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Shimao Property

Shimao Property Holdings Ltd ("Shimao") is a large-scale property developer in China that specializes in developing mid to high-end residential, retail, office and hotel properties for sale and long-term investment. The company also holds 58.92% of Shanghai Shimao Co Ltd, which is primarily engaged in the development and operation of commercial properties. The subsidiary is a Shanghai A-share-listed company with a market capitalization of RMB 14.78 bn ($2.23 bn) as at 5 July 2018. As of 31 December 2017, Shimao had an attributable land bank of 34.97 mn sqm and 165 projects located in 47 cities. 10.9% of Shimao's attributable land bank was held under Shanghai Shimao, while 3.6% was held under its joint ventures. Shimao is listed on the Hong Kong Stock Exchange with a market capitalization of HKD 66.995 bn ($8.54 bn) as of 5 July 2018. Hui Wing Mau, the Chairman and founder of Shimao, holds 67.88% of the shares of the company, while other financial institutions and the public hold 32.12%. (06 Jul 2018)

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Shimao: Re-tap of Shimao 6.375% at IPT of 7.375%

Worth Watching: 09 Dec 2018, 10:46 PM ET - Shimao Property Group ("Shimao"; Bond Ratings: BB/Ba3/BBB-) is seeking a re-tap of its existing $250 mn Shimao 6.375% 2021 at an initial price target ("IPT") of 7.375% area this morning. The size of this proposed re-tap is said to be around $25 ..
Focused

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 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.
Focused

Asia Credit Calendar: Week of 3 December 2018

Strategy Analysis: 29 Nov 2018, 10:59 PM ET - Shinmao Property will host its 2-day Reverse Roadshow this week. Economic releases from Australia, China, India, Indonesia, Malaysia, South Korea and the United States are also due this week. 

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. 
Focused

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.

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. 

Guangzhou Trip Notes Oct-18: Aoyuan Lianfeng State

Site Visits: 23 Oct 2018, 4:28 AM ET - We visited Guangzhou Aoyuan Lianfeng State (广州奥园莲峰圣境) last week. 
Focused

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.
Focused

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.
Focused

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

Shimao: Proposed 3-Year & Long 5-Year Bonds

Worth Watching: 07 Oct 2018, 11:10 PM ET - Shimao Property Group ("Shimao"; Bond Ratings: BB/Ba3/BBB-) proposed to issue new 3NC2 and long 5NC3 (matures in Jan-24) bonds this morning at initial price targets ("IPTs") of 6.375% and 7.125% area respectively. The net proceeds are intended ..

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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