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SUNAC CHINA HOLDINGS LIMITED 融創中國控股有限公司 (Incorporated in the Cayman Islands with Limited Liability) (Stock Code: 01918)
THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION If you are in any doubt about any aspect of this circular or as to the action to be taken, you should consult your licensed securities dealer or registered institution in securities, bank manager, solicitor, professional accountant or other professional advisers. If you have sold or transferred all your shares in Sunac China Holdings Limited, you should at once hand this circular together with the enclosed form of proxy to the purchaser(s) or transferee(s) or to the bank, licensed securities dealer or registered institution in securities or other agent through whom the sale or transfer was effected for transmission to the purchaser(s) or transferee(s). Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no 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. This circular appears for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for any securities. SUNAC CHINA HOLDINGS LIMITED 融創中國控股有限公司 (incorporated in the Cayman Islands with limited liability) (Stock Code: 01918) (1) CONNECTED TRANSACTION — PROPOSED SHARE ISSUANCE UNDER SPECIFIC MANDATE AND (2) APPLICATION FOR WHITEWASH WAIVER Independent Financial Adviser to the Independent Board Committee and the Independent Shareholders Capitalised terms used on this cover shall have the same meanings as those defined in the section headed “Definition” in this circular, unless the context requires otherwise. -
Hkr International Limited 香 港 興 業 國 際 集 團 有 限
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. HKR INTERNATIONAL LIMITED * * 香港興業國際集團有限公司 (Incorporated in the Cayman Islands with limited liability) (Stock code: 00480) INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2010 The board of directors (the “Board” or the “Directors”) of HKR International Limited (the “Company”) is pleased to announce the results of the Company and its subsidiaries (the “Group”) for the six months ended 30 September 2010 (the “Period”). INTERIM RESULTS The Group’s unaudited consolidated profit attributable to shareholders of the Company for the Period was HK$711.0 million, compared with HK$657.9 million for the corresponding period last year. Earnings per share were HK52.66 cents, compared with HK48.72 cents for the corresponding period last year. INTERIM DIVIDEND The Board has declared the payment of an interim dividend of HK7 cents per share for the Period to its shareholders whose names will appear on the registers of members of the Company on 13 December 2010. The interim dividend will be paid on 22 December 2010. An interim dividend of HK6 cents per share was paid by the Company to its shareholders for the corresponding period last year. CLOSURE OF REGISTERS OF MEMBERS The main and branch registers of members of the Company will be closed from Friday, 10 December 2010 to Monday, 13 December 2010, both days inclusive, during the period no transfer of shares will be registered. -
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). -
Directors Report
໎ԑผంй࣊ Directors’ Report ໎ԑผਹᔑеᙴ࿀ϭɀཌྷཌྷɍαɍ˂ɍɊ The directors submit to shareholders their annual report and the ᙔʔ̇˞Ɏ audited financial statements of the Company and its subsidiariesڃȹˀ˅α۹c̯ʔ̇ʥԯ hereinafter collectively referred to as the “Group”) for the year) ٲඑ྆ɾ൪αంйʥᄗ࣏ল৻ం̯ီ .ʀ̯ʔٖ̇e ended 31 March 2003 ˚߬พ৻ Principal Activities ᙔ The principal activity of the Company is investment holding andڃʔ̇ɾ˚߬พ৻ݯҙ༅ઁٖcԯ˚̯߬ the activities of its principal subsidiaries, associates and jointly כʔ̇dᐲᏪʔ̇ʥᏪʔ̇ɾ˚߬พ৻༗ .ഽ42e controlled entities are set out in note 42 to financial statementsڃٲল৻ం ʗඖ༅ࢿ Segment Information ഽ4e Details of segment information are set out in note 4 to the financialڃٲল৻ంכୀʗඖ༅ࢿ༗ statements. พᐜ Results එ྆࿀˅ɀཌྷཌྷɍαɍ˂ɍɊȹˀ˅α۹ Details of the results of the Group for the year ended 31 March̯ ʥτ 2003 are set out in the consolidated income statement on pageٲ55ࠒɾ၃νऩכɾพᐜੱc༗ .ഽʑe 55 and the accompanying notes to the financial statementsڃٲᗐɾল৻ం ᘪɺݢೕ࿀ϭɀཌྷཌྷɍαɍ The Directors of the Company have resolved not to recommendۺʔ̇໎ԑผ̯ .ɍɊȹˀ˅α۹ɾ̱౨ٖࢠe the payment of a final dividend for the year ended 31 March 2003˂ ʄαল৻ล߬ Five-year Financial Summary ʄল৻α۹ɾพᐜʥ༅ଐ߲ඦ A summary of the results and assets and liabilities of the Groupٶඑ̯྆ .145ࠒe for the past five financial years is set out on page 145כɾล߬༗ พdᄥָʥஉௐ Investment Properties and Property, Plant and Equipmentذพၤذҙ༅ พdᄥָʥஉ Details of changes during the year in the investment propertiesذพၤذඑ྆ʥ̯ʔ̇ҙ༅̯ ল৻ం and property, plant and equipment of the Group and of theכα۹ʑɾᛰ৽ੱcʗП༗̯כௐ ഽ15ʥ16e Company are set out in notes 15 and 16 to the financialڃٲ statements respectively. -
