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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. -
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). -
International China
International China and an example that firms from other parts of the world can learn from, instead of trying to become one of the top US and UK firms.” Where else in the world have Similar ambitions are evident in The Lawyer’s inter- you seen a law firm growing views with Fangda chair of management committee by 27 per cent year-on-year Jonathan Zhou and Han Kun’s CEO Joyce Li. Han Kun for 15 consecutive years? We emerged as the fastest growing firm in last year’s China Land of report after tripling its annual turnover between 2013 expect to reach the $1bn and 2015. It also more than doubled its revenue per mark in five years” lawyer (RPL) over the same period. In 2016, its revenue Anthony Qiao, Zhong Lun grew again by 40 per cent from RMB320m in 2015 to RMB450m. the bold So why are these three firms striding ahead of the rest of Chinese firms and how can they reach their ambitious goals? Here are the key findings ofThe Lawyer’s research. Three firms from the China Top 30 “We’re not trying to duplicate the models of any suc- cessful global firms, because China is vastly different Dare to change stand out for their stunning growth from the US or the UK market,” says Zhong Lun’s part- All three firms are developing at an extraordinary pace and unshakeable belief that they will ner and CEO Anthony Qiao. “We want to be a global thanks to recent strategic overhauls and some hard Yun Kriegler be challengers to the global elite Chinese firm.” decisions. -
China to Keep Watch on TPP
Table for strangers Hainan helps visitors Memory protection Special police target tourism An app connects amateur chefs industry irregularities in Sanya with willing dining companions Database to be created on > CHINA, PAGE 4 > LIFE, PAGE 9 the Nanjing Massacre > p3 MONDAY, October 12, 2015 chinadailyusa.com $1 COMMERCE China to keep watch on TPP Such trade deals can disrupt non-signatories: offi cial By ZHONG NAN highly unlikely that the TPP would in Beijing lead to the creation of a trade bloc [email protected] that excludes China. “The economic development China will conduct comprehensive mode in China has already changed and systematic assessments of the from low-end product trade to ‘going fallout from the Trans-Pacifi c Part- global’ strategies like setting up or nership, a broad agreement between moving manufacturing facilities and 12 Pacifi c Rim countries, including to more direct investment in over- Japan and the United States, since it seas markets,” said Fan. believes that such deals have disrup- Besides the US, other signatories tive eff ects on non-signatory nations, to the TPP are Australia, Brunei, a top government offi cial said. Canada, Chile, Japan, Malaysia, Mex- Commerce Minister Gao Hucheng ico, New Zealand, Peru, Singapore said China is of the view that changes and Vietnam. in the global trade pattern should be China has to date signed bilateral decided by adjustments in the indus- and multilateral free trade agree- trial structure and through product ments with seven TPP members. competitiveness in global -
Nvidia Omniverse Aec Experience
