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China Overseas Land: Initiate with Market Perform

Company Spotlight: 06 Dec 2018, 2:11 AM ET - China Overseas Land and Investment Limited (COLI) is a leading Chinese state-linked developer. We initiate on its bond complex with a Market perform recommendation but prefer to keep at the shorter end of the curve (<2023).

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.

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: Slipped After September's Recovery

Asia Weekly: 05 Oct 2018, 2:41 AM ET - Asian $-bond markets lost some ground this week as spreads widened after a mild recovery in September, while treasury yields spiked shortly after the Fed hiked its benchmark interest rate.  
Focused

China Overseas Land: Prelim 1H18 Results

Worth Watching: 23 Aug 2018, 3:30 AM ET - China Overseas Land & Investment (COLI, Bond Ratings: BBB+/Baa1/A-) reported its 1H18 results today. Highlights include: (1) lackluster top-line growth, (2) improved profitability, (3) slightly deteriorating LTM credit metrics, and (4) improved li ..

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?

HK/SG Conference 2018: Asia Strategy

Transcript: 30 Jul 2018, 3:57 AM ET - Falling knives and new opportunities. 

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. 

China Trip Notes May 2018: Losing Momentum

Site Visits: 28 Jun 2018, 11:51 PM ET - Our recent trip to Shenyang, Dalian, Jinan and Qingdao indicated that the property markets have recovered but are losing momentum. We keep our recommendations on BJCL, Evergrande, Jinmao, Longfor, Shimao and Sunac unchanged after our visit.

Jinan Trip Notes May 2018: Market Still Healthy

Site Visits: 11 Jun 2018, 5:25 AM ET - Jinan is the capital of Shandong province. Our recent trip covered 5 projects developed by China Overseas Land, Future Land, Sunac and a Shimao/Poly/Future Land joint venture.  We think the property market in Jinan is still healthy.
Focused

Jinan Trip Notes May 2018: COLI - Paramount Jade

Site Visits: 04 Jun 2018, 6:17 AM ET - We visited a large-scale project by China Overseas Land (COLI) called Paramount Jade in May 2018. This project is to be built on 22 individual land parcels, making it one of the largest projects in China that we have seen to date.

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