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China Jinmao

China Jinmao Holdings Group Limited, formerly known as Franshion Properties (China) Limited, is a leading developer and operator of large-scale and high-grade commercial properties, upscale residential properties, luxury hotels and commercial mixed-use complexes at prime locations in major cities and popular vacation destinations in China. Jinmao has also entered into primary land development projects in Changsha, Sanya, and Nanjing. The company is 49.8% owned by Sinochem Hong Kong, a SOE fully-owned by SASAC. The company was incorporated in Hong Kong in 2004 and has since expanded into cities such as Beijing, Shanghai, Nanjing, Suzhou, Qingdao, Chongqing, Changsha, Guangzhou, among others. Gross land bank at FY17 stood at 46.2 mn sqm (attributable: 30.9 mn sqm). Jinmao was listed on the Hong Kong Stock Exchange in August 2007. As of 20 July 2018, its market capitalization stood at ~HKD 41.1 bn ($5.24 bn). The shareholders include Sinochem Group (49.8%), New China Asset Management Company Limited (9.2%), GIC (5.0%), and the public and other financial institutions (36.0%). (20 Jul 2018)

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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.

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.
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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.
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China Jinmao: To Redeem 2019 with New Perps

Worth Watching: 29 Nov 2018, 10:26 PM ET - China Jinmao (Jinmao, fixed maturity bond ratings BBB-/Baa3/BBB-, perp ratings Ba2, Baa3 or BB depending on the issue), issued a redemption notice for its $500 mn Jinmao 5.75% 2019, which comes due on 19 March 2019. The proposed date of the redemp ..

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. 

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 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 Calendar: Week of 15 October 2018

Strategy Analysis: 12 Oct 2018, 4:13 AM ET - Noble's Bermuda Scheme Convening Hearing will be held on Monday. Its debt restructuring documentation is expected to be on website on Tuesday. September China Real Estate Investment and Sales Report will be released on Friday.
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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.
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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.
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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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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.
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Asia Corporate Recommendations: October 2018

Asia Corporate Recommendations: 01 Oct 2018, 4:59 AM ET - We assigned an Outperform recommendation to the CGN $ bond complex and Market perform recommendations to Country Garden's new 2022 and 2024 bonds. We also raised our recommendation on Baidu 2019 to Outperform. 

Asia Corporate Recommendations: September 2018

Asia Corporate Recommendations: 03 Sep 2018, 3:50 AM ET - We initiate on Modernland 2021 with M/P, and Fufeng 2021 with O/P. We upgraded Agile and longer-dated Evergrande bonds to M/P, and Baidu 2019 to O/P. We downgraded COG 2020, Gajah 2022 and Modernland bonds to M/P, and Jababeka 2023 to U/P.
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Jinmao, Everre & Shimao: 1H18 Results First Take

Worth Watching: 28 Aug 2018, 11:53 AM ET - Jinmao, Everre & Shimao: 3 Chinese property developers under our coverage reported their 1H18 results today. We compile a brief commentary on Jinmao, Evergrande and Shimao in this note, and will subsequently follow up with a more detailed report o ..

Asia Credit Calendar: Week of 27 August 2018

Strategy Analysis: 24 Aug 2018, 3:15 AM ET - 13 Chinese property developers, 12 Chinese financial institutions and 6 Chinese industrial companies will release results next week.

Asia Weekly: Trading Sideways

Asia Weekly: 10 Aug 2018, 3:46 AM ET - Asian $-bond spreads traded sideways this week after a swift rebound from the high in mid-July.  The BAML Asia ex-Japan $ investment grade index remained flat, while the high yield index tightened by 2 bp. 

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