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China Aoyuan

Established in 1996, China Aoyuan Property Group ("Aoyuan") is a medium-sized property developer, headquartered in Guangzhou. The company engages primarily in the development and sale of properties in Tier -1 and 2 cities targeting the mid-mass market segment. As of 31 December 2017, Aoyuan also had 1 project in Macau, 6 projects in Australia and 4 projects in Canada. Beyond the real-estate industry, Aoyuan also develops and manages commercial properties such as large-scale shopping centres, office spaces and high-end hotels. In recent years, Aoyuan has also diversified into e-commerce and tourism through its Aomygod group and Aoyuan Cultural Tourism Group respectively. The company had 135 projects across China as of 31 December 2017. Gross land bank stood at 24.87 mn sqm (Attributable: 80%), of which Guangdong, Guangxi and Hunan accounted for 36%, 13% and 8% respectively. Aoyuan is listed on the Hong Kong Stock Exchange with a market capitalization of HKD 15.1 bn ($1.9 bn) as at 31 July 2018. (10 Aug 2018)

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China Trip Notes Oct-18: What Is Great About It

Site Visits: 04 Dec 2018, 10:39 PM ET - Home prices across China’s Greater Bay Area have surged in recent years. We keep our recommendations on Agile, Cogard, Evergrande, KWG and Shimao unchanged after our recent trip to Shenzhen, Guangzhou, Foshan and Zhongshan.

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.

Asia Weekly: All Eyes on G20 Summit

Asia Weekly: 30 Nov 2018, 4:45 AM ET - The market will be watching the G20 Buenos Aires summit closely today and tomorrow if trade tensions between US and China ease or escalate. Chinese property developers outperformed across the credit spectrum.

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. 

Guangzhou Trip Notes Oct-18: Understated Home Price

Site Visits: 22 Nov 2018, 3:35 AM ET - We think that homes in Guangzhou are less affordable than what the data from the NBS reflects, owing to the signing of dual sales contracts to skirt the price cap measures. The home demand-supply dynamics are healthy nonetheless.

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.

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")?
Focused

Guangzhou Trip Notes Oct-18: Aoyuan Lianfeng State

Site Visits: 23 Oct 2018, 4:28 AM ET - We visited Guangzhou Aoyuan Lianfeng State (广州奥园莲峰圣境) last week. 

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.

China Property: 14-20 October 2018 Site Visits

Worth Watching: 26 Sep 2018, 4:15 AM ET - China Property : China first announced its initiative to link up Guangdong, Hong Kong and Macau and transform the Pearl River Delta region into the "Guangdong-Hong Kong-Macau Greater Bay Area" in mid-2017. The Greater Bay Area covers 11 cities in ..

China Property: 14-20 October 2018 Site Visits

Worth Watching: 13 Sep 2018, 3:53 AM ET - China Property : China first announced its initiative to link up Guangdong, Hong Kong and Macau and transform the Pearl River Delta region into the "Guangdong-Hong Kong-Macau Greater Bay Area" in mid-2017. The Greater Bay Area covers 11 cities. ..

Asia Weekly: Supply Picks Up After Earnings Season

Asia Weekly: 31 Aug 2018, 1:26 AM ET - New issuance is picking up pace after the final leg of earnings season. We expect a heavy supply pipeline in September. 
Focused

Asia Credit Calendar: Week of 20 August 2018

Strategy Analysis: 17 Aug 2018, 2:36 AM ET - The 1H18 earning season continues for Chinese issuers. 13 Chinese property developers, 4 Chinese industrial companies and 4 Chinese financial institutions will release results next week.

HK/SG Conference 2018: Indo vs. Chinese Developers

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

Asia Credit Calendar: Week of 9 July 2018

Strategy Analysis: 06 Jul 2018, 2:48 AM ET - Dr Peng Telecom will be holding a general meeting next Monday. With the reporting season out of the way for many issuers, this coming week's calendar is light.

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?

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