DOCSLIB.ORG

Spin-Off Approved

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Spin-Off Approved SWS Research Co. Ltd is a subsidiary of Shenwan Hongyuan Securities. 99 East Nanjing Road, Shanghai | +86 21 2329 7818 www.swsresearch.com Real Estate | Company Research Bringing China to the World 31 May 2018 Outperform Unchanged Spin-off approved COUNTRY GARDEN HOLDINGS (2007:HK) Market Data: 30 May 2018 Financial summary and valuation Closing Price (HK$) 15.18 2016 2017 2018E 2019E 2020E Price Target (HK$) 17.30 Revenue (Rmbm) 150,729 223,776 313,078 407,888 531,587 YoY (%) 35% 48% 40% 30% 30% HSCEI 11,769 Underlying net income (Rmbm) 11,661 24,288 29,669 37,190 46,225 HSCCI 4,497 YoY (%) 25% 108% 22% 25% 24% 52-week High/Low (HK$) 19.16/8.37 Net income (Rmbm) 11,163 25,614 30,067 37,607 46,663 Basic EPS (Rmb) 0.51 1.21 1.38 1.73 2.15 Market Cap (US$m) 42,063 Core EPS (Rmb) 0.53 1.14 1.36 1.71 2.13 Market Cap (HK$m) 330,027 ROE (%) 16.2% 29.7% 27.7% 27.9% 28.6% Shares Outstanding (m) 21,740 Net gearing (%) 49% 57% 48% 47% 46% Dividend yield (%) 5.4% 3.2% 3.9% 4.9% 6.0% Exchange Rate (Rmb-HK$) 1.22 PE (x) 6.0 10.8 9.0 7.2 5.8 Price Performance Chart: PB (x) 1.0 2.8 2.2 1.8 1.5 100% Note: Core EPS is calculated as if all non-recurring items are excluded. 80% 60% Country Garden’s board has approved the spin-off of Country Garden Services (CG Services). A total 40% 20% of 2.5bn CG Services shares will be distributed to all registered shareholders of Country Garden, 0% representing one CG Services share for every 8.7 Country Garden shares. CG Services recorded total -20% contracted gross floor area (GFA) of 330msqm and revenue-bearing GFA of 120msqm in 2017, only 17-05 17-07 17-08 17-09 17-10 17-11 17-12 18-01 18-02 18-03 18-04 17-06 second to Colour Life Services (1778:HK – BUY). We revise down our diluted EPS forecasts from Country Garden HSCEI Rmb1.35 to Rmb1.34 in 18E (+11.7% YoY), from Rmb1.69 to Rmb1.67 in 19E (+24.6% YoY), and from Source: Bloomberg Rmb2.10 to Rmb2.07 in 20E (+24.0% YoY). We lower our target price from HK$17.98 to HK$17.30. With 14% upside, we maintain our Outperform recommendation. Analyst Kris Li A0230511040076 Inexpensive valuation. CG Services recorded revenue of Rmb3.1bn in 2017, of which property ARG379 management services contributed Rmb2.5bn (81% of total revenue). Net profit reached Rmb400m, [email protected] ranking first among listed peers. The Hong Kong-listed property management sector surged c.35% (+86) 21 23297818×7223 YTD, with a sector valuation of 22x 18E PE. We highlight Country Garden trades below 10x 18E PE, vs 31x 18E PE for market leader Greentown Service (2869:HK – Outperform). Related Reports "Country Garden ( 2007 HK )—Open Robust sales expansion. Country Garden became China’s largest