The Most Innovative Property Developer in China
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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). -
Regeneration and Sustainable Development in the Transformation of Shanghai
Ecosystems and Sustainable Development V 235 Regeneration and sustainable development in the transformation of Shanghai Y. Chen Department of Real estate and Housing, Faculty of Architecture, Delft University of Technology Abstract Globalisation has had an increasing impact on the transformation of Chinese cities ever since China adopted the open door policy in 1978. Many cities in China have been struggling with the challenges of urban regeneration created by the restructuring of the traditional economy and increasing competition between cities for resources, investment and business. The closure of docks, warehouses and industries, and the deteriorating position of traditional urban centres not only created problems but also created exceptional opportunities to reshape cities and create new functions. But this kind of process also generates a series of physical, economic and social consequences for cities to tackle. In many cases the problems exceed the capacity of the local community to adapt and respond. This paper examines a number of urban regeneration projects in Shanghai, in the hope of providing a better understanding of the process of urban regeneration in China and how best to ensure that such regeneration is sustainable. The paper reassesses the aims of regeneration, the mechanisms involved in the regeneration process and its physical, economic and social consequences, discusses how to achieve sustainable development in urban regeneration and makes recommendations for future action. 1 Introduction Global market forces and increasing globalisation are clearly playing a role in the transformation of cities and towns. In most countries urban systems are experiencing dramatic changes brought about by economic restructuring, continuous mass migration and the arrival of immigrants. -
Enchanting Hospitality
enchanting hospitality The Langham, Shanghai, Xintiandi is located at the gateway to the vibrant Xintiandi entertainment area surrounded by fashionable dining, luxury retail shopping and also adjacent to key businesses situated along Huai Hai Road. The Hotel offers enchanting hospitality in an ambience of modern luxury and elegance along with up-to-date technology suitable for both business and leisure travellers. refreshing accommodation Since 1865, exceptional service, luxury and innovative design have been the hallmarks of the Langham legacy. Those traditions continue today at The Langham, Shanghai, Xintiandi. The luxurious rooms feature the following amenities: Signature Blissful Bed Floor to ceiling windows Wired and wireless broadband Nespresso coffee machine and mini bar Internet access 2 washbasins with adjustable mirrors 40” LCD television Electric toilet Smart phone docking station Separate rain shower Iron and ironing board Heated bathroom floor Room Type No.of Rooms Size(sqm) Size(sqft) Superior Room 126 40 430 Deluxe Room 117 40~43 430~460 Deluxe Studio 9 48 515 Executive Room* 54 40 430 Executive Studio* 10 48 515 Junior Suite* 19 55 590 One Bedroom Suite* 18 55 590 Executive Suite* 2 90 970 Presidential Suite*(duplex) 1 180 1,940 Chairman Suite*(duplex) 1 345 3,715 Total 357 - - the langham club Located on Level 27, The Langham Club offers an intimate Club Lounge experience for guests looking to relax or catch up on the day’s business. Guests staying in Club guestrooms and suites can enjoy complimentary access to The -
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. -
Shanghai Metro Map 7 3
January 2013 Shanghai Metro Map 7 3 Meilan Lake North Jiangyang Rd. 8 Tieli Rd. Luonan Xincun 1 Shiguang Rd. 6 11 Youyi Rd. Panguang Rd. 10 Nenjiang Rd. Fujin Rd. North Jiading Baoyang Rd. Gangcheng Rd. Liuhang Xinjiangwancheng West Youyi Rd. Xiangyin Rd. North Waigaoqiao West Jiading Shuichan Rd. Free Trade Zone Gucun Park East Yingao Rd. Bao’an Highway Huangxing Park Songbin Rd. Baiyin Rd. Hangjin Rd. Shanghai University Sanmen Rd. Anting East Changji Rd. Gongfu Xincun Zhanghuabang Jiading Middle Yanji Rd. Xincheng Jiangwan Stadium South Waigaoqiao 11 Nanchen Rd. Hulan Rd. Songfa Rd. Free Trade Zone Shanghai Shanghai Huangxing Rd. Automobile City Circuit Malu South Changjiang Rd. Wujiaochang Shangda Rd. Tonghe Xincun Zhouhai Rd. Nanxiang West Yingao Rd. Guoquan Rd. Jiangpu Rd. Changzhong Rd. Gongkang Rd. Taopu Xincun Jiangwan Town