DOCSLIB.ORG

What Is a Land Rich Company?

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
What Is a Land Rich Company? No provision for capital gains tax (CGT) will be derived from the trading of A-shares, bar those derived from the trading of PRC resident enterprises defined as “Land Rich Companies”. Further, Z-Ben Advisors believe that this LRC provision extends to HK-domiciled RQFII funds only. The European outlook suggests that no withholding provision will be made as stated by Source/CSOP in their CSOP Source FTSE China A50 UCITS ETF prospectus, we expect Deutsche Bank/Harvest to follow suit with their db x-trackers Harvest CSI300 Index UCITS ETF . Below is Z-Ben Advisors’ LRC breakdown of what we understand constitutes a Land Rich Company and what proportion these contribute to the CSI 300 and FTSE China A50 indices. Land Rich Companies CSI 300 Weight: 12.15% 50 45 45 Real Estate Sector Port and Railway Sector 40 Beijing Tianhong Baoye Real Estate Co Ltd Daqin Railway Co Ltd 35 China Merchants Property Development Co Ltd Ningbo Port Co Ltd China Vanke Co Ltd 30 Shanghai International Airport Co Ltd Financial Street Holding Co Ltd 25 Shanghai International Port (Group) Co Ltd 20 Gemdale Corporation Poly Real Estate Group Co Ltd Oil and Gas Sector 15 A Risesun Real Estate Development Co Ltd China Petroleum and Chemical Corp (Sinopec) 10 7 Shanghai Lujiazui Finance and Trade Zone Development Co Ltd PetroChina Co Ltd 5 Shanghai Oriental Pearl (Group) Co Ltd Mining Sector 0 Shanghai Wai Gaoqiao Free Trade Zone Development Co Ltd CSI 300 FTSE China A 50 Aluminum Corporation of China Limited Shanghai Yuyuan Tourist Mart Co Ltd Anhui Hengyuan Coal Industry and Electricity Power Co Ltd Shanghai Zhangjiang Hi-tech Park Development Co Ltd Chenzhou Mining Group Co Ltd Shenzhen Overseas Chinese Town Co Ltd China Coal Energy Co Ltd Suning Universal Co Ltd China Molybdenum Co., Ltd. What is a Land Rich Company? Zhejiang China Commodities City Group Co Ltd China Shenhua Energy Co Ltd Datong Energy Chemical Co Ltd Asset breakdown: FTSE China A50 Weight: 11.21% Guizhou Panjiang Refined Coal Co Ltd Henan Shen Huo Coal Industry and Electricity Power Co Ltd . A minimum of 50% or more of the share value of the company consists Constituent name Sector Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co Ltd directly or indirectly of immovable property (Land Rich Test). China Petroleum & Chemical (A) Oil & Gas Jiangxi Copper Co Ltd PetroChina (A) Oil & Gas Jinduicheng Molybdenum Co Ltd Immoveable property definition: China Shenhua Energy (A) Mining Sector Jizhong Energy Resources Co Ltd . The scope of immoveable property includes operational or non- Daqin Railway (A) Port and Railway Sector Kailuan Clean Coal Co Ltd operational housing properties, land use rights, and attached fixtures. Shanghai International Port (A) Port and Railway Sector Pingdingshan Tianan Coal Mining Co Ltd China Vanke (A) Real Estate Shanxi Guanlu Co Ltd Poly Real Estate Group (A) Real Estate Shanxi Xishan Coal And Electricity Power Co Ltd Accessibility period: Western Mining Co Ltd . Assets of the nature above must be held for a three year look back Xiamen Tungsten Co Ltd period prior to the month of share transfer, this asset breakdown will Yang Quan Coal Industry (Group) Co., Ltd be accessed in accordance with current PRC accounting standards. Yanzhou Coal Mining Co Ltd Yunnan Copper Co Ltd Yunnan Tin Co Ltd Zijin Mining Group Co Ltd Source: Z-Ben Advisors NOTE: This list is for illustrative purposes only and we advise clients to seek appropriate professional advice before any implementation Z-Ben Advisors .
