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Greentown

Greentown is a leading property developer in China which is well-known for building high-end quality properties. The company offers a wide suite of products including villas, flat mansions, low-rise and high-rise apartments, integrated communities, urban complexes, as well as hotels and offices. Greentown is 28.9% owned by CCCG, which is a SOE, fully owned by central SASAC. As of 31 December 2017, Greentown had a total of 98 projects across China, of which 29 were located in Zhejiang Province. Gross and attributable land bank stood at 30.3 mn sqm and 19.0 mn sqm respectively. The company was listed on the Hong Kong Stock Exchange in July 2006. As of 11 July 2018, its market capitalization stood at HKD 21.3 bn ($2.7 bn). The shareholders include, CCCG (28.9%) via its fully-owned subsidiary CCCG Real Estate, Wharf Holdings (25.0%), Founder/Co-chairman Song Weiping (10.4%) via Delta House Limited and Hong Kong Orange Osmanthus Foundation Limited, Executive Director, Shou Bainian (8.0%) via Profitwise Limited, and the public and other financial institutions (27.7%). (18 Jul 2018)

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Asian High Yield Outlook: 8 Themes for 2019

Strategy Analysis: 11 Dec 2018, 9:12 PM ET - 1) Easing $ supply risk. 2) China onshore funding. 3) Fundamental credit headwinds. 4) Rising funding costs.  5) Equity volatility and share-backed financing.  6) Elections in India and Indonesia.  7) LGFV refinancing. 8) China slowdown. 

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 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.
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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.

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 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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Greentown Prelim 1H18: Still Highly Leveraged

Earnings Note: 27 Aug 2018, 3:38 AM ET - Greentown reported strong YoY growth in its 1H18 key profitability figures. However, its LTM to 1H18 key credit metrics remained stretched. Hence, we maintain our Underperform recommendation on the Greentown bond complex.
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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 Corporate Recommendations: August 2018

Asia Corporate Recommendations: 01 Aug 2018, 5:28 AM ET - This month's new initiations: Agile 2021, KWG 2021 and Sunac 8.625% 2020 with M/P. Upgrades include Agile bond complex and Jinmao 2018 to M/P. Downgrades include CNOOC bond complex and Baidu 2019 to M/P, Sunac 2021 and Vedanta 2024 to U/P.
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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: China Panel - Property

Transcript: 31 Jul 2018, 4:07 AM ET - Truth or Dare: how are property developers dealing with deleveraging? 

HK/SG Conference 2018: Asia Strategy

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

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