developer in 2017, with contract target" Mar21,2018 sales of Rmb550bn (+78% YoY). The firm achieved sales of Rmb257.5bn in the first four months of "Country Garden ( 2007 HK )—Alert 2018 (+30% YoY). Although management didn’t disclose any sales target for 2018, we expect to opportunity" Feb14,2018 full-year sales to exceed Rmb700bn this year (+27% YoY). We note tier-1 and tier-2 cities only "Country Garden ( 2007 HK )—Capital accounted for 3% and 11% of land reserves in 2017, respectively, vs 21% for tier-3 cities and 65% structures" Jan18,2018 for lower-tier cities. We remain confident on the company’s strong execution capability and brand recognition in lower-tier cities, despite the current property tightening measures in place. Diversified financing channels. We attribute the recent “suspension” of Country Garden’s proposed bond issuance for Rmb20bn to policymakers’ cautious stance on the property sector. The firm’s The company does not hold any equities or derivatives of the listed company mentioned heavy land expenditure in 2016-18 may raise concerns on cash flows among investors, given the in this report (“target”), but then we shall sales outlook and tightened financing. We note the company raised c.HK$23bn in January 2018 by provide financial advisory services subject to the relevant laws and regulations. Any issuing 460m shares at HK$17.13/share, and issued one-year convertible bonds with a conversion affiliates of the company may hold equities price of HK$20.56/share for HK$15.6bn, as well as senior notes with a five-year rate of 4.75% and a of the target, which may exceed 1 percent of issued shares subject to the relevant seven-year rate of 5.125% for US$950m. Moreover, the firm continues to explore other financing laws and regulations. The company may channels, such as home rental real estate investment trusts (REITs) and sales proceeds securitisation. also provide investment banking services to the target. The Company fulfills its duty of disclosure within its sphere of knowledge. The clients may contact Maintain Outperform. We estimate the contribution from the property management segment at [email protected] for relevant 1% of the company’s total revenue and profit. As a result, we lower our core EPS forecasts by 1.3% disclosure materials or log into www.swsresearch.com under disclosure to Rmb1.36 in 18E (+19% YoY), by 1.4% to Rmb1.71 in 19E (+26% YoY), and by 1.4% to Rmb2.13 in column for further information. The clients 20E (+25% YoY). Taking new acquisitions into account, we raise our net asset value (NAV) estimate shall have a comprehensive understanding of the disclosure and disclaimer upon the from HK$17.98 to HK$18.20. As sector valuation remains under pressure given pessimistic last page. expectations for the real estate industry, we increase the target NAV discount from zero to 5%, and derive a new target price of HK$17.30 (vs HK$17.98 previously). With 14% upside, we maintain our 本研究报告仅通过邮件提供给 国投瑞银 国投瑞银基金管理有限公司([email protected]) 使用。