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Property Press Briefing
发布时间:2020-7-29 11:39:00 来源:

Sales commentary, not BofA research

 

MOST IMPORTANT TODAY:  All eyes on HK Props, where short interest in some names is very significant (Wharf REIC 11.9% freefloat on borrow, 23 days to cover!).  Props were strong overnight in US & Europe.   Likely a combination of things including covering into month end, EU yield scarcity with the ECB bank div news & US rent collection data from NAREIT showing improvement, even for retail.  I imagine the Macau news will be taken well as a blueprint for GBA.  Combined with the charts found here I would be re-examining underweight positioning today. We’ve added Link REIT to our sales Asia Alpha list.  Love to discuss.

 

Headlines

l  Y’day: NKY -0.26%, HSI +0.69%, SHCOMP +0.71%, KOSPI +1.76%

l  Overnight: Dow -0.77%, SPX -0.65%, Nasdaq -1.27%

l  GOLD: futures touched $2,000 for the 1st time

l  PROPERTY:  US Vanguard real estate ETF jumped 2%

l  US: Fed extended 7 of its 9 emergency lending programs by 3mths to Dec 31

l  ECB: anncd div ban for Eurozone shld be extended to 31 Dec 2020 from 1 Oct 2020. (Reuters)

l  SINO-US: CN vows measures a/f US blacklists entities over Xinjiang

l  CN: Reports 89 new virus cases in XinJiang, 8 in Liaoning

l  HK: Reports 98 new local coronavirus cases (142 local day prior)

l  GBA: Macau residnts allowed Guangdong travel; Quarantine exemption extended to all GZ (Macau biz)

 

 

Finally:  If you read just 1 thing today make it THIS.  Here’s 1 explanation.

Charts source: HKU Med   https://covid19.sph.hku.hk/

 

China

China's economy to grow 2.5% in 2020: per Bloomberg. (China Daily)

Shanghai 2Q office rents 3.7%QoQ to Rmb286.4 ($41.03)/m2 per mth despite leasing uptick. (Mingtiandi)

Nanjing rolls out new rules for lottery house purchase: talents, rigid demand family (who don’t have a housing) have priority. (The Paper)

Wang Xiangming was appointed as Chairman China Resource Group.  Chair Fu Yuning retires. (The Paper)

Kaisa acq’d a resi site in Qingpu district, Shanghai for Rmb1.6b, fl price Rmb26,679/m2. Other bidders incl Jinmao, Sino-Ocean, Greentown, Seazen. (The Paper)

Hong Kong/Macau

HK retailer association asking for turnover rent only for multiple mths. (SCMP)

HK Ferry / Empire puts 185 units in Seacoast Royale resi project, Tuen Mun up for sale Sat, HK$11,961-17,035/ft2. Received 3,000 subscriptions.  (HKET)

SHKP puts 55 units in Regency Bay resi project, Tuen Mun up for sale Fri, HK$15,372-21,012/ft2. (HKET)

Singapore

M+S secures S$1.95b green loan for Marina 1 mixed use devt. Proceeds will partially finance Marina One's office & retail components, which are valued @ S$5b. M+S is 60% owned by Khazanah Nasional + 40% by Temasek. (Edge Prop)

Ascendas India Trust posts 1H DPU of 4.64c vs 3.75c; makes higher provision for doubtful debts. Total prop income 3% to S$99m, NPI 1% to S$73.5m. (Biz Times)

CapitaLand Retail China Trust 1H DPU S$0.0302. 1H NPI S$65.3m, income available for distribution S$35.3m. (Co) 

Ascott Residence Trust 1H DPS 69%YoY to S1.05c. Revenue 16% to S$208.5m, gross profit 28% to S$88.6m. (Biz Times)

Ascott Residence Trust agr’d to sell Ascott Guangzhou + Citadines Didot Montparnasse Paris serviced apts for S$191.4m ($138.8m). To realise total est’d net gains S$23.2m; S$19.4m from GZ + S$3.8m from Paris. (Edge Prop)

ARA Logos 2Q DPU 0.4%YoY to S1.326c. Gross revenue 4.3%YoY to S$29m, NPI 7%YoY to S$21.9m. (Biz Times)

Australia / New Zealand

ASX-listed BlackWall to buy back WOTSO co-working hub operation. (AFR)

Charter Hall sold its entire 5% hldg in Waypoint REIT for A$2.61/sh, totaling A$101.6m. Charter Hall will receive a distribution of A7.41c per WPR share for the half yr ended June 30. Charter Hall Long WALE REIT also sold its entire 5% hldg in WPR for the same price. (Kalkin)

Cromwell / IGIS buys 7 DHL logistics assets in Italy for A$85.7m. Cromwell will fund from existing cash reserves. The assets will then form the seed portfl for a new Cromwell European Logistics Fund which will be focus on core+ logistics assets in Benelux, France, Germany & Italy w/ GAV A$650m-A$800m. (Co) 

Ingenia buys 100% interest in new build ready 163-site greenfield community in Ballarat, VIC. 1st residents xpctd to move in from May ‘21.  Will incl a pool, gym, community hall, caravan parking.  + optioned adjoining 3.3ha site for A$4.3m for an add’l 90 home sites. (Co

Japan

Ichigo Hotel Revises 2021 Jan Earnings F/cs. Operating rev 1.1b (27% from prev f/c), Operating profit 472m (40.7%), NI 259m (56%), DPS 1015 (56.4%). (Co) 

Hulic 2Q operating income est 15.07b, net income est 9.35b, net sales est 66.46b. FY operating income est 104.45b, net income est 66.89b. net sales est 419.67b. FY div est 38.86. Shrs 26.7% YTD. (BBG) 

Mitsui Fudosan bought back 5.46m shrs for ~10b during Jul 1-27. (Co)  

India

CapitaLand starts building 9.3ha IT park along Chennai’s IT corridor in India. The 9.3ha IT park has 4.6mft2 devt potential for premium Grade A office space. (Biz Times)

Ascendas India Trust 1H DPU 24%YoY to S4.64c. NPI Rs3.86b 2%YoY  (S$73.5m1%YoY). (Co) 

Korea

Sejong's apt px 0.97% WoW Jul 14-20, largest among all cities in the country. Long-term housing rental deposits 0.99%WoW. (Korea Joongang Daily)

 

 

* 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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