Sinolink Securities (Hong Kong) Company Limited 1/12/2016 1 長和 70% 2 中電控股 70% 3 香港中華煤氣 70% 4 九龍倉集團 70% 5 匯豐控股 70% 6 電能實業 70% 7 Hoifu Energy Group Ltd
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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). -
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. -
Retirement Strategy Fund 2060 Description Plan 3S DCP & JRA
Retirement Strategy Fund 2060 June 30, 2020 Note: Numbers may not always add up due to rounding. % Invested For Each Plan Description Plan 3s DCP & JRA ACTIVIA PROPERTIES INC REIT 0.0137% 0.0137% AEON REIT INVESTMENT CORP REIT 0.0195% 0.0195% ALEXANDER + BALDWIN INC REIT 0.0118% 0.0118% ALEXANDRIA REAL ESTATE EQUIT REIT USD.01 0.0585% 0.0585% ALLIANCEBERNSTEIN GOVT STIF SSC FUND 64BA AGIS 587 0.0329% 0.0329% ALLIED PROPERTIES REAL ESTAT REIT 0.0219% 0.0219% AMERICAN CAMPUS COMMUNITIES REIT USD.01 0.0277% 0.0277% AMERICAN HOMES 4 RENT A REIT USD.01 0.0396% 0.0396% AMERICOLD REALTY TRUST REIT USD.01 0.0427% 0.0427% ARMADA HOFFLER PROPERTIES IN REIT USD.01 0.0124% 0.0124% AROUNDTOWN SA COMMON STOCK EUR.01 0.0248% 0.0248% ASSURA PLC REIT GBP.1 0.0319% 0.0319% AUSTRALIAN DOLLAR 0.0061% 0.0061% AZRIELI GROUP LTD COMMON STOCK ILS.1 0.0101% 0.0101% BLUEROCK RESIDENTIAL GROWTH REIT USD.01 0.0102% 0.0102% BOSTON PROPERTIES INC REIT USD.01 0.0580% 0.0580% BRAZILIAN REAL 0.0000% 0.0000% BRIXMOR PROPERTY GROUP INC REIT USD.01 0.0418% 0.0418% CA IMMOBILIEN ANLAGEN AG COMMON STOCK 0.0191% 0.0191% CAMDEN PROPERTY TRUST REIT USD.01 0.0394% 0.0394% CANADIAN DOLLAR 0.0005% 0.0005% CAPITALAND COMMERCIAL TRUST REIT 0.0228% 0.0228% CIFI HOLDINGS GROUP CO LTD COMMON STOCK HKD.1 0.0105% 0.0105% CITY DEVELOPMENTS LTD COMMON STOCK 0.0129% 0.0129% CK ASSET HOLDINGS LTD COMMON STOCK HKD1.0 0.0378% 0.0378% COMFORIA RESIDENTIAL REIT IN REIT 0.0328% 0.0328% COUSINS PROPERTIES INC REIT USD1.0 0.0403% 0.0403% CUBESMART REIT USD.01 0.0359% 0.0359% DAIWA OFFICE INVESTMENT -
PB 14-21: Is China's Property Market Heading Toward Collapse?
Policy Brief NUMBER PB14-21 AUGUST 2014 and controversies. Without properly understanding the market’s Is China’s Property Market history and mechanisms, many analysts often compare today’s situation in China with the Japanese property bubble and its Heading toward Collapse? subsequent collapse in the early 1990s and the US housing market collapse in 2008, suggesting China is about to experi- ence something of similar proportions. Li-Gang Liu Th e fears about China’s property market are likely over- blown. First, China’s private housing market is young. It did Li-Gang Liu, visiting fellow at the Peterson Institute for International not exist until 1998. Over the last 16 years, the property sector Economics, is chief economist for Greater China at the Australia and New Zealand Banking Group in Hong Kong. Previously, he worked for the has seen large swings in both prices and levels of investment. Hong Kong Monetary Authority, the Asian Development Bank Institute, Cyclical downturns have resulted from macroeconomic condi- and the World Bank. tions, credit restrictions, and the government’s attempts to curb either the overheating or overcooling of the sector. Th is Author’s note: I acknowledge Nicholas Borst, Gary Clyde Hufbauer, Ken Kuttner, Adam S. Posen, Ted Truman, Steven R. Weisman, and an anony- cyclicality is a good thing to the extent that investors tend to mous reviewer for their excellent comments, which have helped improved this article substantially. All remaining errors are mine alone. As long as urbanization continues and © Peterson Institute for International Economics. All rights reserved. appropriate policies are adopted, this China’s property market has slowed signifi cantly since the property market downturn should fi rst half of 2014, with sharp declines in sales and a buildup prove to be merely cyclical. -
STOXX Hong Kong All Shares 180 Last Updated: 01.05.2015