1 Outperform recommendation. JanuaryOctober31 May 12,2015 12, 2018 2010 BuildingFood,Real MaterialsEstate Beverage | Company | &Company Tobacco Research |Research Company Research 中国最大的物业开发商碧桂园宣布旗下物业管理服务板块将于 6 月 19 日于香港独立上 市并拟以股票派发形式回馈所有碧桂园股东。公司股价近期跟随板块整体持续承压，我 们仍然认可碧桂园的执行力和在三四线城市的竞争优势，且龙头房企在融资上仍占据优 势，维持增持评级。 碧桂园 5 月 29 日（周二）晚间宣布董事会已批准分拆其物业管理分部业务于 6 月 19 日 在香港联交所主板独立挂牌上市，将以特别股息形式向所有碧桂园股东宣派碧桂园服务 股份，每持 8.7 股碧桂园获派 1 股碧桂园服务，股权登记日为 6 月 12 日。创始人杨国 强家族目前持有碧桂园股份约 57%。碧桂园服务于中国管理约 440 项物业及向约 100 万 户业主提供物业管理服务，管理组合遍布中国 28 个省、市及自治区的 240 多个城市， 截止 2017 年底合同管理总面积 3.3 亿平米，收费管理总面积 1.2 亿平米，上市后将位列 物业管理板块管理面积第二位，仅次于彩生活。而在所有收费管理面积中，来自母公司 碧桂园开发的物业项目占比于 2015-2017 年间分别为 97%，96%和 89%，显示其亦开始 致力于拓展来自独立第三方开发商的物业项目管理。 2015-2017 年碧桂园服务的营业收入分别为 16.7 亿、23.6 亿、31.2 亿，其中来自物业管 理基础服务的收入分别为 14.3 亿、19.6 亿、25.4 亿，占比约 86%、83%、81%；同期， 毛利率水平为 30.6%，33.9%和 33.2%，实现归属股东的净利润 2.2 亿、3.2 亿、4.0 亿， 与已上市同业 2017 年净利润规模相比，碧桂园服务位居第一（绿城服务、彩生活、雅 生活、中海物业 2017 年净利分别为 3.9 亿，3.2 亿，2.9 亿，2.5 亿）。碧桂园服务稍早 曾在 A 股递交上市申请，而于去年末撤回，今年 3 月 19 日转向港交所递交上市聆讯材 料。今年以来，物业管理板块在香港上涨 35%，显著跑赢大盘，目前的平均估值水平大 约为 18 年 22 倍市盈率，其中龙头绿城服务的市盈率超过 30 倍。而在 A 股目前仅南都 物业（603506CH）一家主营物业管理服务的上市公司。而碧桂园目前在港股的估值 18 年 PE 仅为个位数。 碧桂园于 2017 年一跃成为中国最大的物业开发商，当年公司实现合约销售额 5500 亿 （+78% YoY），紧随其后第二和第三位分别为万科（5300 亿，+45% YoY）和恒大（5000 亿，+34% YoY）。今年 1-4 月公司实现合约销售额 2575 亿，实现同比增长 30%，同期 万科和恒大分别为 1962 亿（+2% YoY）和 2122 亿（+33% YoY）。碧桂园没有设定 2018 年销售目标，我们预计公司全年的销售额至少突破 7000 亿，较 17 年再增约三成。公司 目前土地储备一线和二线城市仅占 3%和 11%，三线城市 21%，其余更低阶城市则高达 65%。低阶城市受房地产限购限售限价影响小，但也受到按揭贷款利率上行的负面影响， 但碧桂园以其强执行力以及品牌力仍能在区域市场竞争中占据其稳固的优势。 在正式披露物业管理分拆上市时间表的前一天，碧桂园拟发行 200 亿元小公募公司债券 项目状态更新为“中止”，令市场情绪再度受压，我们认为主要也是由于对房地产再融资 政策态度继续严厉所致。过去两年间碧桂园的购地金额分别高达 1280 亿和 3270 亿，今 年前四月继续购地 835 亿，在销售展望谨慎、融资收紧的大环境下令投资者对其现金流 状况有所担心。碧桂园今年初以每股 17.13 港币的价格配股融资 230 亿港币，同时还发 行了 156 亿港币一年期零息可转债（转股价超过 20 元港币），以及 9.5 亿美金高息票 据，五年期和七年期利率分别仅为 4.75%和 5.125%。同时，公司亦继续拓展其他融资渠 道，除了持续的销售尾款资产证券化以外（2016 和 2017 年全年融资金额分别为 118 亿 和 251 亿，今年已发行 16 期累计金额 128 亿，目前的成本大概是略超 6%），公司还于 4 月末发行了第一期 17 亿人民币租赁住房 reits，利率为 5.75%。 物业管理业务对于公司整体的收入和盈利贡献都仅占到略超 1%，我们微减 2018-2020 年每股核心净利预测 1.3%，1.4%和 1.5%至 1.36 元（ +19%YoY）、 1.71 元（ +25%YoY） 、 2.13 元（+24%YoY）。同时纳入今年以来新增储备，将每股净资产值预测从 17.98 更新 到 18.2 港币。考虑到市场对房地产板块整体的悲观预期可能对板块整体的估值进一步 承压，我们将目标净资产值从 0 折价扩展到 5%折价，获得新目标价 17.30 港元（相比 原目标价为 17.98 港元）。考虑到当前股价较目标价有 14%上行空间，我们维持碧桂园 增持评级。 本研究报告仅通过邮件提供给 国投瑞银 国投瑞银基金管理有限公司([email protected]) 使用。