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Yuzhou Properties

Yuzhou was established in 1994 as a Fujian-based property developer, but has since shifted its headquarters to Shanghai. The company focuses on high-quality residential, retail and commercial developments. The company also develops office buildings, shopping malls and hotels, and retains a portion of them as long-term investments. Yuzhou engages in the property management business for both residential and commercial properties. 97.8% of Yuzhou's FY17 revenue was derived from the sale of properties. Rental income (0.6%), property management fee income (1.5%), and hotel operation income (0.1%) remain a small part of total revenue. As of 31 December 2017, total land bank stood at 11.84 mn sqm. Yuzhou had 92 projects located in 19 cities in the West Strait Region (29.0%), Yangtze River Delta (51.7%), Bohai Rim Region (10.8%), Central China (5.1%) and Guangdong-Hong Kong-Macau Bay Area (3.4%). (08 Aug 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.
Focused

Asia Credit Calendar: Week of 17 September 2018

Strategy Analysis: 13 Sep 2018, 11:24 PM ET - Alibaba will hold a 2-day Investor Day in Hangzhou on Monday and Tuesday. Reliance Communication will hold an AGM on Tuesday. Yuzhou Properties will hold a non-deal roadshow in Singapore to update investors post-1H18 results on Thursday. 

Asia Weekly: Rain After a Long Drought of Issuance

Asia Weekly: 06 Sep 2018, 11:49 PM ET - Asian $-bond markets were weighed down slightly this week by a strong return of investment grade $-bond supply and depreciating Asian EM currencies such as the Indonesian Rupiah. 

Asia Credit Calendar: Week of 27 August 2018

Strategy Analysis: 24 Aug 2018, 3:15 AM ET - 13 Chinese property developers, 12 Chinese financial institutions and 6 Chinese industrial companies will release results next week.

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.

HK/SG Conference 2018: Indo vs. Chinese Developers

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

Asia Weekly: China Sweetens the Deleveraging Pill

Asia Weekly: 27 Jul 2018, 3:50 AM ET - Asian $-bond spreads continued to tighten for a second week in a row after the Chinese government first revealed its intention to inject more liquidity into the market. Asia ex-Japan new issuance also picked up due to improved sentiment. 

Asia Credit Calendar: Week of 23 July 2018

Strategy Analysis: 20 Jul 2018, 12:05 AM ET - The coming week's calendar is relatively light, with mainly economic releases from Asia. Anton Oilfield will be hosting an investor call to provide its 2Q18 Operational Update next week.

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: Asia HY Sell-off, Labour Day Slowdown

Asia Weekly: 04 May 2018, 12:47 AM ET - The recovery in Asian $-bond spreads in the first 2 weeks of April were thoroughly wiped out by the end of this week. Asia ex-Japan new $-bond supply declined further this week partly due to the Labour Day holiday on Tuesday.

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. 

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