Wuzhou Avenue Penpu Xincun Tongji University Anshan Xincun Dachang Town Wuwei Rd. Dabaishu Dongjing Rd. Wenshui Rd. Siping Rd. Qilianshan Rd. Xingzhi Rd. Chifeng Rd. Shanghai Quyang Rd. Jufeng Rd. Liziyuan Dahuasan Rd. Circus World North Xizang Rd. Shanghai West Yanchang Rd. Youdian Xincun Railway Station Hongkou Xincun Rd. Football Wulian Rd. North Zhongxing Rd. Stadium Zhenru Zhongshan Rd. Langao Rd. Dongbaoxing Rd. Boxing Rd. Shanghai Linping Rd. Fengqiao Rd. Zhenping Rd. Zhongtan Rd. Railway Stn. Caoyang Rd. Hailun Rd. 4 Jinqiao Rd. Baoshan Rd. Changshou Rd. North Dalian Rd. Sichuan Rd. Hanzhong Rd. Yunshan Rd. Jinyun Rd. West Jinshajiang Rd. Fengzhuang Zhenbei Rd. Jinshajiang Rd. Longde Rd. Qufu Rd. Yangshupu Rd. Tiantong Rd. Deping Rd. 13 Changping Rd. Xinzha Rd. Pudong Beixinjing Jiangsu Rd. West Nanjing Rd. -
Shanghai, China Overview Introduction
Shanghai, China Overview Introduction The name Shanghai still conjures images of romance, mystery and adventure, but for decades it was an austere backwater. After the success of Mao Zedong's communist revolution in 1949, the authorities clamped down hard on Shanghai, castigating China's second city for its prewar status as a playground of gangsters and colonial adventurers. And so it was. In its heyday, the 1920s and '30s, cosmopolitan Shanghai was a dynamic melting pot for people, ideas and money from all over the planet. Business boomed, fortunes were made, and everything seemed possible. It was a time of breakneck industrial progress, swaggering confidence and smoky jazz venues. Thanks to economic reforms implemented in the 1980s by Deng Xiaoping, Shanghai's commercial potential has reemerged and is flourishing again. Stand today on the historic Bund and look across the Huangpu River. The soaring 1,614-ft/492-m Shanghai World Financial Center tower looms over the ambitious skyline of the Pudong financial district. Alongside it are other key landmarks: the glittering, 88- story Jinmao Building; the rocket-shaped Oriental Pearl TV Tower; and the Shanghai Stock Exchange. The 128-story Shanghai Tower is the tallest building in China (and, after the Burj Khalifa in Dubai, the second-tallest in the world). Glass-and-steel skyscrapers reach for the clouds, Mercedes sedans cruise the neon-lit streets, luxury- brand boutiques stock all the stylish trappings available in New York, and the restaurant, bar and clubbing scene pulsates with an energy all its own. Perhaps more than any other city in Asia, Shanghai has the confidence and sheer determination to forge a glittering future as one of the world's most important commercial centers. -
Real Estate and Construction-210204-EN
Real Estate and Construction Beijing Guangzhou Hong Kong Shanghai Shenzhen 27/F, North Tower 17/F, International Finance 26/F, One Exchange Square 24/F, HKRI Centre Two, 17/F, Tower One, Kerry Plaza Beijing Kerry Centre Place, 8 Huaxia Road, 8 Connaught Place, Central HKRI Taikoo Hui 1 Zhong Xin Si Road 1 Guanghua Road Zhujiang New Town Hong Kong 288 Shi Men Yi Road Futian District Chaoyang District Guangzhou 510623, China Shanghai 200041, China Shenzhen 518048, China Beijing 100020, China Tel: +86 10 5769 5600 Tel: +86 20 3225 3888 Tel: +852 3976 8888 Tel: +86 21 2208 1166 Tel: +86 755 8159 3999 Fax:+86 10 5769 5788 Fax:+86 20 3225 3899 Fax:+852 2110 4285 Fax:+86 21 5298 5599 Fax:+86 755 8159 3900 www.fangdalaw.com Real Estate and Construction 01 Real Estate and Construction Practice Fangda’s Real Estate and Construction Practice Team excels at providing one-stop and full-scale services to leading real estate market players, including real estate developers, real estate private equity sponsors, institutional investors, financial institutions and other corporations and individuals in complicated domestic and cross-border real estate transactions. Our lawyers are frequently appointed as arbitrators in real estate and construction-related disputes. Our strength in this area includes a combination of understanding the traditions of the Chinese market and practice and our abundant experience in serving international clients, complemented by services for non-contentious and contentious cases. We are one of the few firms based in China that can provide integrated real estate and construction related legal services, and present practical advice based on our knowledge and experience in the local market. -
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. -
Charity Quiz Night
