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Indonesia Property: 2019 Outlook

Sector Outlook: 04 Dec 2018, 5:19 AM ET - We take a look at the key drivers that would shape the course of Indonesian property heading into 2019. We provide the credit outlook for Indonesian property for 2019 and the recommendations for the individual companies.

Foshan Trip Notes October 2018: Spillover Demand

Site Visits: 25 Nov 2018, 11:57 PM ET - Compared to the other Tier-1 cities we visited, the housing and credit policies in Foshan were far more relaxed.  It is no wonder that some non-natives in Guangzhou have chosen to buy homes in Foshan instead. 

Shenzhen Trip Notes October 2018: Too Expensive!

Site Visits: 21 Nov 2018, 5:01 AM ET - Shenzhen homes are extremely expensive.  The LTM Cost/Income multiple as of September 2018 was 43.2x (National average: 9.9x), indicating that new homes in Shenzhen are significantly less affordable than most places in China.

Asia Weekly: Widest Spreads in 2.5 Years

Asia Weekly: 16 Nov 2018, 12:17 AM ET - Asian $-bond spreads continued to widen after a brief respite last week, reaching their widest levels in more than 2 and a half years. The Asian IG index widened by 5 bp, while the HY index sold off by 31 bp.

China Property Sector: PBOC’s Take On Sector

Sector Analysis: 09 Nov 2018, 3:12 AM ET - Is the China property sector risky in the eyes of the People's Bank of China ("PBOC")?

China Property Navigator 3Q18: Macros in Pictures

China Property Navigator: 12 Oct 2018, 4:04 AM ET - This report marks the end of our China Property Navigator 3Q18 series. Developers appear to be shifting their land bank expansion focus to out of China's top 40 cities.

China Property Navigator 3Q18: Bond Supply

China Property Navigator: 11 Oct 2018, 3:23 AM ET - This report is part 4 of our 5-part 3Q18 China Property Navigator. The domestic public corporate bond market seems to be re-opening quietly. Supply risk from the China property sector is also expected to moderate in 4Q18.

China Property Navigator 3Q18: Relative Ranking

China Property Navigator: 10 Oct 2018, 12:38 AM ET - This is the 3rd part of our 5-part 3Q18 China Property Navigator. We ranked the 13 Chinese developers under our full coverage and upgraded our recommendations on a number of bond issues.

China Property Navigator 3Q18: 1H18 Results Wrap

China Property Navigator: 09 Oct 2018, 3:54 AM ET - We summarize the LTM to 1H18 results of the Chinese developers under our coverage in this report and highlight broad trends in 1H18. This report is the 2nd part of a 5-part series.

China Property Navigator 3Q18: Housing Policies

China Property Navigator: 08 Oct 2018, 1:55 AM ET - Local governments continued fine-tuning existing housing policies for their respective cities in 3Q18. Tighter resale restrictions and HPRs were rolled out even at the county-level.

Asia Weekly: Stabilizing IDR Drives Returns

Asia Weekly: 20 Sep 2018, 11:49 PM ET - The Indonesian Rupiah (IDR) continued to stay in the IDR 14,800 - 14,900/$ range after recovering from IDR 14,938/$ at the start of September. In both IG and HY, Indonesian bonds performed the best, recording strong positive total returns. 

Asia Weekly: White Knight For Wintime Energy

Asia Weekly: 24 Aug 2018, 2:07 AM ET - Asian $-bond spreads have continued to trade sideways since the start of August, after the market rout in June and July. State-owned Beijing Energy Holdings will seek a major shareholding in Wintime's controlling holder Yongtai Group.

HK/SG Conference 2018: Indo vs. Chinese Developers

Transcript: 31 Jul 2018, 10:58 PM ET - Indonesian versus Chinese Developers: Where is the value?

China Property Navigator 2Q18: Liquidity Crunch?

China Property Navigator: 04 Jul 2018, 5:01 AM ET - Will Chinese developers face a liquidity crunch, on the back of rising average cost of debt and the recent NDRC rule on limiting offshore bond proceeds?

China Property Navigator 2Q18: Housing Policies

China Property Navigator: 03 Jul 2018, 6:18 AM ET - China maintained its restrictive policy stance in most cities. More tightening measures were imposed in lower Tier-2 cities while fine-tunings were made at the district level. 
Focused

Asia Weekly: Bank Indonesia Raises Repo Rate

Asia Weekly: 18 May 2018, 1:42 AM ET - Asian $-bond spreads showed some respite after a fierce sell-off that lasted 4 weeks. The 10-year US treasury yield reached a 7-year high of 3.1% while Bank Indonesia raised its 7-day repo rate yesterday to combat currency depreciation.

Asia Weekly: Sell in May and Go Away

Asia Weekly: 11 May 2018, 1:39 AM ET - Asian $-bond spreads continued to widen for the fourth week in a row.  Over the past week, the BAML Asia ex-Japan $ investment grade index widened by 3 bp, while the high yield index widened by a whopping 34 bp.

Asia Corporate Recommendations: May 2018

Asia Corporate Recommendations: 02 May 2018, 5:42 AM ET - Last month's changes include Baidu 2019 and 2020 (Outperform), Jimao 2022 (Market perform), rest of Jinmao $ complex (Underperform), Yanlord 2022 (Outperform) and Lippo 2026 (Underperform). 

China Property Navigator 1Q18: Macros in Pictures

China Property Navigator: 02 May 2018, 4:05 AM ET - The cost of land in Tier-1 cities is still rising, but housing restrictions have managed to keep Tier-1 home prices flat. Home prices are still rising in lower-tier cities which have less restrictive policies. 

China Property Navigator 1Q18: FY17 Rankings

China Property Navigator: 29 Apr 2018, 10:54 PM ET - This is the 4th part of our 5-part 1Q18 China Property Navigator. We rank the 13 developers we cover. Longfor Properties topped the charts again in our relative ranking approach, while Greentown was ranked last. 

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