2 Please refer to the last page for important disclosures Page 1 JanuaryOctober31 May 12,2015 12, 2018 2010 BuildingFood,Real MaterialsEstate Beverage | Company | &Company Tobacco Research |Research Company Research Spin-off of CG Services China’s largest developer Country Garden proposed the spin-off and separate listing of Country Garden Services (CG Services) on the main board of the Hong Kong Stock Exchange. Although the stock remains weak under the market’s current downward pressure, we are positive on the firm’s execution capability and competitive advantage in lower-tier cities, and expect it to keep an edge in terms of financing, despite an unfavourable liquidity outlook for the real estate sector. Country Garden’s board has approved the spin-off of Country Garden Services (CG Services). A total of 2.5bn CG Services shares will be distributed to all registered shareholders of Country Garden, representing one CG Services share for every 8.7 Country Garden shares. We note the Yeung Kwok Keung family, who founded the company, holds a 57% stake in Country Garden.
Load more

Recommended publications
  • Interim Report 2018
    Stock Code: 6098 碧桂園服務控股有限公司 碧桂園服務控股有限公司 Country Garden Services Holdings Company Limited Country Garden Services Holdings Company Limited Services Company Holdings Garden Country (Incorporated in the Cayman Islands with limited liability) 2018 INTERIM REPORT 2018 INTERIM REPORT Contents 2 Corporate Information 3 Awards and Honours 4 Chairman’s Statement 6 Management Discussion and Analysis 20 Corporate Governance and Other Information 22 Interests Disclosure 25 Interim Condensed Consolidated Statement of Comprehensive Income 26 Interim Condensed Consolidated Balance Sheet 28 Interim Condensed Consolidated Statement of Changes in Equity 29 Interim Condensed Consolidated Statement of Cash Flows 30 Notes to the Interim Financial Information CORPORATE INFORMATION BOARD OF DIRECTORS CAYMAN ISLANDS PRINCIPAL SHARE REGISTRAR Executive Directors AND TRANSFER OFFICE Mr. Li Changjiang Conyers Trust Company (Cayman) Limited Mr. Xiao Hua Cricket Square, Hutchins Drive Mr. Guo Zhanjun P.O. Box 2681 Grand Cayman Non-executive Directors KY1-1111 Ms. Yang Huiyan (Chairman) Cayman Islands Mr. Yang Zhicheng HONG KONG BRANCH SHARE REGISTRAR Ms. Wu Bijun Tricor Investor Services Limited Level 22, Hopewell Centre Independent Non-executive Directors 183 Queen’s Road East, Hong Kong Mr. Mei Wenjue Mr. Rui Meng AUDITORS Mr. Chen Weiru PricewaterhouseCoopers Certifi ed Public Accountants AUDIT COMMITTEE 22nd Floor, Prince’s Building, Central, Hong Kong Mr. Rui Meng (Chairman) Mr. Mei Wenjue COMPLIANCE ADVISOR Mr. Chen Weiru Somerley Capital Limited 20/F, China Building, 29 Queen’s Road Central, REMUNERATION COMMITTEE Central, Hong Kong Mr. Chen Weiru (Chairman) Ms. Yang Huiyan LEGAL ADVISERS Mr. Mei Wenjue As to Hong Kong laws: Woo Kwan Lee & Lo NOMINATION COMMITTEE 26/F, Jardine House.
    [Show full text]
  • 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).
