[ 收藏 ] [ 打印 ] [ 关闭 ]
Property Press Briefing
发布时间:2020-7-7 10:36:17 来源:

Sales commentary, not BofA research



l  Y’day: NKY +1.83%, HSI +3.81%, SHCOMP +5.71%, KOSPI +1.65%

l  Overnight: Dow +1.78%, SPX +1.59%, Nasdaq +2.21%

l  CN: Fostering “healthy” bull mkt a/f pandemic is more important to eco than ever (Securities Times)

l  CN: June saw # new retail investor a/cs 30%MoM at some brokerage firms.

l  CN: Some OTC lender start to offer up to 10x & 20x leverage for stock & futures trading, respectively.

l  US: Equities surged as ISM non-manuf’g index to highest since Feb + on China rally

l  US: Fauci Says Vaccines Likely to Offer Only ‘Finite’ Protection (BBG)

l  US-CN: Trump considering exec orders tgting CN, manufacturing & immigration, chief of staff said

l  US-CN: Google, Facebook, Twitter Pause HK Data Requests (BBG)

l  UK-CN: Ambassador Liu said China does not rule out blocking Hong Kongers leaving for UK

l  UK-CN: CN warns UK will face “consequences” if it chooses to be a “hostile partner” as Johnson's govt prepares to phase out Huawei

l  SINO-India: India & China officials say troops disengaging at tense border

l  CN PROP: Times Neighborhood (9928) seeks up to $103m placement @ HK$10.11-10.4 (5.3-7.9% disc)

l  CONNECT: Southbound net bought $1.2bn yday, most since Mar 23

l  HK: Turnover reached a 2.5 yr high helped by Southbound net inflow of $1.16b

l  HK: Li Ka Shing Foundation bought 1.13m CKA (1113) shrs Jul 2

l  HK: Potential surge in COVID cases.  Press suggesting there may be another 7 local cases

l  JP: Fujitsu says will ½ JP office space in nxt 3yrs; 80,000 staff to primarily WFH >>> thoughts below

l  IN: MetLife leases 295k ft2 office at Embassy Oxygen bldg in Noida, reportedly rent Rs60/ft2.



Finally: paying at restaurants will probably look a lot different in future – as the desire to touch menu’s. receipts, pens, & cash diminish.  Contactless dining services are on the rise at numerous restaurants. Customers can scan QR codes that allow them to view the menu & can even order from their phone (lowering the need for wait staff).  Allset, a restaurant ordering app, is seeing a particular boom in interested eateries that want to use their services. (MSN) In Asia, many restaurants already use contactless payment, though I’m yet to see online ordering while dining in.  In mainland China payment is often via Wechat payment or Ali pay. Even I paid for my Wang Fu dumplings via Payme on the weekend.... 




Securities Times said fostering a “healthy” bull mkt a/f pandemic is now more important to the economy than ever.  (Secs Times) >>> Shanghai Securities News is 1 of China’s 3 most widely circulated financial dailies & owned by Xinhua. It posted this comment in a front-pg editorial.

June saw # of new retail investor a/cs 30%MoM at some brokerage firms. Some OTC lender start to offer up to 10x & 20x leverage for stock & futures trading, respectively. (Secs Times)

Ningbo expands HPR areas & restricts mortgage loan’s approval. Jun home px 1.33%MoM. (The Paper)

100 cities avg home price 0.53%MoM to Rmb15,461/m2 in Jun. (CN Daily)

1H primary home sales YoY growth top 5: Shao guan (32%), Wenzhou (24%), Hangzhou (21%), Chengdu (12%), Xiamen (12%). (E-house)

1st case of leasing apt built on collective land now begins operation in Beijing, operated by Vanke. (CREB).

Shimao acqd stakes in Hopson’s 2 Beijing projects, recently won by Hopson @ land price Rmb76k/m2 & 74k/m2. (Guandian)

Taihoe defaulted on a medium term notes coupon payment as poor contracted sales & cash collection. (The Paper)

China logistics: goods delivered 2.2%YoY by val to Rmb96.9trn in 5M20, narrowed from 4.2% in 4M20. (CN Daily)

China invests Rmb1b into construction of Xiongan New Area, incl infra, ecological protection etc. (CN Daily)

Yuzhou Jun contract sales Rmb12b w/ GFA 704,371m2, 1H Rmb42.9b w/ GFA 2.6m m2. (Co)

Yanlord Land Jun contract sales Rmb10.9b (+60%YoY), GFA 305k m2 (+15%). 1H Rmb30b (+65%), GFA 831k m2 (+31%). (Co)

