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Longfor

Longfor Properties ("Longfor") is an integrated residential and commercial property developer in China, targeting the mid-to-high end market segments. The company has a key presence in Pan Bohai Rim (35.1% of 1H18 total attributable land bank), Yangtze River Delta (19.3%) and Western China (33.8%) regions. In 1H18 alone, Longfor acquired 42 new plots in 5 new cities bringing its attributable land bank to 45.5 mn sqm. The company was established in 1994 by Chairperson Wu Yajun and her then-husband Mr. Cai Kui. The couple divorced in 2012. Madam Wu is the 3rd richest woman in China (source: Hurun Rich List 2017) and ranked 24th in the China Forbes List 2017. Longfor is listed on the Hong Kong Stock Exchange with a market capitalization of HKD 102.2 bn ($13.0 bn) as of 11 October 2018. Longfor's shareholders include Chairperson Wu (43.96%) via Charm Talent Investment (also known as the Wu Family Trust), her ex-husband Mr. Cai (26.05%) via Junson Development (also known as the Cai Family Trust), and other financial institutions and the public (29.99%). (11 Oct 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.

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 Weekly: Evergrande, Ever So Grand

Asia Weekly: 02 Nov 2018, 3:49 AM ET - Evergrande came to market with a 3-tranched jumbo-sized issue of $1.8 bn, which led to a sell-off in Chinese real estate bonds. The existing Evergrande 23s and 24s fell close to 7 points this week.

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.
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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. 
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Longfor 1H18 Call Notes: Better 2H18 Expected

Company Meetings: 12 Sep 2018, 1:08 AM ET - We had a conference call with Longfor Group last week. We maintain our Market perform recommendation on the Longfor bond complex, owing to bond supply risk, though we expect Longfor to deliver a stronger 2H18 results.

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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Longfor Prelim 1H18: Marginally Weaker But No Alarm

Earnings Note: 21 Aug 2018, 2:58 AM ET - Longfor reported a better set of P&L results for 1H18 compared to 1H17. However, total debt grew faster than its total revenue, leading to marginal deterioration in its gross leverage and gearing. 

Asia Credit Calendar: Week of 20 August 2018

Strategy Analysis: 17 Aug 2018, 2:36 AM ET - The 1H18 earning season continues for Chinese issuers. 13 Chinese property developers, 4 Chinese industrial companies and 4 Chinese financial institutions 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?

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