NVIDIA OMNIVERSE AEC EXPERIENCE Leeza SOHO, Beijing, China. Image provided courtesy of Zaha Hadid Architects Contents Enhancing Design Workflows 4 How Omniverse Works 5 Live Links Between Revit, Rhino, and SketchUp with Omniverse Connectors 6 Exceptional Visualization with Omniverse View 7 Create at the Speed of Light 10 “At KPF, we’re constantly testing new applications that help us to engage with our clients. We see NVIDIA Omniverse as an application that will enable our real- time and collaborative requirements in one platform, changing the way we progress as a sustainable design practice.” – Cobus Bothma, Director, Applied Research, KPF NVIDIA OMNIVERSE™ AEC EXPERIENCE, BUILT ON THE OMNIVERSE PLATFORM, FOCUSES ON THE CONCEPT DESIGN, VISUALIZATION, AND REVIEW NEEDS OF PROFESSIONALS IN ARCHITECTURE, ENGINEERING, AND CONSTRUCTION (AEC). For the first time, teams located around the world can collaborate in real time on the same model, creating and iterating on new designs even while they’re working in different software applications. Through NVIDIA Omniverse Connectors, which act as application portals, top industry tools are united in a collaborative space, giving individuals and groups the ability to work seamlessly across multiple design and visualization applications. This means that designers and engineers can use the best tools for their needs while collaborating. And teams can leverage incredible new technologies like real-time NVIDIA RTX™ rendering, light studies, physics, and simulation tools that accelerate innovation and productivity. NVIDIA OMNIVERSE AEC EXPERIENCE | 3 Image Courtesy of Woods Bagot ENHANCING DESIGN WORKFLOWS NVIDIA Omniverse AEC Experience delivers unparalleled benefits to the industry’s designers and engineers—from streamlined workflows and easy collaboration using the latest graphics applications to faster design cycles and stunning results. -
Soho China Limited (410 HK)-OW: Decent Progress but Shanghai
Company report FIG Real Estate Equity – China Soho China Limited (410 HK) Overweight OW: Decent progress but Shanghai faces more Target price (HKD) 6.50 competition Share price (HKD) 5.36 Forecast dividend yield (%) 5.8 Decent leasing progress underpinned by favourable office Potential return (%) 27.1 market dynamics in Beijing and Shanghai Note: Potential return equals the percentage difference between the current share price and Net gearing set to increase further, absent an asset sale the target price, plus the forecast dividend yield Dec 2014 a 2015 e 2016 e HSBC EPS 0.34 0.23 0.14 Maintain OW with a new TP of HKD6.50 (vs. HKD6.60) HSBC PE 12.6 18.9 31.3 Performance 1M 3M 12M Absolute (%) -1.7 -7.9 -10.1 Headline miss in FY14 results; other line items were in-line. FY14 core profit of Relative^ (%) -0.9 -8.0 -30.1 RMB1,778m is down 60% y-o-y, 11% and 17% below our and consensus estimates, Note: (V) = volatile (please see disclosure appendix) mainly due to a 9% miss in property development revenue. Core profit margin of 29% was slightly below our forecast of 30%. Final dividend of RMB0.13 and the full year 6 March 2015 dividend of RMB0.25 remain flat y-o-y. The implied dividend yield is 5.8%, consistent Michelle Kwok* with yield levels that SOHO has been paying over the past five years. Analyst The Hongkong and Shanghai Banking Some encourage leasing progress, but much work needs to be done in 2015. -
SOHO China (410) Initial Coverage
SOHO China (410) Initial coverage Buy May 13, 2008 Trendy Builder in Beijing Focus on central area in Beijing. We initiate the coverage for SOHO Samson Man, CFA China. SOHO is famous for its innovative property design and strong brand (852)-2532-1539 name. Innovative design attracts the customers and results in a higher profit [email protected] margin. Secondly, “SOHO” brand is built up as a dynamic lifestyle brand due to the contribution from its trend-setting founders. Lastly, SOHO is the major commercial property developer in CBD area in Beijing. We believe that SOHO should benefit from the booming economic activities in Beijing and is less affected by austerity measures. Industry China Properties Limited land band