    [Show full text]
  • Annual Report 2009 Corporate Profi Le
    This report does not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States or any other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualifi cation under the securities laws of any such jurisdiction. No securities may be offered or sold in the United States absent registration or an applicable exemption from registration requirements. 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 making the offer and its management and fi nancial statements. No public offer of securities is to be made by the Company in the United States. 本報告僅供參考，並不構成在美國或任何其他司法權區提呈出售建議或招攬購買任何證券的建議，倘根據任何該等司法權區的 證券法未進行登記或獲批准而於上述地區進行該建議，招攬或發售即屬違法。未辦理登記手續或未獲適用登記規定豁免前，不得 在美國提呈或發售任何證券。凡在美國公開發售任何證券。均須以刊發招股章程的方式進行。該招股章程須載有提出有關發售的 公司、其管理層及財務報表的詳盡資料。本公司不會在美國公開發售任何證券。 Contents 2 Corporate Profi le 3 Chairman’s Statement 6 Business Overview 15 Management Discussion and Analysis 19 Biographical Details of Directors and Senior Management 23 Corporate Governance Report 28 Report of the Directors 41 Independent Auditor’s Report 43 Consolidated Balance Sheet 45 Balance Sheet 47 Consolidated Statement of Comprehensive Income 48 Consolidated Statement of Changes in Equity 49 Consolidated Cash Flow Statement 50 Notes to the Consolidated Financial Statements 142 Financial Summary 143 Corporate Information Country Garden Holdings Company Limited • Annual Report 2009 Corporate Profi le Country Garden Holdings Company Limited (“Country Garden” or the “Company”) together with its subsidiaries, (collectively, the “Group”) (stock code: 2007.HK) is one of China’s leading integrated property developers. The Group runs a centralized and standardized business model that comprises construction, decoration, project development, property management, as well as hotel development and management.
    [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]
  • 2017 Country Garden Sustainability Report 2018.05.14
    Country Garden Holdings Company Limited (Incorporated in the Cayman Islands with limited liability) To creat a better society with our existence Country Garden of My Dreams This is an elitist company This is a good place for the talents This is a place to learn and make progress This is a harmonious big family This is a company of integrity and commitment, operating in compliance with laws and regulations This is a sensible company that constantly corrects itself This is a company of equality which rewards excellence This is a company that prospers and constantly betters itself with experiences and practices This is a company that builds quality and affordable houses for the whole world This is a company that excels in social well-being, corporate benefits and staff benefits This is a company that is highly recognized and appreciated by the society This is a company dedicates to the development of human society! Yeung Kwok Keung Chairman of the Board of Directors Table of Contents 002 003 005 006 About this Report 2017 Sustainability Highlights 2017 Message 2017 Key PerFormance 007 009 015 029 Sustainability Sustainability Communication Value Creation for Employees Value Creation For Supply Chain Governance oF the Group and Materiality Assessment 035 051 057 067 Value Creation For Customers Corporate Governance Value Creation For the Environment Value Creation For Society and Integrity Development 081 083 088 090 Vision For 2018 Appendix I. Appendix II. Appendix III. Overview oF the Group's Sustainable Content Index oF Environmental, Reader Feedback Form Development PerFormance Social and Governance Reporting Guide About this Report 1.
    [Show full text]
  • The Annual Report on the World's Most Valuable Chinese Brands March 2017
    China 100 2017 The annual report on the world’s most valuable Chinese brands March 2017 Foreword Contents steady downward spiral of poor communication, Foreword 2 wasted resources and a negative impact on the bottom line. Definitions 4 Methodology 6 Brand Finance bridges the gap between the marketing and financial worlds. Our teams have Analysis - China 100 8 experience across a wide range of disciplines from market research and visual identity to tax and Full Table (USDm) 14 accounting. We understand the importance of design, advertising and marketing, but we also Full Table (CNYm) 16 believe that the ultimate and overriding purpose of Understand Your Brand’s Value 18 brands is to make money. That is why we connect brands to the bottom line. How We Can Help 20 By valuing brands, we provide a mutually intelligible Contact Details 21 language for marketers and finance teams. David Haigh, CEO, Brand Finance Marketers then have the ability to communicate the What is the purpose of a strong brand; to attract significance of what they do and boards can use customers, to build loyalty, to motivate staff? All the information to chart a course that maximises true, but for a commercial brand at least, the first profits. answer must always be ‘to make money’. Without knowing the precise, financial value of an asset, how can you know if you are maximising your Huge investments are made in the design, launch returns? If you are intending to license a brand, how and ongoing promotion of brands. Given their can you know you are getting a fair price? If you are potential financial value, this makes sense.