Teck Whye Secondary School Cultural Immersion Educational Trip to Hangzhou and Shanghai, China 08 Nov – 13 Nov 2017 Content Itinerary Accommodation, Meals Weather Dressing tip & Packing list Flight detail Program 08 Nov Meet at Teck Whye Secondary School 09 Nov - High Speed Rail to Hangzhou - West Lake - Zhejiang University of Technology Affiliated Experimental School 10 Nov - Wentao Middle School - Consulate-General of Singapore - Shanghai 11 Nov - Qibao Old Street - Nanjing Road - Shanghai Bookstore - Xintiandi - The Bund (Night View) 12 Nov - City God Temple Street - Yu Garden - The Bund (Day View) - Shanghai Urban Exhibition Hall - Lu Jia Zui (Financial District) 13 Nov - Shanghai Guang Hua College - Transfer to airport for your return flight Accommodation Hangzhou Hotel Local 4* Gowin Hotel *Please lock your door and windows at all times. You are not allowed to open your door to strangers. FREE! Wi-Fi is available in the hotel Accommodation Shanghai Hotel 3* Holiday Inn Express Hotel (Shanghai Gongkang) *Please lock your door and windows at all times. You are not allowed to open your door to strangers. FREE! Wi-Fi is available in the hotel Meals Breakfast: In hotel Lunch and dinner: In local restaurants (Halal) *Muslim restaurants in Shanghai are mostly operated by the people of Xinjiang and Gansu. Majority of the food menu are chicken,lamb, beef. *No consumption of ice and street food are allowed during the trip. *To have a balanced diet, we encourage you to eat not just meat, but also vegetables as well. Weather Early Winter (Cold) Temperature: 10 – 21 °C *Temperature difference between the day and night is huge, you are advised to have sufficient clothing and jackets at all times. -
Concessions on Land Premium Yet to Come, Initiate with “Neutral”
股 票 Research 研 究 Company Report: Henderson Land (00012 HK) Johnny Wong 王俊浩 Equity 公司报告:恒基地产 (00012 HK) +852 2509 5348 [email protected] 29 January 2018 Concessions on Land Premium Yet to Come, Initiate with “Neutral” 补地价优惠尚未来临,首予“中性”评级 公 司 HLD is a leading property developer with businesses in Hong Kong and Rating: Neutral throughout mainland China. In addition to property development and Initial 报 property investment, HLD also has department store operations, hotel 评级: 中性 (首次研究) 告 operations, ferry operations and a utility business through 4 listed companies. HLD has a wide variety in its land bank in Hong Kong including agricultural Company Report land in New Territories (44.9 million sq.ft.), old buildings acquired for 6-18m TP 目标价: HK$54.08 redevelopment and land purchased through government land auctions (24.2 million sq.ft.). Share price 股价: HK$55.200 We estimate underlying net profit to be HKD15,282 million, HKD9,929 million and HKD10,432 million in 2017-2019, respectively. Since we expect that HLD’s property development revenue recognized in 2018 will Stock performance 股价表现 decrease, the reduction will drive down the underlying net profit in that year. Underlying net margins are expected to be 57.2%, 51.0% and 44.0% in % of return 50.0 2017-2019, respectively. 40.0 Initiate with “Neutral” rating and a TP of HKD54.08, which represents a 证 32.0% discount of our 2018 NAV estimate. HLD has secured its project 30.0 券 告 pipelines in the next few years through the redevelopment of old buildings and 20.0 研 报 the conversion of agricultural land into residential development. -
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 your licensed securities dealer, bank manager, solicitor, professional accountant or other professional adviser. If you have sold or transferred all your shares in Shui On Land Limited, you should at once hand this 14.63(2)(b) circular to the purchaser(s) or the transferee(s) or to the bank manager, 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 the transferee(s). Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no 14.66(1) 14.88 responsibility for the contents of this circular, make no representation as to its accuracy or completeness 14.58(1) 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. Shui On Land Limited 14.66(1) App.1B-1 瑞安房地產有限公司* (Incorporated in the Cayman Islands with limited liability) 13.51A (Stock code: 272) (1) MAJOR TRANSACTION — DISPOSAL OF THE ENTIRE ISSUED SHARE CAPITAL OF INFOSHORE INTERNATIONAL LIMITED AND ASSIGNMENT OF THE INTERCOMPANY LOANS OF INFOSHORE INTERNATIONAL LIMITED (2) MAJOR TRANSACTION — GRANT OF THE PUT OPTION Sole Financial Advisor A letter from the Board is set out on pages 6 to 18 of this circular. * For identification purposes only 31 December 2015 CONTENTS Page Definitions ..............................................................