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KWG Property

KWG Property ("KWG") is an integrated residential and commercial property developer in China with a land bank of 18.0 mn sqm as at 31 December 2017. The company targets mid-to-high-end buyers. KWG operates in 34 cities, mostly Tier-1 and upper Tier-2 cities, with 116 projects across China as at 31 December 2017. The main revenue contributor stems from property development (>90% of total revenue in a typical year). KWG has tried to diversify its revenue sources since 2007 by developing and holding commercial properties as long-term investments. The company also added long-term apartment rental in 4Q17 to boost its recurring income. Listed on the Hong Kong Stock Exchange in July 2007, KWG had a market capitalization of HKD 28.8 bn ($3.7 bn) as of 13 July 2018. The current shareholders include Chairman Kong Jianmin and his family (59.89%), and other financial institutions and the public (40.11%). Mr. Kong Jian Min is the founder, Chairman and executive director of KWG. Mr. Kong Jian Tao, one of the brothers of Chairman Kong, is the chief executive officer, while Mr. Kong Jian Nan, another brother of Chairman Kong, is the executive vice president of the company. (20 Jul 2018)

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Asia Weekly: Partially Inverted US Treasury Curve

Asia Weekly: 07 Dec 2018, 4:26 AM ET - Since the start of this week, the US Treasury curve has been partially inverted as the 5Y Treasury started to trade inside of the 3Y and 2Y Treasuries. There was also some divergence in Asian $-bond spreads this week.
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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.
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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.
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KWG Property: Proposed KWG 2020 At IPT of 10%

Worth Watching: 13 Nov 2018, 11:42 PM ET - KWG Property ("KWG"; Bond Ratings: B/B2/BB-) is seeking a new Reg S 2-year bond at an initial price target ("IPT") of 10% area. During the investor call just now, KWG said it plans to issue $250-300 mn, with net proceeds intended for the refina ..

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")?
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Asia Credit Calendar: Week of 5 November 2018

Strategy Analysis: 02 Nov 2018, 3:12 AM ET - Events this week include State Bank of India's 1HFY19 results, Noble Group's restructuring meetings and foreign reserve data from China.  Singapore markets will be closed on Tuesday for Deepavali.

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 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. 
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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.

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