Load more

Recommended publications
  • Vanke - a (000002 CH) BUY (Initiation) Steady Sales Growth Target Price RMB31.68 Up/Downside +16.8% Current Price RMB27.12 SUMMARY
    10 Jun 2019 CMB International Securities | Equity Research | Company Update Vanke - A (000002 CH) BUY (Initiation) Steady sales growth Target Price RMB31.68 Up/downside +16.8% Current Price RMB27.12 SUMMARY. We initiate coverage with a BUY recommendation on Vanke – A share. Vanke is a pioneer in China property market, in terms of leasing apartment, prefabricated construction and etc. We set TP as RMB31.68, which is equivalent to China Property Sector past five years average forward P/E of 9.0x. Upside potential is 16.8%. Share placement strengthened balance sheet. Vanke underwent shares Samson Man, CFA placement and completed in Apr 2019. The Company issued and sold 263mn (852) 3900 0853 [email protected] new H shares at price of HK$29.68 per share. The newly issued H shares represented 16.67% and 2.33% of the enlarged total issued H shares and total Chengyu Huang issued share capital, respectively. Net proceeds of this H shares placement was (852) 3761 8773 HK$7.78bn and used for debt repayment. New capital can flourish the balance [email protected] sheet although net gearing of Vanke was low at 30.9% as at Dec 2018. Stock Data Bottom line surged 25% in 1Q19. In 1Q19, revenue and net profit surged by Mkt Cap (RMB mn) 302,695 59.4% to RMB48.4bn and 25.2% to RMB1.12bn, respectively. The slower growth Avg 3 mths t/o (RMB mn) 1,584 in bottom line was due to the scale effect. Delivered GFA climbed 88.2% to 52w High/Low (RMB) 33.60/20.40 3.11mn sq m in 1Q19 but only represented 10.5% of our forecast full year Total Issued Shares (mn) 9.742(A) 1,578(H) delivered GFA.
    [Show full text]
  • Signature Redacted I MIT Sino in School of Management May 6, 2016
    Individual Investors, Social Media and Chinese Stock Market: a Correlation Study By Yonghui Wu B.E., Shanghai Jiao Tong University, 2007 M.E., Shanghai Jiao Tong University, 2010 SUBMITTED TO THE MIT SLOAN SCHOOL OF MANAGEMENT IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER OF SCIENCE IN MANAGEMENT STUDIES MASSACHUSETTS INSTITUTE OF TECHNOLOGY AT THE MASSACHUSETTS INSTITUTE OF TECHNOLOGY JUN 082016 JUNE 2016 LIBRARIES @2016 Yonghui Wu. All rights reserved. ARCHIVES The author hereby grants to MIT permission to reproduce and to distribute publicly paper and electronic copies of this thesis document in whole or in part in any medium now known or hereafter created. Signature of Author: Signature redacted I MIT Sino in School of Management May 6, 2016 Certified by: Signature redacted Erik Brynjolfsson Schussel Family Professor Thesis Supervisor Signature redacted____ Accepted by: Rodrigo S. Verdi Associate Professor of Accounting Program Director, M.S. in Management Studies Program MIT Sloan School of Management Individual Investors, Social Media and Chinese Stock Market: a Correlation Study By Yonghui Wu Submitted to MIT Sloan School of Management on May 6, 2016 in Partial fulfillment of the requirements for the Degree of Master of Science in Management Studies. ABSTRACT Chinese stock market is a unique financial market where heavy involvement of individual investors exists. This article explores how the sentiment expressed on social media is correlated with the stock market in China. Textual analysis for posts from one of the most popular social media in China is conducted based on Hownet and NTUSD, two most commonly used sentiment Chinese dictionaries.
    [Show full text]
  • 中國中車股份有限公司 Crrc Corporation Limited
    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 14A.69(4) consult your licensed dealer in securities, bank manager, solicitor, professional accountant or other professional adviser. If you have sold or transferred all your shares in CRRC Corporation Limited (the “Company”), you should at once hand this circular and the enclosed New Proxy Form to the purchaser or the transferee or to the bank, licensed dealer in securities 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 14A.70(1) 13.52 Note 5 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. 中國中車股份有限公司 CRRC CORPORATION LIMITED (a joint stock limited company incorporated in the People’s Republic of China with limited liability) 13.28(1) 13.51A (Stock code: 1766) A1B1 (1) PROPOSED ISSUANCE AND PLACING OF NEW A SHARES; (2) CONNECTED TRANSACTION: PROPOSED SUBSCRIPTION OF NEW A SHARES BY CRRC GROUP; AND (3) SUPPLEMENTAL NOTICE OF 2015 ANNUAL GENERAL MEETING Independent Financial Adviser to the Independent Board Committee and the Independent Shareholders A supplemental notice of the AGM of the Company, which will be held as originally scheduled at Empark Grand Hotel, No.
