At the Forefront of China Property
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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. -
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). -
Global Offering
(Incorporated in the Cayman Islands with limited liability) Stock Code: Global Offering Joint Sponsors, Joint Global Coordinators, Joint Bookrunners and Joint Leadad ManagersManagers (in alphabetical order) Other Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager Other Joint Bookrunners and Joint Lead Managers (in alphabetical order) Project A_PPTUS cover(Eng) Cover size: 210 x 280mm / Open size: 445.3 x 280mm / Spine width: 25.3mm IMPORTANT If you are in any doubt about any of the contents of this prospectus, you should obtain independent professional advice. (Incorporated in the Cayman Islands with limited liability) GLOBAL OFFERING Number of Offer Shares under : 550,000,000 Shares (subject to the Over- the Global Offering allotment Option) Number of Hong Kong Offer Shares : 27,500,000 Shares (subject to reallocation) Number of International Offer Shares : 522,500,000 Shares (including 55,000,000 Reserved Shares under the Preferential Offering) (subject to reallocation and the Over-allotment Option) Maximum Offer Price : HK$22.30 per Share plus brokerage of 1.0%, SFC transaction levy of 0.0027% and the Hong Kong Stock Exchange trading fee of 0.005% (payable in full on application, subject to refund) Nominal value : US$0.00001 per Share Stock code : 1209 Joint Sponsors, Joint Global Coordinators, Joint Bookrunners and Joint Lead Managers (in alphabetical order) Other Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager Other Joint Bookrunners and Joint Lead Managers (in alphabetical order) Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited and Hong Kong Securities Clearing Company Limited take no responsibility for the contents of this prospectus, 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 prospectus. -
Gemdale Properties and Investment Corporation Limited 金地商置集團有限公司* (Incorporated in Bermuda with Limited Liability) (Stock Code: 535)
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. Gemdale Properties and Investment Corporation Limited * 金地商置集團有限公司 (Incorporated in Bermuda with limited liability) (Stock Code: 535) DISCLOSEABLE TRANSACTION DISPOSAL OF 74% OF A SUBSIDIARY DISPOSAL OF 74% OF A SUBSIDIARY The Board announces that, on 12 July 2018, One Polaris, Shenzhen Weixin, Fainmark and Nanjing Jiqingfeng (all of which are indirect wholly-owned subsidiaries of the Company, as the Vendors) and Perfect Area, Shanghai Hongxing, Xuzhou Vanke and Charm Silver (collectively, as the Purchasers) entered into the Agreement in relation to the Disposal. Upon completion of the Disposal, the Group’s effective equity interest in the Target Company will be reduced from 100% to 26% and the Target Company will be under the joint control of the parties to the Agreement. Therefore, the Target Company will cease to be accounted for as a subsidiary of the Company and will be accounted for as a joint venture of the Group. The financial results of the Target Company will no longer be consolidated into the consolidated financial statements of the Group. LISTING RULES IMPLICATIONS As one the applicable percentage ratios (as defined under the Listing Rules) exceed 5% but are less than 25%, the entering into of the Agreement and the transactions contemplated thereunder (including the consideration) constitutes a discloseable transaction of the Company and is subject to the reporting and announcement requirements under Chapter 14 of the Listing Rules. -
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. -
U.S. Investors Are Funding Malign PRC Companies on Major Indices
U.S. DEPARTMENT OF STATE Office of the Spokesperson For Immediate Release FACT SHEET December 8, 2020 U.S. Investors Are Funding Malign PRC Companies on Major Indices “Under Xi Jinping, the CCP has prioritized something called ‘military-civil fusion.’ … Chinese companies and researchers must… under penalty of law – share technology with the Chinese military. The goal is to ensure that the People’s Liberation Army has military dominance. And the PLA’s core mission is to sustain the Chinese Communist Party’s grip on power.” – Secretary of State Michael R. Pompeo, January 13, 2020 The Chinese Communist Party’s (CCP) threat to American national security extends into our financial markets and impacts American investors. Many major stock and bond indices developed by index providers like MSCI and FTSE include malign People’s Republic of China (PRC) companies that are listed on the Department of Commerce’s Entity List and/or the Department of Defense’s List of “Communist Chinese military companies” (CCMCs). The money flowing into these index funds – often passively, from U.S. retail investors – supports Chinese companies involved in both civilian and military production. Some of these companies produce technologies for the surveillance of civilians and repression of human rights, as is the case with Uyghurs and other Muslim minority groups in Xinjiang, China, as well as in other repressive regimes, such as Iran and Venezuela. As of December 2020, at least 24 of the 35 parent-level CCMCs had affiliates’ securities included on a major securities index. This includes at least 71 distinct affiliate-level securities issuers. -