Antonio Corsaro Chef De Cuisine, La Scala at the Sukhothai Shanghai
Antonio Corsaro Chef de Cuisine, La Scala at The Sukhothai Shanghai Exceptional culinary delights are intrinsic part of a hotel experience. In the two years since its opening, The Sukhothai Shanghai has established itself as one of Shanghai’s lifestyle landmarks and a must-visit culinary destination. A stylish highlight of the hotel is the casual upscale Italian restaurant, La Scala. As the new chef de cuisine of the hotel’s signature, award-winning restaurant, Chef Antonio Corsaro leads the culinary team to take La Scala’s epicurean offerings to new heights, crafting memorable gourmet experience for guests and discerning gastronomes alike. With over 17 years of experience honing his skills at some of Europe’s most elite establishments, including various Michelin-starred restaurants by Alain Ducasse, Chef Corsaro is known for his culinary finesse and uncompromising commitment to seasonality and freshness. The Italy native upholds the virtues of Italian food – simplicity with an emphasis on quality ingredients, which continues to underscore La Scala’s food philosophy. Originally from Naples, Italy, Chef Corsaro’s discovered a lifelong culinary passion from his mom's home cooking and his travels across the continent. Fascinated by the richness of food cultures in his own country and abroad, Antonio embarked on a journey to create his career success. He began his career in Unico, a one-star Michelin restaurant in Milan as chef de partie, working alongside celebrity chef Fabio Baldassarre, before moving to Tuscany to join L’Andana, a one-star Michelin restaurant under DUCASSE Paris. His relentless pursuit of culinary excellence has taken him to multiple DUCASSE Paris’ restaurants in Paris and London from 2013 to 2018. -
HKR International Ltd Version 1 | Bloomberg: 480 HK Equity | Reuters: 0480.HK Refer to Important Disclosures at the End of This Report
China / Hong Kong Company Guide HKR International Ltd Version 1 | Bloomberg: 480 HK Equity | Reuters: 0480.HK Refer to important disclosures at the end of this report DBS Group Research . Equity 4 Jun 2020 BUY(Initiating Coverage) Rediscovering a hidden gem. Last Traded Price ( 2 Jun 2020):HK$3.12(HSI : 23,996) • HKRI Taikoo Hui in Shanghai is a crown jewel, supporting its Price Target 12-mth:HK$4.09 (31.1% upside) long-term share price appreciation • Low-cost land reserve in Discovery Bay, a well-regarded Analyst residential community, provides good investment returns Jeff YAU CFA,+852 36684180, [email protected] • The stock is undervalued, trading at 82% discount to our assessed current NAV Price Relative • Initiating coverage with BUY rating and TP of HK$4.09 HK$ Relative Index 3.7 209 Initiating coverage with BUY rating and target price of HK$4.09. HKR 3.5 189 International is trading at 82% discount to our appraised current 3.3 169 3.1 149 NAV, slightly wider than those for other small-to-mid cap property 2.9 129 developers. The stock is undervalued in view of its asset quality and 2.7 109 financial strength. The realisation of the value of its upmarket 2.5 89 Dec-19 Mar-20 residential developments in Hong Kong should provide upside on HKR International Ltd (LHS) Relative HSI (RHS) stock. Steadily growing contributions from HKRI Taikoo Hui in Forecasts and Valuation Shanghai and CDW Building in Hong Kong should underpin its long- FY Mar (HK$ m) 2019A 2020F 2021F 2022F term share price appreciation. -
Major Development Properties
