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Property Press Briefing
发布时间:2020-6-30 16:45:12 来源:

Sales commentary, not BofA research

 

Headlines

l  Y’day: NKY -3.47%, HSI -2.16%, SHCOMP -1.02%, KOSPI -4.76%

l  Overnight: Dow +0.62%, SPX +0.83%, Nasdaq +1.43%

l  US: Some states now considering whether to pause reopenings given 2nd waves

l  US: 2nd wave fears offset as Fed says will start buying individual corp bonds (not just bonds ETFs)

l  SINO-US: US reportedly to allow US co’s +Huawei to work together setting 5G standards

l  SINO-US: Delta Airlines received approval from Shanghai govt to resume flights from June 18

l  SINO-US: Pompeo will meet his China counterpart in Hawaii this wk

l  EU/UK: Agreed to intensify Brexit talks in the coming wks in efforts to reach a deal by end of the yr

l  EU: Challenges China's trade expansion w/ tariff on China subsidies to Egypt-based exporter

l  CN: Commerce ministry said CN's foreign trade faces ing uncertainties & complex & severe risks in ‘20

l  CN: Steps up checks on meat & seafood a/f local mkt outbreak. Pork prices rising

l  HK: Swire Prop (1972) negative H1 profit warning:  Deval of investment props

l  SG: To start phase 2 reopening Jun 19

l  NK: North Korea Says It May Send Military Into Demilitarized Zone

 

 

Finally: How to real estateby Sarah Cooper.  Not me, but w/ wisdom like this she cld probably do my job.

 

Macro / Index / Global

Mall owners Simon Prop, Brookfield + Authentic Brands are reportedly in talks to buy bankrupt dept-store chain J.C. Penney. J.C. Penney last mth filed for protection from creditors under Chapter 11 of federal bankruptcy & is hurriedly working to finalize a biz plan by July 14 deadline, BBG reported. A/f that, Penney cld run out of cash to finance its reorganization. (SGB)

China

 

 

 

 

 

57 of 70 cities new home prices MoM in May. Beijing 0.5%MoM, Shanghai 0.8%MoM, Guangzhou 0.3%MoM, Shenzhen 0.6%.  For 2ndary home price, Beijing 1.8%MoM, Shanghai 0.6%MoM, Guangzhou 0.4%MoM, Shenzhen 1.6%MoM. (The Paper)

Hainan Free Trade Port inked 35 key invsmt projects. French energy giant EDF, SZ Stock Exchnge & China Eastern Airlines were among the participating enterprises. (China Daily)

Hainan province will adhere to “house for living, not for speculation”; ensure that no resi site will be attached to any projects. (The Paper)

Gemdale acq’d a resi site in Shanghai Hongqiao Biz District for Rmb2.9b, floor price Rmb36,100/m2. Site area 58,500m2, planned construction area 80,300m2. (The Paper)

Hong Kong/Macau

Swire Props xpcts ~HK$2.6b loss on revaln of invsmt props ex deferred tax in 1H20, vs ~HK$3.6b profit YoY. Co cites adverse mkt conditions & Covid-19. Profits on sale of invsmt props “are not xpctd to be significant” vs yr earlier, hotel interests are xpctd to make a loss for 1H vs profit yr earlier. (Co)

CKA / MTR may price 1st batch units in Sea To Sky resi project this wk, & launch for sale as soon as nxt wk. 1st batch comprises no <285 units. (HKET)

Singapore

Coronavirus: S'pore to start phase 2 reopening on Jun 19; dining in public, social gatherings of up to 5 people, allowed. Larger public venues w/ high human traffic such as malls & large standalone retail outlets will be subject to capacity limits, & operators must prevent crowds or long queues from building up w/in & around their premises. (Straits Times)

Private-sector economists xpct SG eco to contract 5.8% 2020, w/ 11.8%YoY contraction in 2Q. (Biz Times)