    [Show full text]
  • The Mineral Industry of China in 2016
    2016 Minerals Yearbook CHINA [ADVANCE RELEASE] U.S. Department of the Interior December 2018 U.S. Geological Survey The Mineral Industry of China By Sean Xun In China, unprecedented economic growth since the late of the country’s total nonagricultural employment. In 2016, 20th century had resulted in large increases in the country’s the total investment in fixed assets (excluding that by rural production of and demand for mineral commodities. These households; see reference at the end of the paragraph for a changes were dominating factors in the development of the detailed definition) was $8.78 trillion, of which $2.72 trillion global mineral industry during the past two decades. In more was invested in the manufacturing sector and $149 billion was recent years, owing to the country’s economic slowdown invested in the mining sector (National Bureau of Statistics of and to stricter environmental regulations in place by the China, 2017b, sec. 3–1, 3–3, 3–6, 4–5, 10–6). Government since late 2012, the mineral industry in China had In 2016, the foreign direct investment (FDI) actually used faced some challenges, such as underutilization of production in China was $126 billion, which was the same as in 2015. capacity, slow demand growth, and low profitability. To In 2016, about 0.08% of the FDI was directed to the mining address these challenges, the Government had implemented sector compared with 0.2% in 2015, and 27% was directed to policies of capacity control (to restrict the addition of new the manufacturing sector compared with 31% in 2015.
    [Show full text]
  • 2019 Annual Report 1 Contents
    Important Notice I. The Board, supervisory committee and directors, supervisors and senior management of the Company warrant that this report does not contain any misrepresentations, misleading statements or material omissions, and are jointly and severally liable for the authenticity, accuracy and completeness of the information contained in this report. II. This report was approved at the 25th meeting of the fourth session of the Board of the Company. 8 out of nine eligible directors attended the meeting in person. Li Dong, a director, asked for leave due to business appointment, and appointed Gao Song, a director, to act as his proxy and vote on behalf of him at the meeting. III. KPMG has issued a standard unqualified independent auditor’s report to the Company under the Hong Kong Standards on Auditing, in connection with the Company’s 2019 financial statements prepared under International Financial Reporting Standards. IV. Wang Xiangxi, Chairman of the Company, Xu Shancheng, Chief Financial Officer, and Ban Jun, person-in-charge of the accounting department, warrant the authenticity, accuracy and completeness of the financial statements contained in this report. V. The Board proposed the payment of a final dividend in cash of RMB1.26 per share (inclusive of tax) for the year 2019 based on the total registered share capital on the equity registration date of the implementation of the equity distribution. The profit distribution proposal is subject to the approval by shareholders at the general meeting. According to the total share capital of 19,889,620,455 shares of the Company as at 31 December 2019, the final dividend totals RMB25,061 million (inclusive of tax).
    [Show full text]
  • 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.