    [Show full text]
  • Investment Daily
    Investment Daily 23 March 2021 Major Market Indicators Market Overview 22 Mar 19 Mar 18 Mar Mkt. Turn.(mn) 134,200 206,200 174,600 Resistance Continued at 50 Day SMA; Low Market Turnover Stock Advances 991 550 898 reflected cautious sentiment Stock Declines 778 1,168 821 Hang Seng index opened down 189 points and then rebounded sharply afterwards, rising as HSI 28,885 28,991 29,406 much as 121 points. The index then gradually consolidated and closed down 106 points at Change -106 -415 +372 28,885. H-shares index rose 23 points to 11,307, and Hang Seng Tech index fell 42 points to HSI Turn.($bn) 51.06 90.99 75.59 8,509. Market turnover amounted to HK$134.2bn, with fund inflow from the stock connect HSCEI 11,307 11,284 11,470 amounted at HK441mn. Xiaomi (1810) announced this morning that a product presentation Change +23 -187 +112 will be held next Monday, triggering share price up 1.9%. BOCOM (3328), CKH (0001) HSCEI Turn.($bn) 50.01 83.79 72.30 and China Overseas (0688) rose 3.1%, 3.6% and 2.9% respectively; and Sunny Optical (2382), Bud APAC (1876) and Meituan (3690) dropped 5.0%, 3.9% and 3.7%. HSI Technical Indicators US 10 Year Yield fell 5 basis points to 1.68% on Monday, support investor to rotate some of the funds back to major technology stocks. Of which, major tech stocks such as Apple, 10-days MA 28,998 50-days MA 29,317 Microsoft and Tesla rose more than 2%.
    [Show full text]
  • Vanke [000002.SZ] Insights Fudan University, School of Management Part I: Company Overview
    Vanke [000002.SZ] Insights Fudan University, School of Management Part I: Company Overview China Vanke Co., Ltd. was established in 1984. After 30 years of development, it has become a leading urban and rural development and living services provider in China. Vanke was formerly known as Shenzhen Modern Science and Education Equipment Exhibition Center. In 1988, the company officially entered the real estate industry. On January 29, 1991, Vanke became a listed company, traded on the Shenzhen stock exchange, with a stock code of 000002.SZ. The company's sales exceeded 10 billion yuan in 2005 and exceeded 50 billion yuan in 2007. In 2010, it became the first Chinese real estate company with sales exceeding 100 billion yuan. In 2017, its sales exceeded 500 billion yuan. In July 2016, the Group was first listed on Fortune Global 500, ranking 356th. In 2017, the Group ranked 307th. In 2018, the Group further enhanced its positioning to “urban and rural development and living services provider”. The Group centers on the three most vibrant economic circles nationwide and hub cities in Midwest China. In 2014, Vanke had extended its position as a company offering “good houses, good services, good community” to an “integrated urban services provider” in its fourth ten-year development plan. In 2018, Vanke will further upgrade such position to “urban and rural development and living services provider” and refine it into four roles: a solution provider of better life, a contributor to real economy, an innovator for future development and a creator of harmonious ecosystem. The core business of the Group includes property development, property service and rental housing.