Real Estate and Construction-210204-EN
Real Estate and Construction Beijing Guangzhou Hong Kong Shanghai Shenzhen 27/F, North Tower 17/F, International Finance 26/F, One Exchange Square 24/F, HKRI Centre Two, 17/F, Tower One, Kerry Plaza Beijing Kerry Centre Place, 8 Huaxia Road, 8 Connaught Place, Central HKRI Taikoo Hui 1 Zhong Xin Si Road 1 Guanghua Road Zhujiang New Town Hong Kong 288 Shi Men Yi Road Futian District Chaoyang District Guangzhou 510623, China Shanghai 200041, China Shenzhen 518048, China Beijing 100020, China Tel: +86 10 5769 5600 Tel: +86 20 3225 3888 Tel: +852 3976 8888 Tel: +86 21 2208 1166 Tel: +86 755 8159 3999 Fax:+86 10 5769 5788 Fax:+86 20 3225 3899 Fax:+852 2110 4285 Fax:+86 21 5298 5599 Fax:+86 755 8159 3900 www.fangdalaw.com Real Estate and Construction 01 Real Estate and Construction Practice Fangda’s Real Estate and Construction Practice Team excels at providing one-stop and full-scale services to leading real estate market players, including real estate developers, real estate private equity sponsors, institutional investors, financial institutions and other corporations and individuals in complicated domestic and cross-border real estate transactions. Our lawyers are frequently appointed as arbitrators in real estate and construction-related disputes. Our strength in this area includes a combination of understanding the traditions of the Chinese market and practice and our abundant experience in serving international clients, complemented by services for non-contentious and contentious cases. We are one of the few firms based in China that can provide integrated real estate and construction related legal services, and present practical advice based on our knowledge and experience in the local market. -
China Jinmao (817 HK) China Jinmao
China Financials 26 July 2016 China Jinmao (817 HK) China Jinmao Target price: HKD2.97 Share price (25 Jul): HKD2.26 | Up/downside: +31.4% Initiation: access to prime assets Cynthia Chan (852) 2773 8243 One of the few to have exposure to primary development in tier-2 cities [email protected] A proven brand in high-end housing; growing rentals in tier-1 cities Jonas Kan, CFA (852) 2848 4439 [email protected] Initiating with Buy (1) rating and 12-month target price of HKD2.97 Investment case: We initiate coverage of China Jinmao, the real estate Share price performance flagship of stated-owned Sinochem Corporation, with a Buy (1) call. We (HKD) (%) see China Jinmao as one of the few China developers with a differentiated 2.7 120 2.5 110 and sustainable business model, proven expertise in the primary land 2.2 100 development business in major tier-2 cities (Nanjing and Changsha), and a 2.0 90 sound reputation for high-end residential projects in upper-tier cities 1.7 80 (especially Beijing and Shanghai). Moreover, earnings should be backed by Jul-15 Oct-15 Jan-16 Apr-16 solid and growing recurrent income from several prime rental properties Franshion (LHS) Relative to HSI (RHS) and hotels, many of which are located in core areas of tier-1 cities. 12-month range 1.74-2.66 We believe China Jinmao’s primary development business differentiates it Market cap (USDbn) 3.10 3m avg daily turnover (USDm) 1.49 from other developers, especially at a time when property development Shares outstanding (m) 10,672 margins are shrinking and profitability is becoming harder to maintain. -
China Vanke (A-1)
9-314-104 REV: MAY 9, 2014 L Y N N S . P A I N E JOHN MACOMBER K E I T H C H I - H O W O N G China Vanke (A-1) For me, long term is five to ten years. For Wang Shi it’s way out there—beyond imagination. Twenty years ago when Vanke was still a very small company, he already had a very grand vision that I thought was impossible to achieve. Twelve years ago when I became the general manager, we were only a two billion RMB company. He was thinking what Vanke might look like if it's a 100 billion company. I couldn’t have imagined that we’d achieve that goal in less than 10 years. — Yu Liang, President, China Vanke China Vanke president Yu Liang surveyed the densely developed expanse of land below as his plane touched down in the southern city of Shenzhen in November 2011. Yu was eager to get back to the company’s headquarters in the suburbs of Shenzhen after several days on the road meeting with subsidiary heads, construction partners, and government officials across China. Under the leadership of its founder Wang Shi, China Vanke Co. Ltd. (Vanke) had grown from a small trading firm to China’s largest homebuilder, successfully navigating the tumultuous mix of volatile markets and ever-changing government policies that characterized China’s real estate market. For 2011, Vanke expected to sell some 10.7 million square meters of floor area, or more than 120,000 homes valued at over 120 billion RMB (about US $20 billion).1 Nonetheless, the year had been a slow one for the industry, as the central government introduced successive waves of austerity measures to bring down skyrocketing prices. -