    [Show full text]
  • Final KF China Report Design Singlepage
    CHINESE CORRIDORS inMALAYSIA CHINESE CORRIDORS CHINESE CORRIDORS 2 IN MALAYSIA 2 IN MALAYSIA KEY TAKEAWAYSKEY TAKEAWAYS • China's Belt and Road Initiative• China's (BRI), Belt launched and Road in 2013,Initiative aims (BRI), to revive launched the in 2013, aims to revive the great Silk Road linking itgreat with SilkEurope Road through linking billionsit with ofEurope dollars throughof billions of dollars of infrastructure investment acrossinfrastructure six economic investment corridors. across six economic corridors. • Over the coming decades,• Over the thedevelopment coming decades, of the builtthe environment,development of the built environment, whether infrastructure or logisticswhether related infrastructure and in the or form logistics of new related townships and in the form of new townships or urban settlements along theor urban Belt Road settlements link, will along be considerable. the Belt Road link, will be considerable. • Malaysia, strategically positioned• Malaysia, along strategically the Belt Roadpositioned link, alongoffers themany Belt Road link, offers many advantages in terms of abundantadvantages resources, in terms good of abundantgrowth potentials resources, and good growth potentials and similarities in culture due tosimilarities historical inties. culture The duecountry to historicalcan be China’sties. The country can be China’s gateway to Asean and beyond.gateway In fact, to Malaysia Asean and has beyond. seen an In upsurge fact, Malaysia of BRI has seen an upsurge of BRI related investments with Chinarelated
    [Show full text]
  • Schedule of Investments (Unaudited) Ishares MSCI Total International Index Fund (Percentages Shown Are Based on Net Assets) September 30, 2020
    Schedule of Investments (unaudited) iShares MSCI Total International Index Fund (Percentages shown are based on Net Assets) September 30, 2020 Mutual Fund Value Total International ex U.S. Index Master Portfolio of Master Investment Portfolio $ 1,034,086,323 Total Investments — 100.4% (Cost: $929,170,670) 1,034,086,323 Liabilities in Excess of Other Assets — (0.4)% (3,643,126) Net Assets — 100.0% $ 1,030,443,197 iShares MSCI Total International Index Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in International Tilts Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2020, the value of the investment and the percentage owned by the Fund of the Master Portfolio was $1,034,086,323 and 99.9%, respectively. The Fund records its investment in the Master Portfolio at fair value. The Fund’s investment in the Master Portfolio is valued pursuant to the pricing policies approved by the Board of Directors of the Master Portfolio. Fair Value Hierarchy as of Period End Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows: • Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access • Level 2 – Other observable inputs (including, but not limited to, quoted prices
    [Show full text]
  • 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............................................................................................................
    [Show full text]
  • 2016 Corporate Social Responsibility Report of China Vanke Co., Ltd
    万科企业股份有限公司 nd ANNIVERSARY 2016 32 年 企业社会责任报告 CORPORATE SOCIAL RESPONSIBILITY REPORT About the Report Contents Introduction The 2016 Corporate Social Responsibility Report of China Vanke Co., Ltd. is the 10th CSR report issued by the 02 Our Performance in 2016 Vanke Group since 2007. It provides a detailed disclosure of Vanke's practice and performance in areas such as 71 operation, environment and society in 2016 based on the principles of objectivity, normativity, transparence and 01 02 03 Company Profile comprehensiveness. ESG Index Message About 04 Corporate Governance The report is compiled under the Environmental, Social and Governance Reporting Guide (the "Guide") issued by The 06 Responsibility Management Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange") in 2015, and conforms to the applicable Vanke general disclosure requirements of the Guide. With respect to the key performance indicators specified in "Subject Area A. Environment" of the Guide, we will create relevant systems in 2017 in accordance with the Guide to collect, compute 73 and manage the indicators and begin to disclose our environmental performance in 2018. Feedback Period From January 1 to December 31, 2016. To make the report more comparable, some parts of it may trace back to previous years. Release cycle This is an annual report. The last report was released in March 2016. Report scope The report covers China Vanke Co., Ltd., operating subsidiaries of Vanke in the People's Republic of China and Vanke's businesses in the US, the UK, Singapore
    [Show full text]
  • 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.
    [Show full text]
  • 2020 Annual Report
    AUGUST 31, 2020 2020 Annual Report iShares, Inc. • iShares ESG Aware MSCI EM ETF | ESGE | NASDAQ • iShares MSCI Emerging Markets ex China ETF | EMXC | NASDAQ • iShares MSCI Emerging Markets Min Vol Factor ETF | EEMV | Cboe BZX • iShares MSCI Emerging Markets Multifactor ETF | EMGF | Cboe BZX • iShares MSCI Global Min Vol Factor ETF | ACWV | Cboe BZX Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. You may elect to receive all future reports in paper free of charge. Ifyou hold accounts throughafinancial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies ofyour shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contactingyour financial intermediary. Please note that not all financial intermediaries may offer this service.
    [Show full text]