    [Show full text]
  • China's Property Management Industry
    China Research - 2021 SPOTLIGHT China's Property Savills Research Management Industry 2 China's Property Management Industry MARKET BACKGROUND The commercialisation of the property The industry started to undergo greater CONTENTS management industry in China started in liberalisation in 2014-2016, with property 1981 with the incorporation of China’s first managers no longer required to obtain property management company managing the national ‘Certified Property Manager’ Market Background 3 a residential property in Shenzhen. In the qualification license and commodity housing subsequent ten years, residential property management fees caps removed and instead Market Overview 4 management continued to mature with the set by market forces. In more recent years, eventual establishment of the Shenzhen Real property managers have started providing Market Consolidation 6 Estate Management Bureau in 1985. One value-added services (VAS) to boost of the first Grade A office buildings to be revenues and profit margins. At the same professionally managed was the Guangzhou time, many developers have spun off property Technology 8 World Trade Centre in 1992, where it was management divisions in separate listings, co-managed by Savills and Guangzhou Pearl with many of them given the mandate to Equities 10 River Hotel Management. aggressively expand market share, often through mergers and acquisitions. The Sustainability In Property 12 In the early days of property management property management industry is now also in China, the sector remained immensely taking on a broader range of property types. Large Contracts Signed 13 scattered and only basic property In addition to the more standard commercial management services were provided. The and residential developments, firms are be Outlook 14 China Property Management Association contracted for work at schools, hospitals, was eventually established in 2000, with airports, sports stadiums and public utilities, the first nationwide property management to name just a few.
    [Show full text]
  • Global Perspectives [email protected]
    Fixed Income Strategy | August 8, 2019 FIXED INCOME STRATEGY | July 31, 2019 Mark Jolley Global Strategist (852) 3911 8255 Global Perspectives [email protected] Have bonds become a mania? Diliu Yao (852) 3911 8269 [email protected] 目前，美国债券市场参与者之间的观点存在着很大的分歧。有人认 The bond rally looks increasingly speculative 为美国债券收益率将有很大下跌；有人认为债市即将发生重大逆 转。 Republic of Austria 100 Year Bond (Sep 2117) Price 从长期来看，我们怀疑债券多头可能是正确的。但是，如何资产配 200 置可能是个问题。美国国债期货的每日投资情绪指数保持五个交易 190 日百分百看涨。 这是自 2008 年 12 月 16 日后，该指数创下新的高 180 值。当年 11 月 25 日美联储宣布将购买资产抵押债券, 并改变了市 170 場对貨市政策的看法, 从而演示了市场的极端配置；使 30 年国債 160 息率急跌 (至 12 月 18 日的低位）,并在随后的６个月反弹 200 多 150 个基点。而这一切发生在美国经济衰退且在随后的三个月美股大 140 泄。 130 2008 年的经验警告我们，无论基本面如何，极端资产配置都可能推 120 动收益率走高。我们相信我们正在接近这样的极端。我们更倾向于 110 Jan-19 Mar-19 May-19 Jul-19 Sep-1 关注短期的曲线陡峭程度。信用利差很脆弱，我们认为未来几个月 企业发行人的条件将进一步恶化。 Source: Gallup, CCBIS Bond market opinion is deeply divided Global bond performance Opinion among US bond market participants is deeply divided between All returns are in US dollar those who believe US bond yields still have a long way to fall and those who believe a major reversal is imminent. Most investors fall into one of Yield Yield Return Return these extremes. Interest rate bulls do not necessarily expect recession Bond Index Performance* (today) (end '18) (5 day) (YTD) but see the spread of negative interest rates as an inevitable Global Treasury 0.7% 1.3% 2.1% 6.8% consequence of broadening economic stagnation. This week’s US Treasury 1.7% 2.6% 1.4% 7.4% aggressive rate cut by the Reserve Bank of New Zealand is a good example of this relentless trend.
