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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.

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. 

Guangzhou Trip Notes Oct-18: Understated Home Price

Site Visits: 22 Nov 2018, 3:35 AM ET - We think that homes in Guangzhou are less affordable than what the data from the NBS reflects, owing to the signing of dual sales contracts to skirt the price cap measures. The home demand-supply dynamics are healthy nonetheless.

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")?
Focused

Shenzhen Trip Notes Oct-18: Kaisa City Plaza

Site Visits: 06 Nov 2018, 10:19 PM ET - If you had purchased an apartment in Phase 1 of the project in 2012 when this project was first launched, you would have almost tripled your investment now. We expect the gross profit margin for this project to be exceptionally high. 
Focused

Shenzhen Trip Notes Oct-18: Kaisa Future City

Site Visits: 02 Nov 2018, 5:35 AM ET - We visited Shenzhen Kaisa Future City (深圳佳兆业未来城) recently. This project grossed the highest contracted sales in the Longgang District this year, and also came in second in all of Shenzhen.

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.
Focused

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.
Focused

Guangzhou Trip Notes Oct-18: Kaisa City Plaza

Site Visits: 24 Oct 2018, 11:54 PM ET - We visited Guangzhou Kaisa City Plaza (广州佳兆业城市广场) last week. 

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

China Property: 14-20 October 2018 Site Visits

Worth Watching: 26 Sep 2018, 4:15 AM ET - China Property : China first announced its initiative to link up Guangdong, Hong Kong and Macau and transform the Pearl River Delta region into the "Guangdong-Hong Kong-Macau Greater Bay Area" in mid-2017. The Greater Bay Area covers 11 cities in ..

China Property: 14-20 October 2018 Site Visits

Worth Watching: 13 Sep 2018, 3:53 AM ET - China Property : China first announced its initiative to link up Guangdong, Hong Kong and Macau and transform the Pearl River Delta region into the "Guangdong-Hong Kong-Macau Greater Bay Area" in mid-2017. The Greater Bay Area covers 11 cities. ..

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.

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.

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