but ample of cash. SOHO is in strong financial position with RMB 15 bn cash on hand. However, the company lacks of Price HK$ 4.92 sufficient land bank for its coming 5 years development. SOHO is keen on land replenishment. At present, land bank of SOHO amounts to 838k sqm. Target price HK$ 7.27 The company is looking to enlarge its land bank through private negotiation and public auction. Furthermore, SOHO is working to acquire Qianmen (+47.8%) Project from its founder. Stock code 410 No factor in Qianmen Project acquisition. We believe that investors ignore Qianmen Project injection effect. We agree that there are a lot of uncertainties of this asset injection. But it will become share price Market cap. HK$25,743mn catalyst if asset injection materializes. We estimate that it will bring NAV accretion of RMB 2.06 per share. -
NBA 6400 Doing Business in China (17540) Class Meetings: Mon & Wed 11:55Am - 1:10Pm (Jan 22 - Mar 12, 2019) Location: Breazzano Family Center 221
NBA 6400 Doing Business in China (17540) Class meetings: Mon & Wed 11:55am - 1:10pm (Jan 22 - Mar 12, 2019) Location: Breazzano Family Center 221 Instructor: Chris Marquis Email: [email protected] Sage Hall 363 Revised February 24, 2019 (subject to change) CLASS OVERVIEW In today’s increasingly globalized economy, understanding the world’s second largest economic superpower is essential for global success. This course is designed for students who are interested in working in and with businesses from China as well as future business leaders who wish to develop a general understanding of Chinese business practices. The course examines the many different types of business—private and public, Chinese and foreign—and the institutions that have and will define China’s economic trajectory and its role in the global economy. These include the state-owned firms that have been the foundation of modern China’s economy that dominating infrastructure and finance industries; the large, new private businesses that have emerged in many industries and are challenging the state sector; and the foreigners, whose ideas about “the China market” have both focused and clouded their vision. The course will also address key elements of the current political and economic situation in China. As China rebalances from an investment-driven and polluting-for-development to a consumption-, innovation-, and sustainability-driven economy, what are the opportunities for entrepreneurs? How do businesses manage the political challenges posed by the state system (the Communist -
Ju Hadid Update 2020 03441
CONTENTS Page 8 Page 100 Page 200 Page 310 THE EXPLOSION REFORMING SPACE ART MUSEUM IN GRAZ BMW CENTRAL BUILDING ROCA LONDON GALLERY GRAZ, AUSTRIA LEIPZIG, GERMANY LONDON, UNITED KINGDOM Page 16 DIE RAUMERNEUERNDE EXPLOSION Page 104 Page 212 Page 320 NATIONAL LIBRARY HOTEL PUERTA AMÉRICA PIERRESVIVES Page 24 OF QUEBEC MADRID, SPAIN MONTPELLIER, FRANCE FAIRE EXPLOSER L’ESPACE MONTREAL, CANADA POUR LE REMETTRE EN FORME Page 220 Page 328 MAGGIE’S CANCER CARE ELI & EDYTHE BROAD ART BUILT WORK CENTRE FIFE MUSEUM, MICHIGAN STATE EARLY WORK KIRKCALDY, FIFE, SCOTLAND, UNITED KINGDOM UNIVERSITY Page 112 EAST LANSING, MICHIGAN, UNITED STATES Page 36 Page 228 PAINTING ARCHITECTURE MOONSOON RESTAURANT SAPPORO, JAPAN NORDPARK RAILWAY STATIONS Page 340 INNSBRUCK, AUSTRIA Page 46 GALAXY SOHO Page 116 BEIJING, CHINA IRISH PRIME MINISTER’S VITRA FIRE STATION Page 242 RESIDENCE WEIL AM RHEIN, GERMANY ZARAGOZA BRIDGE PAVILION Page 350 DUBLIN, IRELAND ZARAGOZA, SPAIN HEYDAR ALIYEV Page 130 Page 50 Page 252 CULTURAL CENTER LANDSCAPE FORMATION ONE BAKU, AZERBAIJAN THE PEAK (LF ONE) MAXXI: NATIONAL MUSEUM HONG KONG, CHINA WEIL AM RHEIN, GERMANY OF XXI CENTURY ARTS Page 358 ROME, ITALY Page 62 SERPENTINE SACKLER Page 142 24 CATHCART ROAD Page 262 GALLERY MIND ZONE, LONDON, UNITED KINGDOM LONDON, UNITED KINGDOM MILLENNIUM DOME SHEIKH ZAYED BRIDGE ABU DHABI, UNITED ARAB EMIRATES Page 364 Page 70 LONDON, UNITED KINGDOM ZOLLHOF 3 MEDIA PARK Page 268 JOCKEY CLUB Page 148 INNOVATION TOWER DÜSSELDORF, GERMANY GUANGZHOU OPERA HOUSE HOENHEIM–NORD TERMINUS HONG KONG, -
