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Asia China Property Property 28 September 2009 Periodical Company Company Around the Houses HK Property 09/25/2009 Company Price 1-d % Rating Cheung Kong 97.05 -1.37 Hold Hong Kong/China Property Hongkong Land 4.36 5.31 Sell Hang Lung 27.15 0.74 Sell Henderson 49.75 -0.90 Hold New World Dev 16.38 1.49 Buy Daily SHKP 113.70 1.43 Hold Sino Land 14.00 0.00 Sell Great Eagle 18.94 1.50 Buy Kerry Properties 39.85 -2.09 Hold Published Research China Property-1 09/25/2009 Company Price 1-d % Rating COLI 16.90 2.05 Hold China Property: Monthly market intelligence for August 2009 China Vanke - B 9.78 0.82 Hold - Danny Bao, CFA; Ling Xu R&F 13.70 1.18 Hold CR Land 17.04 0.59 Sell Greentown 11.12 1.09 Hold Shui On Land 4.64 1.31 Hold News highlights Zhong An 3.25 1.56 Hold Shanghai Forte 2.31 -1.70 Sell 75 primary units sold in Hong Kong during the past weekend SRE 0.80 1.27 Buy Global Markets Research Primary sales during the past weekend increased to 75 units (from 37 in the previous week). Cheung Kong sold 50 units of Celestial Heights Phase 2 at an China Property-2 09/25/2009 ASP of HK$12,500psf while New World Development sold nine units of Emerald Company Price 1-d % Rating Green in Yuen Long. Sino Land sold six units of The Palazzo and three units of RREEF CCT 2.85 0.00 Hold Country Garden 2.88 -0.69 Hold Lake Silver over the last weekend. (Wenweipo, Oriental Daily, HK Economic Agile Property 9.50 0.11 Sell Times) Shimao Property 13.86 1.32 NA Yanlord 2.45 1.24 NA Celestial Heights Phase 2 raises HK$2.7bn; launch additional units Hopson 13.50 0.75 NA Luxury property market remains strong as 130 units of Cheung Kong’s (0001.HK) Beijing North Star 2.75 0.00 NA Celestial Heights Phase 2 in Ho Man Tin were sold within seven days of its launch. Beijing Capital Land 2.88 1.05 NA This number already exceeds their target sales for the year by 30%. The total Index Performance 09/25/2009 sales proceeds from the project have reached HK$2.7bn. (Oriental Daily) Index 1-w % 1-m % 3-m % Ricacorp: September registrations likely to reach 15,000 units HSI Index -2.77 2.88 15.04 HSCEI Index -4.42 3.45 12.01 According to the HK Land Registry department, 11,715 property transactions were HSP Index -2.09 0.76 8.78 registered in the first 24 days of September. Ricacorp properties expects that the number of registrations to reach up to 15,000 for the full month, with an overall Research Team transaction value of up to HK$6.8bn, which would be a 22-month high. (HK Economic Times) Danny Bao, CFA Research Analyst The Palazzo: Limited units launched, the cheapest one at HK$6.27m (+86) 21 3896 2839 [email protected] Sino Land is now looking to take advantage of the national holidays beginning on 1st October to sell The Palazzo. Among the five units recently re-launched for sale Ken Yeung, CFA is a 717sqf two-bedroom flat priced at HK$6.28m, i.e. at HK$8,755psf. (Headline Research Analyst Daily) (+852) 2203 6163 [email protected] Hopson Development buys 36 pieces of land in Ningbo Hopson Development has spent approximately RMB1.37bn to acquire the land Ling Xu use rights of 36 pieces of land in Hangzhou Bay New Zone, Cixi, Ningbo, Zhejiang Research Analyst Province. (China Knowledge) (+86) 21 3896 2834 [email protected] Beijing Capital Land's contracted sales up 269% in Jan-Aug Beijing Capital Land's contracted sales surged 269% yoy to RMB7.7bn in Aug 09. The figure represents 96% of its target of RMB8bn for 2009. The company’s Aug 09 contracted sales area was 750,000sqm, up 390% yoy. (China Knowledge) China Merchants Property, Wharf buy land in Tianjin China Merchants Property (000024.SZ) and Wharf Holdings (0004.HK) have jointly won the bid for a piece of mixed-use land in Hedong District, Tianjin, for RMB641m or RMB5,325psqm of potential floor area. The parcel has a potential GFA of 120,190sqm. (China Knowledge) Deutsche Bank AG/Hong Kong All prices are those current at the end of the previous trading session unless otherwise indicated. Prices are sourced from local exchanges via Reuters, Bloomberg and other vendors. Data is sourced from Deutsche Bank and subject companies. Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Independent, third-party research (IR) on certain companies covered by DBSI's research is available to customers of DBSI in the United States at no cost. Customers can access IR at http://gm.db.com/IndependentResearch or by calling 1-877-208-6300. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MICA(P) 106/05/2009 28 September 2009 Property Around the Houses Published Research China Property Monthly market intelligence for August 2009 - Danny Bao, CFA; Ling Xu Residential GFA sales declined 0.2% MoM while ASP increased 1.8% MoM in August. Tier-II cities with lower ASP generally outperformed large cities in volume. The first three weeks’ data for September suggests volumes are unlikely to exceed the June level. Supply shortage in major cities is likely to continue for the next few months. Meanwhile, new construction activity improved in August after a brief decline in July. We expect policies to focus on tighter second mortgage requirements, LAT settlement, and prevention of land hoarding. For more information, please click on the link for the full PDF. If you have any trouble viewing the link, copy and paste the link in a browser. http://pull.tmr3.com/p/1246-D1B3/71302501/0900b8c0817e2361.pdf News highlights 75 primary units sold in Hong Kong during the past weekend Primary sales during the past weekend increased to 75 units (from 37 units in the previous week). Cheung Kong led the table by selling 50 units of its Ho Man Tin luxury project – Celestial Heights Phase 2 – in the previous weekend at an ASP of HK$12,500psf. Cheung Kong sold an accumulated 130 units (or 30% of total 439 units) since its launch just over a week ago, realising approximately HK$2.7bn. Meanwhile, New World Development sold nine units of Emerald Green in Yuen Long . Sino Land sold six units of The Palazzo and three units of Lake Silver over the past weekend. In the secondary market, transaction volume in 10 major Hong Kong private estates, according to Midland data, dropped 18% WoW. (Wenweipo, Oriental Daily, HK Economic Times) Figure 1: Summary of weekend primary sales Project Developer Approx units sold Celestial Heights Cheung Kong 50 Emerald Green New World Dev 9 The Palazzo Sino Land/MTRC 6 Lake Silver Sino Land/MTRC 3 Others 7 Total 75 Source: Wenweipo, Oriental Daily, HK Economic Times, Deutsche Bank Page 2 Deutsche Bank AG/Hong Kong 28 September 2009 Property Around the Houses Celestial Heights Phase 2 raises HK$2.7bn; launch additional units Sep 28 – The luxury property market remains strong in Hong Kong as Cheung Kong (0001.HK) sold 130 units of Celestrial Heights Phase 2 in Ho Man Tin within seven days of its launch. This already exceeds its target sales for the year by 30%. The total sales proceeds from the project have reached HK$2.7bn. Considering the overwhelming response, the developer has decided to raise the target sales for the year to 150 units and will launch additional units to meet the market demand. Cheung Kong’s property investment director Wong See-chung says that the average transaction price per unit is around HK$20m, while the ASP is around HK$12,500psf. He said the sales exceeded their expectation and, hence, they have now raised their target sales to 150 units for the year, and will launch additional units this week. The company is still considering the pricing of the additional units. (Oriental Daily) Ricacorp: September registrations likely to reach 15,000 units Sep 28 – According to the HK Land Registry department, 11,715 property transactions were registered in the first 24 days of September (the figures mainly reflect the property market in August). Ricacorp Properties expects that the number of registrations to reach up to 15,000 for the full month, with an overall transaction value of up to HK$6.8bn, which would be a 22-month high. (HK Economic Times) The Palazzo at HK$6.27m up, launches limited units Sep 26 – Sino Land’s (0083.HK) development project in Fo Tan, The Palazzo, has around 200 remaining primary units for sale. The developer is now looking to take advantage of the national holidays beginning on 1st October to sell the project. Among the five units recently re-launched for sale is a 717sqf two-bedroom flat priced at HK$6.28m, i.e. at HK$8,755psf. Sino Land’s sales and marketing manager Salenda Lau said that they will arrange site visits for 30-40 clients from Mainland China on 4th October.
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