Kaisa (1638) Jun contract sales +30.4% on yr

Evergrande (3333 HK): We estimate roughly $300m worth remains in the borrow pool. Yesterday exchange stats indicates that $96m of Evergrande was short sold. Borrow starting to get tight & rates rising

Hong Kong/Macau

Li Ka Shing Foundation bought 1.13m CK Asset shrs @ avg HK$47.0373/sh July 2. Li Ka-shing’s stake to 35.30% from 35.27%, Victor Li’s stake to 35.37% from 35.34%. (HKEX)

Landlords step up promotion efforts at malls to encourage spending as HK govt hands out HK$10,000 / person fiscal relief in early-Jul. (HK01) >>> Hysan offers cash rebate up to 15% (up to HK$15,000 worth of vouchers) for shoppers. SHKP launched various promotion campaigns by giving out up to HK$3,000 worth of vouchers at its malls.

# of retail street shop prop transactions 50% to only 1,409 in 1H20, per Midland, value HK$21.18b, 70% YoY. Xpcts transaction volume to rebound in 2H20 to almost 3,000. (Takung Pao)

Wheelock prices 2nd 80 units in Koko Hills resi proj for HK$20,328-24,937/ft2. Start sales Jul 11. (HKET)


Ascendas REIT Chairman Mr Lim Hock San retires; appoints Dr Beh Swan Gin as Chairman, effect 6 Jul. (Co)

Springleaf Tower lvl22 office fl up for sale via expression of interest, guide px S$26m. The twr is owned by Macquarie Global Property Fund II. (Straits Times)

Australia / New Zealand

Dexus Australian Logistics Trust (Dexus holds 51%) acqs 2 industrial props in NSW, VIC for A$173.5m. (Co)

Charter Hall Retail REIT sells Pemulwuy + West Ryde Mktplace to interests associated w/ Primewest for A$91.5m @ 1% disc to Dec ’19 book val. (Co)

Ford Australia pre-committed to a 51,480m2 warehouse facility in MAB / GPC’s Merrifield Biz Park in Melb’s northern suburbs. (AFR)


Fujitsu to cut Japan office space by 50% over the nxt 3 yrs; encouraging 80,000 office workers to primarily work from home in what it termed a “Work Life Shift for the new normal.”  >>> HQ bldg is Mitsui Fudosan's bldg in Shinagawa but they have many offices nationwide owned by various landlords.  Lots of big tenants have been making comments about cutting space only to sign new leases or be in the market for more space shortly afterwards (IBM, GOOGL, Microsoft etc) - ie its bad news, but maybe not quite as bad as this would suggest.

Bank of Japan’s stake in Nippon Building to 9.28% from 8.21%. (Kabutan)

Bank of Japan’s stake in Np Accom Fund to 9.25% from 8.19%. (Kabutan)

Nomura Secs’ stake in Tokyo Tatemono to 7.32% from 6.02%.

BBG reporting the BoJ ETF lending program has faced a slow start due to lack of demand, & casting ambiguity on its attempt to ease the side effects of continued ETF purchases. The amount lent since the start of the program is at Y10.3b, 0.03% of Y32.8TR funds held by BoJ. BoJ purchasing pace has significantly slowed in May/June, but continues at annualized pace of Y7TR.


Hines / India’s DNR to jointly devp a 20-storey, 1mft2 office twr in Bangalore. (Mingtiandi)

MetLife leases 295k ft2 office at Embassy Oxygen bldg in Noida, reportedly rent Rs60/ft2. (India Times)

Welspun 1 Logistics plans to invest Rs9b to dev a 110-acre warehousing park near Mumbai. (India Times)


Chinese tech behemoth Alibaba plans to open its 3rd cloud data center in Indonesia by nxt yr. (Jakarta Post)


Malaysia central bank xpct to cut interest rates to historic-low 1.75% nxt wk, per Reuters poll. (Star)


Philippines reports 2nd highest # of cases in Asia at 46,333.  11 hospitals in Metro Manila report 100% utilization of beds assigned to Covid19 patients but is only 30% of hospital capacity.  The allotment can be tweaked.  Govt has decide Metro Manila’s quarantine status before Wednesday next week.




* My pa holdings: BAC US, 1 HK, 6 HK, ST SP

Sarah Cooper

Managing Director

Global Head, Real Estate Equity Sales
BofA Securities
55/F Cheung Kong Center, 2 Queen's Road Central, Hong Kong

T 852.3508.4938 M 852.9301.1149

Bank of America Securities logo



标题 日期 阅读/下载
   Property Press Briefing 2020-7-7
[ 收藏 ] [ 打印 ] [ 关闭 ]