STOXX Hong Kong All Shares 180 Last Updated: 01.05.2015 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 97.0 1 1 HK0000069689 B4TX8S1 1299.HK HK1013 AIA GROUP HK HKD Y 71.8 2 2 CNE1000002H1 B0LMTQ3 0939.HK CN0010 CHINA CONSTRUCTION BANK CORP H CN HKD Y 69.5 3 4 HK0941009539 6073556 0941.HK 607355 China Mobile Ltd. CN HKD Y 67.4 4 3 CNE1000003G1 B1G1QD8 1398.HK CN0021 ICBC H CN HKD Y 59.3 5 5 CNE1000001Z5 B154564 3988.HK CN0032 BANK OF CHINA 'H' CN HKD Y 46.7 6 6 HK0388045442 6267359 0388.HK 626735 Hong Kong Exchanges & Clearing HK HKD Y 37.7 7 10 CNE1000002L3 6718976 2628.HK CN0043 China Life Insurance Co 'H' CN HKD Y 32.3 8 7 CNE1000003X6 B01FLR7 2318.HK CN0076 PING AN INSUR GP CO. OF CN 'H' CN HKD Y 28.9 9 9 HK0013000119 6448068 0013.HK 644806 Hutchison Whampoa Ltd. HK HKD Y 26.7 10 8 KYG217651051 BW9P816 0001.HK 619027 CK HUTCHISON HOLDINGS HK HKD Y 25.5 11 11 CNE1000003W8 6226576 0857.HK CN0065 PetroChina Co Ltd 'H' CN HKD Y 24.2 12 12 HK0883013259 B00G0S5 0883.HK 617994 CNOOC Ltd. CN HKD Y 24.0 13 13 HK0016000132 6859927 0016.HK 685992 Sun Hung Kai Properties Ltd. HK HKD Y 21.6 14 14 CNE1000002Q2 6291819 0386.HK CN0098 China Petroleum & Chemical 'H' CN HKD Y 21.3 15 16 CNE100000205 B0B8Z29 3328.HK CN0054 Bank of Communications Co 'H' CN HKD Y 20.2 16 17 HK0004000045 6435576 0004.HK 643557 Wharf (Holdings) Ltd. -
China Property – Equity & Bond Weekly Wrap
China Property – Equity & Bond weekly wrap Industry Overview Equity/Fixed Income | China | Real Estate/Property 26 March 2012 Macro factors dominate again Equity research Raymond Ngai, CFA >> +852 2536 3987 Equities slumped 4.9%, bonds yields widened to 13.19% Research Analyst Merrill Lynch (Hong Kong) Chinese developers’ shares fell another -4.9% w/w last week, after a 2.3% [email protected] decline. Overall stock market sentiment was not too good in the past week, with Matthew Chow, CFA >> +852 2161 7877 some soft macro numbers coming out from the US and Europe; and actually the Research Analyst Merrill Lynch (Hong Kong) HSCEI index was also down 5% w/w last week, on concerns of weaker economic [email protected] growth (as well as speculation over possible political tensions within China.) Sunny Tam, CFA >> +852 2536 3446 Chinese developers’ bond yields also widened another 62bps to an average Research Analyst 13.19% vs 12.57% in the week before. In the past week, macro factors seem to Merrill Lynch (Hong Kong) dominate share/bond prices again. However, looking ahead March sales numbers [email protected] for developers to be released in early April may give more indication as to how Liying Du >> +852 2161 7008 Research Analyst realistic developers’ 2012 sales targets are, and could provide more company Merrill Lynch (Hong Kong) specific drivers for the sector. [email protected] Credit Research Proposal for more property tax pilot cities approved Alwyn Pang, CFA +852 2536 3485 Last week, the National Development and Reform Committee's 2012 Economic Research Analyst Reform Proposals were approved by the State Council. -
SOHO CHINA LIMITED SOHO中國有限公司 (Incorporated in the Cayman Islands with Limited Liability) 13.51A (Stock Code: 410)
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited 14.58(1) take no responsibility for the contents of this announcement, make no representation as to Note 5, 13.52 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 announcement. SOHO CHINA LIMITED SOHO中國有限公司 (incorporated in the Cayman Islands with limited liability) 13.51A (Stock Code: 410) DISCLOSEABLE TRANSACTION PROPOSED ACQUISITION OF SHANGHAI TIANSHAN ROAD PROJECT PROPOSED ACQUISITION The Board wishes to announce that on 17 April 2012, the Company and SOHO Shanghai, a wholly-owned subsidiary of the Company, as purchaser entered into the Framework Agreement with Greentown Holdings and the Vendors, as vendors for the acquisition of the entire equity interests in Greentown Plaza Development and all the rights and title to the Loans at an aggregate consideration of RMB2,137,720,000 (subject to adjustments, if any). As at the date of this announcement, the registered capital of Greentown Plaza Development is RMB100,000,000 and is owned as to 70% by Greentown Real Estate and 30% by MaAnShan Development. Greetown Plaza Development is responsible for development of the Tianshan Road Project. The Tianshan Road Project is at the most prime location of the Hongqiao Foreign Trade Center, in Changning District, Shanghai. Being the first business district for foreign enterprises in Shanghai, this area is home to over 4,400 enterprises and organisations with a high concentration of foreign enterprises (over 50% of the companies are foreign invested enterprises including many multinational companies such as Intel, GE, Samsung and Shell). -
