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Evergrande Real Estate

Evergrande is now the largest Chinese developer by total asset base and second largest by total contracted sales. The company targets the mass market segment. As at 31 Dec 2017, Evergrande had 766 projects across 228 cities. Tier-1 and Tier-2 cities accounted for 69% of Evergrande's accumulative land investments. Gross land bank stood at 312 mn sqm. Evergrande and its Chairman have garnered multiple negative headlines such as allegations of bribery and corruption involving local governments, accounting irregularities, and the funding of Chairman Hui's personal interests (media/sports) using the company's accounts, though none of the allegations have been proven. Listed on the Hong Kong Stock Exchange, Evergrande had a market capitalization of HKD 284.1 bn ($47.9 bn) as at 9 July 2018. Dr. Hui Ka Yan, founder and Chairman of the Group, together with his spouse, owns 71.1% of Evergrande. Other financial institutions and the public hold the rest. Evergrande is seeking to list on the Shenzhen Stock Exchange via a backdoor listing by December 2018. (16 Jul 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.

Zhongshan Trip Notes Oct-18: Frothy Market

Site Visits: 03 Dec 2018, 4:10 AM ET - We visited some property projects recently in Zhongshan, a Tier-3 city. With an oversupply of homes, the Zhongshan property market looks frothy as speculators from other nearby cities made up a substantial portion of the home buyers. 

Asia Corporate Recommendations: December 2018

Asia Corporate Recommendations: 03 Dec 2018, 4:09 AM ET - New initiations this month include Agile 2020, KWG 2020, and China State Construction International perp with Market perform. Downgrades include Everre 6.25% 2021, H&H 2021 and Vedanta 2023 from Market perform to Underperform.

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.

Asia High Yield Snapshot: 2018 Interim Edition

Asia High Yield Snapshot: 27 Nov 2018, 3:30 AM ET - The Asia High Yield Snapshot summarises the key credit metrics, cash flow trends, profitability and other financial indicators of Asian high yield $ bond issuers. This edition is updated for 2018 interim figures. 

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. 

Asia Weekly: Strong New $-Bond Pipeline from LGFVs

Asia Weekly: 22 Nov 2018, 11:29 PM ET - The new issue pipeline remains strong with pending deals including many LGFVs.  Chengdu Communications, Yunnan Provincial Energy, Chengdu Economic and Technological Development and Beijing Infrastructure all held $-bond roadshows this week.

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: Strong Rebound for Chinese Developers

Asia Weekly: 09 Nov 2018, 4:12 AM ET - Chinese developers rebounded significantly this week. Country Garden (Cogard) led the rebound: Cogard 7.125% 22, Jan-23, 24 and 25 all tightened in excess of 140 bp. Evergrande 22, 23, 24 and 25 registered weekly returns of 3.58%-5.86%.

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")?

Asia Weekly: Evergrande, Ever So Grand

Asia Weekly: 02 Nov 2018, 3:49 AM ET - Evergrande came to market with a 3-tranched jumbo-sized issue of $1.8 bn, which led to a sell-off in Chinese real estate bonds. The existing Evergrande 23s and 24s fell close to 7 points this week.

Asia Corporate Recommendations: November 2018

Asia Corporate Recommendations: 01 Nov 2018, 4:38 AM ET - We lowered our recommendation on Anton Oilfield 2020 to Market perform. However, we upgraded our recommendations on a number of Chinese property bond issues and  initiated on the new Evergrande 2020 with an Outperform recommendation.

Asia Credit Market Review: October 2018

Strategy Analysis: 01 Nov 2018, 12:44 AM ET - Both IG and HY sold off in October and are approaching the widest levels they have seen since the start of this year. 

Evergrande: Proposed New 2Y/4NC2/5NC3 $-Bonds

Worth Watching: 30 Oct 2018, 1:19 AM ET - Evergrande Real Estate Group (Evergrande or EVERRE; Bond Ratings: B/B2/B+) has proposed to issue a new 3-tranche Reg S $ deal - 2Y/4NC2/5NC3. The funds raised will be used primarily to "refinance existing offshore indebtedness". The joint global c ..

Guangzhou Trip Notes Oct-18: Kaisa Sky Villa

Site Visits: 28 Oct 2018, 11:28 PM ET - We visited Kaisa Guangzhou Sky Villa (广州佳兆业天墅) recently. The project belongs to the highest end series of Kaisa's development in Guangzhou, featuring a total of 198 swimming pools.

Asia Weekly: Chinese Single-B Developers Sell Off

Asia Weekly: 26 Oct 2018, 3:47 AM ET - Chinese property developers underperformed this week with the single-B developers selling off the most. 9 out of the 10 worst performers were Chinese developers including single-B names such as Evergrande, China South City, and Fantasia. 

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.

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