Singapore private home sales rebound 75.5% in May; momentum seen continuing in Jun's 1st wk. Singapore is reopening its economy in phases, but show galleries remain shut until further notice. (Biz Times)

High St Centre up for collective sale w/ S$800m reserve price, land rate works out to S$2,257- S$2,439/ft2 ppr, according to Cushman & Wakefield. Site area 60,299ft2, GFA 466,085ft2. (Biz Times)

Australia / New Zealand

Ardent Leisure says RedBird will invest $80m to acq a 24.2% interest in Main Event Entertainment. Redbird granted add’l 26.8% interest from Ardent Leisure, exercisable b/w July 2022 & July 2024. (Kalkine)

Mapletree Logistics Trust to buy Brisbane warehouse for A$21.25m, initial NPI yld 5.4%. W/ the acqn to be funded by debt, MLT aggregate leverage ratio will stand at a/b 39.4% when the deal is completed - up from 39.3% as at Mar 31. (Biz Times)

Centuria / Auga take over anncd. CNI offer 20NZ cent + 0.392 CNI.AU per AUG NZ sh & val AUG at NZ$1.  AUG.NZ urged sh/ldrs NOT to sell pending independent advise. Borrow trading around the 1.25%. CNI.AU shorts have fallen over 90% in 3 mths but from a v low base, <1 day. (Co)

City Chic will shutter 14 stores a/f failing to negotiate reduced rents w/ landlords. Remaining 92 stores will remain open w/ reduced rents moving fwd + agreed-upon rent reductions for the time spent in hibernation. (Inside Retail)

Japan

Tokyo 2nd-hand apts transactions 38%YoY in May to 1,692 units. The drop is < Apr’s 52.6%YoY. (JPC)

Aberdeen Standard postpones launch of Japan Resi Fund on Covid-19 concerns. The fund tgted a portfl of \100b ($930m) said by local media. (Mingtiandi)

India

India’s retail food inflation to 9.28% in May. (India Times)

Mapletree buys warehouse in Pune for INR3bn. The deal pertains to 0.7m ft2 of logistics park KSH in Pune, part of 1.2m ft2 park that the firm is developing in the Chakan area of the city. (Biz Standard)

Indonesia

Moody's downgraded Lippo Malls Indonesia Retail Trust to B1 from Ba3 as liquidity has weakened, outlook remains negative. (Moody’s)

Malaysia

Malaysian retail trade sales 32.5%YoY in April, per Dept of Statistics Malaysia. (Inside Retail)

The opening of Lendlease’s retail mall w/ a 10-acre rooftop park will be delayed to 2022 as a result of the movement control order (MCO) impacting construction of the megamall. It was originally scheduled to open in late 2021. (Star)  “…declined to say if the tenants who have committed to take up to 50% of the NLA will be walking away if the opportunity avails itself based on their contracts, in light of Covid-19. “We are not able to discuss our commercial terms” but he said “ongoing discussions with tenants are positive.”

Philippines

SM Prime to spend P100m to boost online presence thru upgrade of its e-commerce platform. Co to pay 18.5 centavos /sh div. (GMA)  Says 80b pesos capex plan for 2020 remains intact … but this div has almost been halved.

AGI –moving forward with its gaming expansion plans. Suncity paid US$46m more ($20m paid back in Jan-2020). Funds form part of a US$200m commitment of Suncity for use of AGIs 4.4ha site in Entertainment City where a 182,000sqm hotel + casino complex valued at US$700m to be built, completion xpctd 4Q22.

Thailand

10%-30% of in-mall bizes in Thailand have resumed following reopening of shopping malls on 17 May. (Bangkok Post)

Korea

S. Korean govt proposes over KRW540trn ($447b) budget for 2021. (Korea Joongang Daily)

Taiwan

Supalai bought back 1.98m shrs at Bt15.4-15.7/sh for Bt30.7m on Jun 15. (Co)

 

* 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
sarah2.cooper@bofa.com

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   Property Press Briefing 2020-6-30
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