CHINA PROPERTIES GROUP LIMITED (Incorporated in the Cayman Islands with Limited Liability) (Stock Code: 1838)
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, 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 announcement. This announcement is for information purposes only and does not constitute an invitation or a solicitation of an offer to acquire, purchase or subscribe for securities or an invitation to enter into an agreement to do any such things, nor is it calculated to invite any offer to acquire, purchase or subscribe for any securities. This announcement is not an offer of securities for sale or the solicitation of an offer to buy any securities in the United States or any country or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such country or jurisdiction. Neither this announcement nor anything herein forms the basis of any contract of commitment whatsoever. Neither this announcement nor any copy hereof may be takenintoordistributedintheUnitedStates.Securities may not be offered or sold in the United States absent registration or an exemption from registration. The Company has not registered and does not intend to register any of the Notes in the United States. Any public offering of securities to be made in the United States will be made by means of a prospectus. Such prospectus will contain detailed information about the Company and management, as well as financial statements. -
Improving Fundamentals Leading to Decreasing Operating Risk, Maintain "Buy"
股 票 研 [Table_Title] Van Liu 刘斐凡 Company Report: Evergrande (03333 HK) 究 (86755) 2397 6672 Equity Research 公司报告： 中国恒大 (03333 HK) [email protected] 14 May 2018 Improving[Table_Summary Fundamental] s Leading to Decreasing Operating Risk, Maintain "Buy" 改善的基本面展望降低运营风险，维持“买入” 公 Contracted sales will maintain steady growth due to sufficient saleable [Table_Rank] 司 Rating: Buy resources in wide geographic locations. During Jan.-Apr. 2018, contracted Maintained 报 sales amounted to RMB212.26 bn, increasing by 46.6% YoY, achieving 评级： 买入 (维持) 告 38.6% of its 2018 sales target. As at the end of 2017, the Company had 766 Company Report projects in 228 cities. Total GFA amounted to 312 mn sq.m. We expect a high gross margin level. The Company's unit land cost 6[Table_Price]-18m TP 目标价 : HK$30.17 amounted to RMB1,711 per sq.m., 16.5% of ASP during Jan.-Apr. 2018. Revised from 原目标价: HK$29.60 Gross margin is expected to remain at around 36.8% between 2018 and Share price 股价: HK$25.350 2020. 告 Evergrande’s operating risks should gradually decrease alongside 证 balance sheet enhancement and profitability improvement. This is Stock performance 报 股价表现 券 favorable, especially when the credit environment is tightening up. We expect 究 stable contracted sales growth, an increase in profitability and scale growth [Table_QuotePic] 研 reduction of land reserves. Therefore, the net gearing ratio will gradually 研 究 decrease from 183.7% in 2017 to 81.6% in 2020. 券 报 2017 underlying net profit was in line with expectations. -
STOXX Hong Kong All Shares 180 Last Updated: 01.04.2015
STOXX Hong Kong All Shares 180 Last Updated: 01.04.2015 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 92.5 1 1 HK0000069689 B4TX8S1 1299.HK HK1013 AIA GROUP HK HKD Y 70.6 2 3 HK0941009539 6073556 0941.HK 607355 China Mobile Ltd. CN HKD Y 64.3 3 2 CNE1000002H1 B0LMTQ3 0939.HK CN0010 CHINA CONSTRUCTION BANK CORP H CN HKD Y 61.8 4 4 CNE1000003G1 B1G1QD8 1398.HK CN0021 ICBC H CN HKD Y 52.5 5 5 CNE1000001Z5 B154564 3988.HK CN0032 BANK OF CHINA 'H' CN HKD Y 40.9 6 6 CNE1000002L3 6718976 2628.HK CN0043 China Life Insurance Co 'H' CN HKD Y 30.3 7 7 HK0013000119 6448068 0013.HK 644806 Hutchison Whampoa Ltd. HK HKD Y 26.2 8 8 CNE1000003X6 B01FLR7 2318.HK CN0076 PING AN INSUR GP CO. OF CN 'H' CN HKD