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Powerlong

Established in 2003, Powerlong Group ("Powerlong") is a property developer in China headquartered in Shanghai. The company primarily builds and sells residential properties mainly in Tier-2 cities, targeting the mid-mass market segment. Powerlong also develops investment properties, mainly shopping malls, provides after-sales property management services, and operates hotel business. The company had 84 projects across China, among which 52 projects (62%) were located in the Yangtze River Delta, as of 31 December 2017. Total land bank stood at 14.1 mn sqm, of which Hangzhou, Hainan and Shanghai accounted for 15%, 13% and 12% respectively. Powerlong is listed on the Hong Kong Stock Exchange with a market capitalization of HKD 18.9 bn (~$2.4 bn) as at 21 May 2018. Mr. Hoi Kin Hong, a Macau entreprenuer, is the company's founder, chairman and the largest shareholder (45.95%). Mr. Hoi Wa Fong, CEO and the son of Mr Hoi Kin Hong, held 14.69% as at 15 May 2018. Ms. Hoi Wa Fan, the daughter of Mr Hoi Kin Hong held 4.64%, while other financial institutions and the public held 34.72% as at 21 May 2018. (30 May 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.

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")?

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.

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 Weekly: Trading Sideways

Asia Weekly: 10 Aug 2018, 3:46 AM ET - Asian $-bond spreads traded sideways this week after a swift rebound from the high in mid-July.  The BAML Asia ex-Japan $ investment grade index remained flat, while the high yield index tightened by 2 bp. 

HK/SG Conference 2018: Indo vs. Chinese Developers

Transcript: 31 Jul 2018, 10:58 PM ET - Indonesian versus Chinese Developers: Where is the value?

Asian New Issuance 1H18: Half-Time Hiatus

Strategy Analysis: 16 Jul 2018, 3:36 AM ET - Issuance has dipped amid the sell-off in Asian credit markets, but the 1H18 totals are still high by historical standards. Investor risk appetite is low, but we expect IG and China property issuance to remain steady. 

Asia Credit Calendar: Week of 16 July 2018

Strategy Analysis: 13 Jul 2018, 4:59 AM ET - China will be releasing a number of economic data points next week. Central China Real Estate's $200 mn 6% 2018 bond will mature next Monday.

China Property Navigator 2Q18: Liquidity Crunch?

China Property Navigator: 04 Jul 2018, 5:01 AM ET - Will Chinese developers face a liquidity crunch, on the back of rising average cost of debt and the recent NDRC rule on limiting offshore bond proceeds?

China Property Navigator 2Q18: Housing Policies

China Property Navigator: 03 Jul 2018, 6:18 AM ET - China maintained its restrictive policy stance in most cities. More tightening measures were imposed in lower Tier-2 cities while fine-tunings were made at the district level. 

Asia Weekly: Bank Indonesia Raises Repo Rate

Asia Weekly: 18 May 2018, 1:42 AM ET - Asian $-bond spreads showed some respite after a fierce sell-off that lasted 4 weeks. The 10-year US treasury yield reached a 7-year high of 3.1% while Bank Indonesia raised its 7-day repo rate yesterday to combat currency depreciation.

Asia Corporate Recommendations: May 2018

Asia Corporate Recommendations: 02 May 2018, 5:42 AM ET - Last month's changes include Baidu 2019 and 2020 (Outperform), Jimao 2022 (Market perform), rest of Jinmao $ complex (Underperform), Yanlord 2022 (Outperform) and Lippo 2026 (Underperform). 

China Property Navigator 1Q18: Macros in Pictures

China Property Navigator: 02 May 2018, 4:05 AM ET - The cost of land in Tier-1 cities is still rising, but housing restrictions have managed to keep Tier-1 home prices flat. Home prices are still rising in lower-tier cities which have less restrictive policies. 

China Property Navigator 1Q18: FY17 Rankings

China Property Navigator: 29 Apr 2018, 10:54 PM ET - This is the 4th part of our 5-part 1Q18 China Property Navigator. We rank the 13 developers we cover. Longfor Properties topped the charts again in our relative ranking approach, while Greentown was ranked last. 

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