1 SHANGHAI INDUSTRIAL HOLDINGS LIMITED Set out below is a summary of the major property development projects of the Group as at 31 December 2016: Major Development Properties Pre-sold Interest Approximate Planned during Total attributable site area total GFA the year GFA sold Expected Projects of SI Type of to SI (square (square (square (square date of City Development property Development meters) meters) meters) meters) completion 1 Kaifu District, Fengsheng Residential and 90% 5,468 70,566 7,542 – Completed Changsha Building commercial 2 Chenghua District, Hi-Shanghai Commercial and 100% 61,506 254,885 75,441 151,644 Completed Chengdu residential 3 Beibei District, Hi-Shanghai Residential and 100% 30,845 74,935 20,092 – 2019 Chongqing commercial 4 Yuhang District, Hi-Shanghai Residential and 85% 74,864 230,484 81,104 – 2019 Hangzhou (Phase I) commercial 5 Yuhang District, Hi-Shanghai Residential and 85% 59,640 198,203 – – 2019 Hangzhou (Phase II) commercial 6 Wuxing District, Shanghai Bay Residential 100% 85,555 96,085 42,236 76,966 Completed Huzhou 7 Wuxing District, SIIC Garden Hotel Hotel and 100% 116,458 47,177 – – Completed Huzhou commercial 8 Wuxing District, Hurun Commercial Commercial 100% 13,661 27,322 – – Under Huzhou Plaza planning 9 Shilaoren National International Beer Composite 100% 227,675 783,500 58,387 262,459 2014 to 2018, Tourist Resort, City in phases Qingdao 10 Fengze District, Sea Palace Residential and 49% 381,795 1,670,032 71,225 – 2017 to 2021, Quanzhou commercial in phases 11 Changning District, United 88 Residential -
China Reits Property Landlords to Shine 19
SECTOR BRIEFING number DBS Asian Insights DBS Group59 Research • May 2018 China REITs Property Landlords to Shine 19 DBS Asian Insights SECTOR BRIEFING 59 02 China REITs Property Landlords to Shine Ken HE Equity Analyst DBS (Hong Kong) [email protected] Carol WU Head of Greater China Research DBS (Hong Kong) [email protected] Danielle WANG CFA Equity Analyst DBS (Hong Kong) [email protected] Derek TAN Equity Analyst DBS Group Research [email protected] Jason LAM Equity Analyst DBS (Hong Kong) [email protected] Produced by: Asian Insights Office • DBS Group Research go.dbs.com/research @dbsinsights [email protected] Goh Chien Yen Editor-in-Chief Jean Chua Managing Editor Martin Tacchi Art Director 19 DBS Asian Insights SECTOR BRIEFING 59 03 04 Executive Summary 08 China REITs Are Lagging Edging Towards Onshore REITs Major Obstacles in Fostering 18 an Onshore REIT Regime CMBS/CMBNs Are Growing Faster C-REITs Are Imminent Which Asset Type Will Benefit 28 More? Modern Logistics Properties The Rise of Active Property Asset Management Which Developer Will Benefit From the Establishment of C-REITs? 49 Appendix DBS Asian Insights SECTOR BRIEFING 59 04 Executive Summary No REIT regime yet he real estate investment trust (REIT) has become an important investment vehicle as evidenced by its separation from the financial sector in the Global Industry Classification Standard as a sector on its own. Major Asian countries/regions have joined western countries to kickstart local versions of REITs, leaving China the last Tbig economy that has yet to have such an investment vehicle. Two major technical In our view, removing legislative obstacles (publicly traded funds are not allowed to obstacles hold commercial properties) is the first step that the government needs to take towards establishing a modern REIT regime. -
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. -
Shanghai Project Envision 2116 September 4, 2016 – July 30, 2017
Shanghai Project Envision 2116 September 4, 2016 – July 30, 2017 The inaugural edition of the Shanghai Project, Envision 2116, will launch the first of its two phases on September 4. Under the co-artistic directorship of Yongwoo Lee, Executive Director of Shanghai Himalayas Museum, and Hans Ulrich Obrist, Artistic Director of Serpentine Galleries London, the first edition of Shanghai Project focuses on public engagement through event-based programming, as well as exhibitions, public works, an open call platform, a pop–up library, community participation programs and international conferences. As one of the highlights of Phase 1, the Envision Pavilion, designed by Sou Fujimoto, will open to the public on September 4 at the Shanghai Himalayas Center. The structure, with a 670 square meter footprint, is a hybrid space composed of industrial scaffolding grids, glass and trees, combining notions of inside/outside, natural/man-made, organic/geometric