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Property Press Briefing
发布时间:2020-8-14 12:38:24 来源:

Sales commentary, not BofA research



l  Y’day: NKY +1.78%, HSI -0.05%, SHCOMP +0.04%, KOSPI +0.21%

l  Overnight: Dow -0.29%, SPX -0.2%, Nasdaq +0.27%

l  US :equities lower as stimulus talks continue to drag but better jobless claims helped

l  US: Initial Jobless claims 963k vs 1100k est. 1st time below 1m since mid March

l  Sino-US: Kudlow says Trump admin 'satisfied' w/ CN purchase progress; CN hopes US will create conditions for implementation of Ph1 deal; Trump says CN giving US farmers largest order ever seen

l  SINO-US: Pompeo says Trump exec orders 'broader' than just Tiktok & Wechat hinting at more action

l  SINO-INDIA: India said poised to ban Huawei, ZTE from 5G network trials

l  CN: Sanya / Hainan cont to rank 1st in cross-provincial destination cities. July visitors reach 1.1m

l  CN: SOHO China (410) ends talks w/ potential overseas investors

l  CN: Evergrande enters HK$23.5b strategic invsmt to  prop mngt biz. 14 investors incl Alibaba, Tencent

l  HK: Swire Prop raises 1H div to HK$0.30/sh from 0.29

l  HK: HSI index review tonight. Alibaba & Meituan may be added -cld see downweights elsewhere

l  HK: Li Ka Shing bought 400,000 shares CK Asset (1113) Aug 10,11

l  JP: Mitsubishi Estate Logistics REIT to issue 40,500 new units & 2,000 units via 2ndary offering

l  JP: Mitsui Fudosan reportedly sees increased demand for satellite offices

l  IN: Amazon leases 2.8mft2 office space in Bengaluru, Chennai (in Brigade WTC)


Today:  China in focus with lots of news on financing tightening– I’d love any thoughts on this, would be cautious the likes of Agile / Sunac today.  Soho ends talks & Evergrande announces strategic agrmt re its property mgt arm.  In Aust, Goodman just keeps going up. I’d prefer Dexus but seems you don’t agree with me.  Over in India – some big office leasing deals recently.  For Embassy, I’m watching the EPRA announcement on adds/deletes after close of Wed, 02-Sep – if included (now they have an annual report out) this could result in significant buy flow, with a 2nd potential catalyst later in the year if they meet MSCI cut off in Nov.    Have a great weekend. Sarah 


Finally: China to boost smart infrastructure in transport sector, aiming to advance sector's transformation twd digitalization & intelligence, per a guideline issued by the Ministry of Transport. By 2035, China aims to achieve remarkable results in the field, w/ advanced IT playing a key role in empowering transport infrastructure. The Country will set up data centers & network security systems for the sector, while gradually promoting the application of smart trains, self-driving vehicles, & smart ships.  Vowing to expand the application of new energy & new materials, the guideline also put fwd bldg smart roads, intelligent railways, smart ports, & civil aviation, among others.  By using blockchain technology, China will intensify whole-chain oversight on electronic docs, online bizes, & hazardous substances, per the guideline. (Xinhua)






US bizs are not leaving Chinese mkt despite "an unprecedented downturn" in US-China relations, per US-China Biz Council. (Xinhua)

Shenzhen becomes the city w/ the largest proportion of non-locals buying houses: 80% houses were bought by people from other provinces than Guangdong, per Beike. (The Paper)

China Evergrande enters into a HK$23.5b invsmt agreement. The strategic invsmt will introduce a # of renowned strategic investors to Co’s prop mngt biz. The 14 investors incl Alibaba & Tencent. (Co)

Soho China says that all prev discussions w/ potential investors have been terminated. (Co)

China Sth City upgraded to ‘B’ from ‘B-’ by S&P on sustainable fast-churn prop sales; outlook Stable. (S&P)

Hong Kong/Macau




HK still Asia’s most expensive commercial RE mkt as office rents top Tokyo by 56%. (Mingtiandi)

Swire Prop raises 1H div to HK$0.30/sh from 0.29. 1H underlying profit HK$3.75b, operating profit HK$1.47b, revenue HK$6.55b. (Co)




L’Oreal, Foodpanda, & Riot Games will work from JustCo’s new co-working centres at OCBC Centre East & The Centrepoint once they open in Aug & Oct. (Edge Prop)

