Shi, China Vanke Co. Ltd. (Vanke) had grown from a small trading firm to China’s largest homebuilder, successfully navigating the tumultuous mix of volatile markets and ever-changing government policies that characterized China’s real estate market. For 2011, Vanke expected to sell some 10.7 million square meters of floor area, or more than 120,000 homes valued at over 120 billion RMB (about US $20 billion).1 Nonetheless, the year had been a slow one for the industry, as the central government introduced successive waves of austerity measures to bring down skyrocketing prices. -
China Resources Gas
China / Hong Kong Company Guide China Resources Gas Version 1 | Bloomberg: 1193 HK EQUITY | Reuters: 1193.HK Refer to important disclosures at the end of this report DBS Group Research . Equity 11 May 2018 FULLY VALUED (Initiate coverage) Losing Steam Last Traded Price ( 10 May 2018):HK$28.25 (HSI : 30,809) Dollar margin remain under pressure from lack of Price Target 12-mth: HK$25.00 (-12% downside) midstream facilities and government regulation A nalyst Conservative development strategy hinders growth Tony WU CFA +852 2971 1708 potential [email protected] Patricia YEUNG +852 2863 8908 Diminishing SOE advantage [email protected] Initiate with FULLY VALUED, TP is set at HK$25 Price Relative Not the time to be optimistic on margin yet. In contrary to HK$ Relative Index 33.1 market’s expectation on a rebound in dollar margin, we believe 206 31.1 the dollar margin for CR Gas could remain suppressed and decline 29.1 186 27.1 166 by Rmb0.03/m3 in the next two years. The market has 25.1 146 23.1 underestimated the severity of winter gas supply shortage, and 126 21.1 106 CR Gas will suffer in dollar margin due to the lack of midstream 19.1 17.1 86 facilities. It also has high exposure to regions with higher pressure 15.1 66 May-14 May-15 May-16 May-17 May-18 on dollar margin coming from government’s regulation on distribution margin. Moreover, conservative development strategy China Resources Gas (LHS) Relative HSI (RHS) towards integrated energy and rural coal to gas projects could Forecasts and Valuation FY Dec (HK$ m) 2017A 2018F 2019F 2020F hinder its growth potential. -
Schedule of Investments (Unaudited) Blackrock Advantage Emerging Markets Fund January 31, 2021 (Percentages Shown Are Based on Net Assets)
Schedule of Investments (unaudited) BlackRock Advantage Emerging Markets Fund January 31, 2021 (Percentages shown are based on Net Assets) Security Shares Value Security Shares Value Common Stocks China (continued) China Life Insurance Co. Ltd., Class H .................. 221,000 $ 469,352 Argentina — 0.0% China Longyuan Power Group Corp. Ltd., Class H ....... 52,000 76,119 (a) 313 $ 60,096 Globant SA .......................................... China Mengniu Dairy Co. Ltd.(a) ......................... 15,000 89,204 Brazil — 4.9% China Merchants Bank Co. Ltd., Class H ................ 36,000 275,683 Ambev SA ............................................. 236,473 653,052 China Overseas Land & Investment Ltd.................. 66,500 151,059 Ambev SA, ADR ....................................... 94,305 263,111 China Pacific Insurance Group Co. Ltd., Class H......... 22,000 90,613 B2W Cia Digital(a) ...................................... 20,949 315,188 China Railway Group Ltd., Class A ...................... 168,800 138,225 B3 SA - Brasil Bolsa Balcao............................. 33,643 367,703 China Resources Gas Group Ltd. ....................... 30,000 149,433 Banco do Brasil SA..................................... 15,200 94,066 China Resources Land Ltd. ............................. 34,000 134,543 BRF SA(a).............................................. 22,103 85,723 China Resources Pharmaceutical Group Ltd.(b) .......... 119,500 62,753 BRF SA, ADR(a) ........................................ 54,210 213,045 China Vanke Co. Ltd., Class A .......................... 67,300 289,157 Cia de Saneamento de Minas Gerais-COPASA .......... 52,947 150,091 China Vanke Co. Ltd., Class H .......................... 47,600 170,306 Duratex SA ............................................ 19,771 71,801 CITIC Ltd............................................... 239,000 186,055 Embraer SA(a).......................................... 56,573 90,887 Contemporary Amperex Technology Co. Ltd., Class A .... 1,700 92,204 Gerdau SA, ADR ...................................... -
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. -
First State China All Cap Fund