    [Show full text]
  • Stoxx® Asia 1200 Ex Japan Index
    BROAD INDICES 1 STOXX® ASIA 1200 EX JAPAN INDEX Stated objective Key facts STOXX calculates several ex region, ex country and ex sector indices. This means that from the main index a specific region, country or sector is excluded. The sector classification is based on ICB Classification (www.icbenchmark.com.)Some examples: a) Blue-chip ex sector: the EURO STOXX 50 ex Financial Indexexcludes all companies assigned to the ICB code 8000 b) Benchmark ex region: the STOXX Global 1800 ex Europe Index excludes all companies from Europe c) Benchmark ex country: the STOXX Europe 600 ex UK Index excludes companies from the United Kingdom d) Size ex sector: the STOXX Europe Large 200 ex Banks Index excludes all companies assigned to the ICB code 8300 Descriptive statistics Index Market cap (USD bn.) Components (USD bn.) Component weight (%) Turnover (%) Full Free-float Mean Median Largest Smallest Largest Smallest Last 12 months STOXX Asia 1200 ex Japan Index 6,737.8 3,815.8 5.6 2.7 165.7 0.6 4.3 0.0 8.6 STOXX Asia 1200 Index 10,713.7 7,202.3 6.0 2.7 169.8 0.6 2.4 0.0 5.4 Supersector weighting (top 10) Country weighting Risk and return figures1 Index returns Return (%) Annualized return (%) Last month YTD 1Y 3Y 5Y Last month YTD 1Y 3Y 5Y STOXX Asia 1200 ex Japan Index 0.9 12.1 22.7 29.6 57.3 11.3 18.3 22.2 8.8 9.2 STOXX Asia 1200 Index -0.5 6.0 16.7 27.1 42.1 -5.7 9.0 16.4 8.1 7.1 Index volatility and risk Annualized volatility (%) Annualized Sharpe ratio2 STOXX Asia 1200 ex Japan Index 9.0 9.5 10.1 15.8 16.6 0.3 1.8 2.1 0.5 0.5 STOXX Asia 1200 Index 8.8 11.2 11.0 14.5 15.1 -1.2 0.8 1.4 0.5 0.4 Index to benchmark Correlation Tracking error (%) STOXX Asia 1200 ex Japan Index 0.8 0.8 0.8 0.8 0.8 5.6 7.4 7.3 8.7 9.2 Index to benchmark Beta Annualized information ratio STOXX Asia 1200 ex Japan Index 0.8 0.6 0.7 0.9 0.9 2.4 1.1 0.7 0.1 0.2 1 For information on data calculation, please refer to STOXX calculation reference guide.
    [Show full text]
  • Country Garden's Forest City: Growth Through Overseas Expansion
    E-House Country Garden’s Forest City: Growth Through Overseas Expansion Sponsored by March 2018 E-House E-House Country Garden’s Forest City: Growth Through Overseas Expansion Globalization is not just for manufacturers. It is increasingly a preferred choice for infrastructure and real estate developers as well. This is no different for Chinese firms. Country Garden, one of the largest and most successful vertically integrated real estate developers in China, is at the forefront of a new wave of global expansion. Forest City, located in Malaysia’s Johor state, is a prominent example of its ‘go global’ growth strategy. While seeking to replicate its domestic success abroad, Country Garden has nonetheless faced a new set of challenges that highlight the kinds of adaptations needed to succeed internationally. Country Garden: A Business Overview Country Garden into a national brand in China. Yang Guoqiang founded Country Garden in 1992. Today, Country Garden is known especially for its Frequently described as a farmer and bricklayer turned residential projects, with the majority of its revenue real estate developer, Yang hails from the Shunde district coming from real estate development, and the remainder of Foshan City, located in Guangdong Province. Early on, from property management and hotel operation while working on construction projects, Yang was able earnings. The company went public on the Hong to see value in land that others had disregarded. In time, Kong Stock Exchange in 2007 to access global capital he began to buy land long before there was anything markets. In 2016, Country Garden generated 308.8 like a full-fledged real estate market in China.
    [Show full text]