Ascott offers 'Work In Residence' & 'Space-As-A-Service', optimising the use of space in its props to extend service offerings & strengthen Ascott’s dominant lodging position in the new normal. (Co)

City Devts 1H NI S$3.1m, revenue S$1.07b. Office models will chng slightly to incl more satellite offices but the concept as a whole is still v important b/c it fosters interaction among workers. CDL has seen 10-30% tenants returning to props, & new inquiries are coming in.  There’s a “huge future” for centralized office spaces even as people are still largely working from home, CEO Sherman Kwek said. (Co)

UOL 1H net loss S$82m vs profit S$267.7m YoY. 1H revenue S$908.2m, 28%YoY; gross profit S$343.2m, 39%YoY. UOL believes domestic travel particularly in Australia & China & staycation may help certain hotel segments in near term. (Co)

MFS ceases to be a substantial sh/ldr of Ascendas India Trust, deemed interest to 4.99% from 5%. (Co)

Australia / New Zealand

Goodman FY20 operating profit A$1.06b, 12.5%YoY, operating EPS 57.5cts, 11.4%YoY. Statutory profit A$1.5b. Co’s f/c FY21 operating profit $1,165m, 9.9%YoY, operating EPS 62.7cts / sec, 9%YoY. (Co)

Australia employment 114.7k vs est. +30k & revised prior +228.4k. Unemployment rate at 7.5% vs est. 7.8% & prev 7.4%. (FX Empire) 

Demand of pre-fitted office in Syd 30% since the start of COVID-19 pandemic: JLL. (Commercial RE)

Syd hotel industry reports 57.9%YoY in occupancy rate in Jul. (Hotel News Resource)

Waypoint Raises FY Distributable EPS Growth Tgt, Prices USPP (BBG)  Waypoint REIT upgraded its FY20 guidance for distributable earnings growth to 4-4.25% from 3-3.75%, post capital mgt initiatives & a review of operating expenses for the rest of the financial yr, provided there are no material chngs in mkt conditions as a result of Covid-19 or other events, it says in a regulatory filing.   Inaugural US Private Placement priced w/ $178m of notes to be issued, split across 7-, 10- & 12yr tranches w/ a weighted ave maturity of 9.2 yrs


Mitsubishi Estate Logistics REIT to issue 40,500 new units & 2,000 units via 2ndary offering. Price & proceeds to be determined.  

Mitsubishi Estate Logistics REIT to acq 5 props in Osaka (2), Aichi, Saitama & Miyagi in the form of trust beneficiary interests. Total anticipated acqn price Y28.4b, appraisal NOI yld 4.3%-5.2%.

Mitsubishi Estate Logistics REIT revised f/c for Sep-Feb: operating revenue Y4.2b (25% vs prev f/c), operating income Y2.2b (29%), NI Y2b (26%), DPU Y552 (9.2%) (Co)

Mitsui Fudosan (8801 JP) looks to expand shared offices to other cities in Japan (press) Working style has chnged since pandemic & sees increased demand for satellite offices. Tokyo office vacancy rate to 2.1% at June-end, while its rental office FLEX sees 35% increase in membership numbers in the last 3 mths.

CRE's stake in CRE Logistics REIT to 4.85% from 7.02%. (Kabutan)

Kenedix 2Q NI Y2.27b, 18%YoY; net sales Y9.48b, 64%YoY.  Still sees FY operating income Y16b, NI Y11.5b, div Y17. (Co)


Amazon leases 2.8mft2 office space in Bengaluru, Chennai (in Brigade WTC) & Mumbai (Godrej 2) to expand in India. (India Times)

Japan’s Amperex Technology acqrs 180-acre industrial land in Haryana, India at INR 5.5b. (India Times)

Blackstone APAC Chairman Heady says India a key mkt for Blackstone, Grp invested over $15b since inception in India. (India Times)


SP Setia 2Q net loss RM141.5m vs profit RM138.7m YoY. 2Q revenue RM331.3m,75%YoY. 2Q loss /sh 3.5000 sen. (Edge Mkt)


Jobless population 4%YoY to 1.1m in Jul, highest # since July 1999, per Statistics Korea. (Korea Joongang Daily)




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

Sarah Cooper


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



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  Property Press Briefing 2020-8-14
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