Y 25.3 9 16 HK0388045442 6267359 0388.HK 626735 Hong Kong Exchanges & Clearing HK HKD Y 25.2 10 10 KYG217651051 BW9P816 0001.HK 619027 CK HUTCHISON HOLDINGS HK HKD Y 25.0 11 9 CNE1000003W8 6226576 0857.HK CN0065 PetroChina Co Ltd 'H' CN HKD Y 21.7 12 11 HK0883013259 B00G0S5 0883.HK 617994 CNOOC Ltd. CN HKD Y 20.9 13 12 HK0016000132 6859927 0016.HK 685992 Sun Hung Kai Properties Ltd. HK HKD Y 20.9 14 13 HK0004000045 6435576 0004.HK 643557 Wharf (Holdings) Ltd. HK HKD Y 19.7 15 14 CNE1000002Q2 6291819 0386.HK CN0098 China Petroleum & Chemical 'H' CN HKD Y 18.9 16 15 CNE100000205 B0B8Z29 3328.HK CN0054 Bank of Communications Co 'H' CN HKD Y 17.6 17 17 HK0003000038 6436557 0003.HK 643655 Hong Kong & China Gas Co. -
Shenzhen Investment (604
Equities Hong Kong/China Initial Coverage Company Report Shenzhen Investment (604 HK) 3 August 2016 HK & China / Property Uprising with Shenzhen Headquartered in Shenzhen and having listed on HKEx for over 19 BUY years, SZI is the largest property developer operated under the Share Target administration of Shenzhen SASAC. Owning 12 projects in Upside Shenzhen and 17 in other cities covering industrial, commercial Price Price and residential estates, SZI’s business is mainly divided into three HK$3.21 HK$5.05 57.32% components: property development, property leasing and operating, property management. (as of 1 August 2016) Unparalleled advantage in land acquisition. Benefiting from being the largest exchange-listed real estate developer under August Zhan Shenzhen SASAC, SZI has been enjoying the surging Shenzhen (852) 2106 8172 market ever since the corporate shifted its prime focus back to [email protected] Shenzhen in 2012. In FY15, SZI recorded 7.02 million sq m net sales area in Shenzhen, contributing for 57% of its total FY15 52 Range (HK$) 2.4-3.72 contracted sales, and the ASP for Shenzhen area was Rmb52,598/sq m compared with nationwide Rmb16,857/sq m. In DVD yield % 5.03 FY15, the gross profit margin for Shenzhen projects stood at 49.6% compared with 39.8% for other tier-1 cities and 10.5% for Latest Key Data tier-2 cities and under. FF no of shares (m) -H share 2,898 Solid yet ambitious financial position. With SZI’s further FF (%) -H share 39.24 issuance of domestic corporate bonds (approved quota of FF market cap (HK$ m) 9,302 Rmb20bn, around 45% was issued by the end of FY15) and new 12M daily turnover (HK$ m) 43.20 capital shares, we expect its cost of borrowing to further decline to 12M volatility (%) 47.92 below 4.5% in FY16E and 4.2% in FY18E. -
China's Technology Mega-City an Introduction to Shenzhen
AN INTRODUCTION TO SHENZHEN: CHINA’S TECHNOLOGY MEGA-CITY Eric Kraeutler Shaobin Zhu Yalei Sun May 18, 2020 © 2020 Morgan, Lewis & Bockius LLP SECTION 01 SHENZHEN: THE FIRST FOUR DECADES Shenzhen Then and Now Shenzhen 1979 Shenzhen 2020 https://www.chinadiscovery.com/shenzhen-tours/shenzhen-visa-on- arrival.html 3 Deng Xiaoping: The Grand Engineer of Reform “There was an old man/Who drew a circle/by the South China Sea.” - “The Story of Spring,” Patriotic Chinese song 4 Where is Shenzhen? • On the Southern tip of Central China • In the south of Guangdong Province • North of Hong Kong • Along the East Bank of the Pearl River 5 Shenzhen: Growth and Development • 1979: Shenzhen officially became a City; following the administrative boundaries of Bao’an County. • 1980: Shenzhen established as China’s first Special Economic Zone (SEZ). – Separated into two territories, Shenzhen SEZ to the south, Shenzhen Bao-an County to the North. – Initially, SEZs were separated from China by secondary military patrolled borders. • 2010: Chinese State Council dissolved the “second line”; expanded Shenzhen SEZ to include all districts. • 2010: Shenzhen Stock Exchange founded. • 2019: The Central Government announced plans for additional reforms and an expanded SEZ. 6 Shenzhen’s Special Economic Zone (2010) 2010: Shenzhen SEZ expanded to include all districts. 7 Regulations of the Special Economic Zone • Created an experimental ground for the practice of market capitalism within a community guided by the ideals of “socialism with Chinese characteristics.” •