and building/beyond-building. It serves as a symbolic center of the Shanghai Project. For the full duration of the Shanghai Project, the Envision Pavilion acts as a site for lectures, panels, workshops, seminars, performances and film screenings in the event space, as well as exhibitions in its gallery space and social gatherings in its café. In the gallery space, the audience will encounter Cildo Meireles‘s installation Ku Kka Ka Kka as well as Xu Bing‘s work from his series Background Story, and Jenova Chen‘s video game, Journey. Further, the pavilion will host Landversation, a series of performances developed by Otobong Nkanga and her team. Also in the event space, visitors will find the “Shanghai Project Pop-Up Library of the Future,” launched in collaboration with the renowned Shanghai Jifeng Bookstore. -
Set out Below Is a Summary of the Major Property Development Projects of the Group As at 31 December 2019: Major Development
1 Set out below is a summary of the major property development projects of the Group as at 31 December 2019: Major Development Properties Pre-sold Interest Approximate Planned during Total attributable site area total GFA the year GFA sold Expected Projects of Type of to SI (square (square (square (square date of City SI Development property Development meters) meters) meters) meters) completion 1 Kaifu District, Fengsheng Building Residential and 90% 5,468 70,566 6,627 30,870 Completed Changsha commercial 2 Chenghua District, Hi-Shanghai Residential and 100% 61,506 254,885 4,996 190,153 Completed Chengdu commercial 3 Beibei District, Hi-Shanghai Residential and 100% 30,845 74,935 3,301 57,626 Completed Chongqing commercial 4 Yuhang District, Hi-Shanghai (Phase I) Residential and 85% 74,864 230,484 27,758 150,289 Completed Hangzhou commercial 5 Yuhang District, Hi-Shanghai (Phase II) Residential and 85% 59,640 198,203 56,539 – Completed Hangzhou commercial 6 Wuxing District, SIIC Garden Hotel Hotel and 100% 116,458 47,177 – – Completed Huzhou commercial 7 Wuxing District, Hurun Commercial Commercial 100% 13,661 27,322 – – Under Huzhou Plaza planning 8 Wuxing District, SIIC Tianlan Bay Residential and 100% 115,647 193,292 26,042 – Completed Huzhou commercial 9 Wuxing District, SIIC Yungjing Bay Residential 100% 68,471 207,906 28,953 – 2020 Huzhou 10 Shilaoren National International Beer City Composite 100% 227,675 806,339 – 333,798 2014 to 2022, Tourist Resort, Qingdao in phases 11 Fengze District, Sea Palace Residential and 100% 170,133 -
Cityguide Shanghai – Anhang
ANHANG 311 009sh Abb.: © www.fotolia.de, Rene Drouyer Rene www.fotolia.de, © Abb.: 009sh ANHANG Cityguide Shanghai_2011A2.indb 311 25.01.2011 14:04:19 312 ANHANG Glossar GLOSSAR Li Hongzhi verfasste Buch „Zhuan Fa- lun“. Falun Gong wurde 1999 im Wes- µ Baijiu: Báijiŭ ist ein auf Getreidebasis ten durch das Verbot in China und die hergestellter chinesischer Schnaps, darauf folgende staatliche Verfolgung es wird hauptsächlich Hirse verwendet bekannt. (ähnlich Kornbrand und Wodka). µ Fandian: Hotel bzw. Restaurant µ Baozi: Das chinesische Nationalge- µ Fen: Kleinste Einheit der chinesischen richt besteht aus kleinen Klößen aus Währung Renminbi, 100 Fen sind ein Hefe- oder Reisteig, die mit Gemü- Yuan. se, Fleisch oder Fisch gefüllt sind. µ Gongyuan: öffentlicher Park Die Klöße werden in einem Korb aus µ Han: größte der 57 Nationalitäten Chi- Bambus gedämpft und den ganzen nas (benannt nach der Han-Dynastie) Tag über gegessen, häufig schon zum µ Hu: See Frühstück. µ Jiao: Währungseinheit, 10 Jiao sind ein µ Bei: Nord Yuan. µ Binguan: Touristenhotel µ Jiaozi: Gekochte Teigtaschen mit µ Boxeraufstand: ausländerfeindlicher Fleisch- oder Gemüsefüllung, häufig Aufstand in China 1899–1901 zu einer Mondsichel geformt. µ Canting: Restaurant µ Jie: Straße µ Chiang Kai-shek: Chinesischer Politi- µ Jiudian: Hotel ker und Militärführer während der Zeit µ Kaiserkanal: Der Kaiserkanal ist der der chinesischen Bürgerkriege. Er war längste jemals von Menschenhand Präsident der Republik China, Führer geschaffene Wasserweg. Er verbindet der Kuomintang und Antikommunist auf einer Länge von 1800 km Hang- (1887–1975). zhou mit dem Norden Chinas und µ CITS: China International Travel Ser- endet in Peking.