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Asia Weekly: Chinese Builders Rally on NDRC's Move

Asia Weekly: 14 Dec 2018, 12:53 AM ET - Chinese developers outperformed this week. The rally came shortly after the NDRC announced that it would support the onshore bond issuance of companies that fulfill certain criteria.

China Property 2019: Worse Before Getting Better

Sector Outlook: 13 Dec 2018, 10:30 PM ET - We think that the Chinese property sector is likely to slow down at a controlled pace next year. We maintain our defensive stance, and recommend investors to hold the Chinese BBB, BB, and selective single B, short-dated developers.

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.

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.

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.
Focused

Shenzhen Trip Notes Oct-18: Logan Carat Complex

Site Visits: 11 Nov 2018, 11:41 PM ET - We visited Shenzhen Logan Carat Complex (深圳龙光玖钻) recently.  This is an integrated project consisting of apartment-hotels, offices, and a shopping mall. Have some developers found a new loophole to get around the price cap restrictions? 

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: Logan Acesite Park

Site Visits: 08 Nov 2018, 3:55 AM ET - We visited Logan Acesite Park (深圳龙光玖龙台) recently. Phases 1 and 2 are separated by a small park, also part of the project, which gives residents a place to rest and relax. Logan owns a 50%-stake in this project. 

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. 

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.

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 Weekly: White Knight For Wintime Energy

Asia Weekly: 24 Aug 2018, 2:07 AM ET - Asian $-bond spreads have continued to trade sideways since the start of August, after the market rout in June and July. State-owned Beijing Energy Holdings will seek a major shareholding in Wintime's controlling holder Yongtai Group.

Asia Weekly: Bank Indonesia Raises Rates Again

Asia Weekly: 17 Aug 2018, 2:00 AM ET - We approach the peak of Chinese earnings season next week. Primary markets are relatively quiet as a result of the regulatory black-out periods. 

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