Accelerated Scale Expansion to Further Stretch Balance Sheet
September 20, 2016 COMMENT Sunac China Holdings (1918.HK) HK$5.87 Equity Research Accelerated scale expansion to further stretch balance sheet News On Sept 18, Sunac announced a potential transaction with Legend (3396.HK, Sept 19 close HK$20; Neutral; covered by Simon Cheung) to acquire 42 property projects in 16 cities with total unsold GFA of 7.3mn sqm for consideration of Rmb13.8bn, pending approval from shareholders of the companies. The consideration is comprised of Rmb3.6bn equity interest in companies that hold interests in the properties and assumption of Rm10.2bn of external debt, shareholders’ loan and accrued but unpaid interest. It will be paid in cash including Rmb5.5bn in 2016 and the rest in 2017 if the deal completes in early 2017 according to mgmt. Analysis As we highlighted in "Sunac China: Downgrade to Neutral on weak profitability and rising leverage" (Aug 31, 2016), we expect Sunac to continue its aggressive scale expansion at the expense of lower margins and higher leverage, and the proposed transaction comes at an even more accelerated pace than we anticipated. Based on the disclosed details, we note: 1) If completed, Sunac’s attributable landbank size will increase by 18% to GFA36.5mn sqm from 1H16 and geographic coverage will expand by 8 new cities to a total of 35 cities while the share of its attributable land bank in tier- 1/2/3 cities will change to 9%/67%/24% from 10%/75%/15% as of 1H16 (Ex. 1). 2) Stripping out one-off gains, the assets generated c.Rmb0.2bn net profit in 2015 (equivalent to 6% of Sunac's 2015 core profit) due to a deceleration in sales and margin slippage as per Simon Cheung. -
\ My Personal Experiences About Zaha Hadid
ArchiCreationArchiCreation36 λ৵喑⮱͗ϧ㏼侹ڠ \ MY PERSONAL EXPERIENCES ABOUT ZAHA HADID ⒅ᇖ \ Pan Yan 㔨䃾喟Ვᄜ \ Translator: Yang Jun γܳᲽ喑ᣏ䃕γ৵⮱䌢҉ͧ⣝АͨͶ䌢⮱᱙䉕ᆋᕔ喠ᄦλ৵e৵䔗ᓤᐧܧಸ䶦Ⱋ䔈㵹ϟࢳ㔰ᄌ⮱ധ̷ևڥ͗܍ᦅ㺮喟᱙᪴ᄦλ৵e৵䔗ᓤ㕹͇⩌⋜̻θߎࣾᆂ⮱̺ह䭣⃢⮱ ࡃহ྿Ҁߖᣕ̸䊲፥㻱⮱倅䕌ࣾᆂ喑Ꭳᄦ䔆ᐧま䃫䃎⤰ڕま䌢⮱ᐭ - 䌢⌽䊸⛌ - ䷻ᵩࡃ⮱⬂䔦݊ₒϔ⩌ - ䷻ᵩࡃᐭͧͨᄩ䔆ᵤ⮱ࣾᆂ㏬㉏䔈㵹γᣏ䃕喠ᎣՌₑ䃕䃧γᐧまጵౕ γᕊ㔰ȡౕ䔆ऻ喑䃧䔝ఋᑿݝ৵e৵䔗ᓤ͗ϧᄦλᐧま⮱᱗Გ⮱ᙌჅ⮱⾬䔼߈喑Ꭳᄦλ᱗Გ⮱ᐧまጵ喑ᐧまⵁ⾣㔲ຯ҂॥ᩣ喑ⵁ⾣৵e৵䔗ܧጯ౧ᐼᄦλᐧま䃫䃎ⅡᎠ⮱ᒞ৺և ᓤ⮱ᐧま䖄ϔևܧγᆂ᱈ȡ ABSTRACT: Based on the author’s personal visiting experiences, the essay analyses several typical projects in different stages of Zaha Hadid’s architect career, demonstrates the modernism nature of Zaha Hadid’s architectural practice; following the clue of Zaha Hadid’s personal career development and the institutional evolution of Zaha Hadid Architects, the research identifies four stages of Zaha Hadid’s architectural practice: practice beginning, gradually matured practice, Zaha style emerging, Zaha style dominating; accordingly, the essay discusses contemporary architects’ unconventional high-speed development levered by globalisation and mass media, and addresses the issue of new architectural design market’s influences on architectural design. Furthermore, the essay probes into Zaha Hadid’s extraordinary perceptional vision in architecture, raises up the questions of how to absorb and research Zaha Hadid’s architectural legacy for future architects, architecture researchers. 䩛䃺喟৵e৵䔗ᓤ喑㒻႓喑⣝АͨͶ㔲喑৵䷻ᵩ喑ᐧま䌢喑ᕊᘠ㔲喑㜗⩞喑ᙌჅ⾬䔼߈ڠ KEYWORDS: Zaha Hadid, aesthetics, modernist, Zaha style, architectural practice, liberty, perceptional vision ͚ఫܳㆨत喟TU-086 ᪴⡛ᴴ䃳喟A