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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. 

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.

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 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. 
Focused

Asia Weekly: Singyes Solar Defaults

Asia Weekly: 19 Oct 2018, 3:22 AM ET - High yield corporates suffered from the default of Singyes Solar and a bribery investigation into Indonesian developer Lippo Karawaci. 

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.
Focused

Asia Weekly: BOCHK Jumbo AT1 Drives Supply

Asia Weekly: 14 Sep 2018, 3:20 AM ET - Indonesian and Pakistan sovereigns and quasi-sovereigns outperformed this week, while Sri Lanka sovereigns remained under pressure. 

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?

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: No More 363-Day Bonds

Worth Watching: 28 Jun 2018, 4:09 AM ET - China 's National Development and Reform Commission (NDRC) may ban $ bond issues with tenors of under 1 year, according to the press. The NDRC may also limit offshore bond quotas and has limited property developers' use of offshore bond proceeds t ..
Focused

Asia Credit Calendar: Week of 11 June 2018

Strategy Analysis: 08 Jun 2018, 12:32 AM ET - Chinese developer Sunshine 100, and infant milk maker Health and Happiness will be holding their Reverse Roadshows and Investor Day, respectively, next week. The NBS will also be releasing the real estate sales and home prices for May.

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