First State China All Cap Fund Semi Annual Report July 2019 - December 2019 First State China All Cap Fund Contents Pages Report of the manager (unaudited) 1 – 2 Investment portfolio (unaudited) 3 – 5 Statement of movements in portfolio holdings (unaudited) 6 – 7 Statement of net assets (unaudited) 8 General information 9 This semi-annual report shall not constitute an offer to sell or a solicitation of an offer to buy units in the First State China All Cap Fund. Subscriptions are to be made only on the basis of the information contained in the relevant Explanatory Memorandum, as supplemented by the latest annual and semi- annual reports. First State China All Cap Fund Report of the Manager (Unaudited) Performance 1 July 2019 1 July 2018 to to 31 Dec 2019 31 Dec 2018 First State China All Cap Fund Class II* 10.26% (20.59)% First State China All Cap Fund Class III 10.45% (20.45)% Benchmark: MSCI China Free Index 9.29% (17.43)% (Performance calculation is based on the official dealing NAV.) * As per the updated Explanatory Memorandum dated 7 October 2014, the existing units of the Fund will be referred to as “Class II” units. Performance Key contributors to performance included CSPC Pharmaceutical, which increased on the strength of its pipeline. The company has 25 innovative drugs in clinical trials currently, with aims to launch these over the next five years. AAC Technologies rose on expectations of an uptick in the smartphones sector. Tencent rose after reporting solid growth in its social media advertising and financial technology segments. -
Asia Infrastructure, Energy and Natural Resources (IEN)
Asia Infrastructure, Energy and Natural Resources (IEN) Slaughter and May is a leading international firm with a worldwide corporate, commercial and financing practice. We provide clients with a professional service of the highest quality combining technical excellence and commercial awareness and a practical, constructive approach to legal services. We advise on the full range of matters for infrastructure, energy and natural resources clients in Asia, including projects, mergers and acquisitions, all forms of financing, competition and regulatory, tax, commercial, trading, construction, operation and maintenance contracts as well as general commercial and corporate advice. Our practice is divided into three key practice areas: – Infrastructure – rail and road; ports and airports; logistics; water and waste management. – Energy – power and renewables; oil and gas. – Mining and Minerals – coal, metals and minerals. For each regional project we draw on long‑standing relationships with leading independent law firms in Asia. This brings together individuals from the relevant countries to provide the optimum legal expertise for that particular transaction. This allows us to deliver a first class pan‑Asian and global seamless legal service of the highest quality. Recommended by clients for project agreements and ‘interfacing with government bodies’, Slaughter and May’s team is best-known for its longstanding advice to MTR on some of Hong Kong’s key infrastructure mandates. Projects and Energy – Legal 500 Asia Pacific Infrastructure – rail MTR Corporation Limited – we have advised the • Tseung Kwan O Line: The 11.9‑kilometre MTR Corporation Limited (MTR), a long‑standing Tseung Kwan O Line has 8 stations and links client of the firm and one of the Hong Kong office’s the eastern part of Hong Kong Island with the first clients, on many of its infrastructure and eastern part of Kowloon other projects, some of which are considered to be amongst the most significant projects to be • Disney Resort Line: The 3.3‑kilometre Disney undertaken in Hong Kong. -
Yuexiu Property Rating BUY Snapshot on This Guangzhou Residential Market Leader 26 April 2012
Equity Research Company Report Yuexiu Property Rating BUY Snapshot on this Guangzhou residential market leader 26 April 2012 Philip Tse, CFA Yuexiu Property (“Yuexiu”) has achieved 31% sales target run-rate in (852) 2683 3211 1Q12, the highest among peers, we believe. Further, it has also [email protected] captured the highest residential market shares of 15.3% in Sector Property Guangzhou during the period. Given the strong sales performance, we estimate unrecognized sales have reached Rmb10.4bn (including Key Data Rmb7.3bn brought forward from FY11) which have fully locked-in our Ticker 123.HK Price (25 Apr) HK$1.71 estimated FY12 revenue and provide strong foundation for revenue Target price HK$2.12 growth. We reiterate BUY rating on the counter with target price at HK$2.12 (old: HK1.87), based on 55% discount. 52W High HK$1.73 52W Low HK$0.94 Mkt. Cap. (HK$mn) 15,877 Highest run-rate among peers and highest Guangzhou market share. Mkt. Cap. (US$mn) 2,036 Yuexiu has achieved the highest sales target run-rate among peers that we Total Issued Share (mn) 9,285 Avg. 3mths t/o (HK$mn) 42 monitor for 1Q12 with total contracted sales amounted to Rmb3.1bn, representing 31% of its full year sales target of Rmb10bn. In addition to its Shareholdings Structure Guangzhou Yue Xiu Holdings Limited 49.88% impressive sales performance, Yuexiu is the residential market leader in Free float 50.12% Guangzhou with residential contracted area reached 167k sqm, a market share of 15.3%.