Concessions on Land Premium Yet to Come, Initiate with “Neutral”
股 票 Research 研 究 Company Report: Henderson Land (00012 HK) Johnny Wong 王俊浩 Equity 公司报告:恒基地产 (00012 HK) +852 2509 5348 [email protected] 29 January 2018 Concessions on Land Premium Yet to Come, Initiate with “Neutral” 补地价优惠尚未来临,首予“中性”评级 公 司 HLD is a leading property developer with businesses in Hong Kong and Rating: Neutral throughout mainland China. In addition to property development and Initial 报 property investment, HLD also has department store operations, hotel 评级: 中性 (首次研究) 告 operations, ferry operations and a utility business through 4 listed companies. HLD has a wide variety in its land bank in Hong Kong including agricultural Company Report land in New Territories (44.9 million sq.ft.), old buildings acquired for 6-18m TP 目标价: HK$54.08 redevelopment and land purchased through government land auctions (24.2 million sq.ft.). Share price 股价: HK$55.200 We estimate underlying net profit to be HKD15,282 million, HKD9,929 million and HKD10,432 million in 2017-2019, respectively. Since we expect that HLD’s property development revenue recognized in 2018 will Stock performance 股价表现 decrease, the reduction will drive down the underlying net profit in that year. Underlying net margins are expected to be 57.2%, 51.0% and 44.0% in % of return 50.0 2017-2019, respectively. 40.0 Initiate with “Neutral” rating and a TP of HKD54.08, which represents a 证 32.0% discount of our 2018 NAV estimate. HLD has secured its project 30.0 券 告 pipelines in the next few years through the redevelopment of old buildings and 20.0 研 报 the conversion of agricultural land into residential development. -
Shui on Land Limited 瑞安房地產有限公司* (Incorporated in the Cayman Islands with Limited Liability) (Stock Code: 272)
THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION If you are in any doubt as to any aspect of this circular or as to the action to be taken, you should consult your licensed securities dealer, bank manager, solicitor, professional accountant or other professional adviser. If you have sold or transferred all your shares in Shui On Land Limited, you should at once hand this 14.63(2)(b) circular to the purchaser(s) or the transferee(s) or to the bank manager, 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 the transferee(s). Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no 14.66(1) 14.88 responsibility for the contents of this circular, make no representation as to its accuracy or completeness 14.58(1) 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. Shui On Land Limited 14.66(1) App.1B-1 瑞安房地產有限公司* (Incorporated in the Cayman Islands with limited liability) 13.51A (Stock code: 272) (1) MAJOR TRANSACTION — DISPOSAL OF THE ENTIRE ISSUED SHARE CAPITAL OF INFOSHORE INTERNATIONAL LIMITED AND ASSIGNMENT OF THE INTERCOMPANY LOANS OF INFOSHORE INTERNATIONAL LIMITED (2) MAJOR TRANSACTION — GRANT OF THE PUT OPTION Sole Financial Advisor A letter from the Board is set out on pages 6 to 18 of this circular. * For identification purposes only 31 December 2015 CONTENTS Page Definitions .............................................................. -
Investment in Shui on Land Limited Very Substantial Acquisition and Connected Transactions
THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION If you are in any doubt as to any aspect of this circular or as to the action to be taken, you should consult your stockbroker or other registered dealer in securities, bank manager, solicitor, professional accountant or other professional adviser. If you have sold or transferred all your shares in Shui On Construction and Materials Limited, you should at once hand this circular and the accompanying form of proxy to the purchaser or to the bank, stockbroker or other agent through whom the sale or transfer was effected for transmission to the purchaser or the transferee. The Stock Exchange of Hong Kong Limited takes no responsibility for the contents of this circular, makes no 14.40 representation as to its accuracy or completeness and expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this circular. * (Incorporated in Bermuda with limited liability) INVESTMENT IN SHUI ON LAND LIMITED App. 1B VERY SUBSTANTIAL ACQUISITION AND CONNECTED TRANSACTIONS Independent Financial Adviser to the Independent Board Committee A letter from the Independent Board Committee is set out on page 30 of this circular. A letter from BNP Paribas Peregrine Capital Limited, the independent financial adviser to the Independent Board Committee is set out on pages 31 to 44 of this circular. A notice convening a special general meeting of Shui On Construction and Materials Limited to be held at Room 103, 1/F Shui On Centre, 6-8 Harbour Road, Wanchai, Hong Kong, 2:30 p.m.