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Property Press Briefing
发布时间:2020-9-1 15:41:50 来源:

Sales commentary, not BofA research



l  Y’day: NKY +1.12%, HSI -0.96%, SHCOMP -0.24%, KOSPI -1.17%

l  Overnight: Dow -0.78%, SPX -0.22%, Nasdaq +0.68%

l  US: Stimulus discussions remain at impasse

l  US: FDA cld reportedly grant EUA for vaccine candidate b/f completion of Phase 3 trials

l  SINO-US: Navarro says US will go a/f others, not only TikTok

l  SINO-US: China starts anti-dumping investigation on certain glycol ethers imports from US

l  SINO-AU: CN hits Aust wine w/ 2nd probe as tensions mount; AU TV anchor Cheng Lei detained in CN

l  SINO-INDIA: CN demands India withdraw troops from border to avoid escalation

l  CN: In 'close communication' w/ India over ground issues

l  CN: Sending fighter planes to Taiwan strait every day: UDN

l  IN: Says CN troops violated consensus on Ladakh Border; provocative military movements Aug 29-30

l  CN: Says Czech senate must pay 'heavy price' for Taiwan visit.

l  CN: To make interbank repo rates a key reference for benchmark rates

l  CN: CR Land (1109) files A1 for China Resources Mixc Lifestyle Services Limited

l  HK: Just 7 local cases Monday.   Schools to reopen in phases from Sept 23 (WHOHOOO)

l  HK: Minister warns testing scheme is ‘no joke’ & pranksters cld face police investigation

l  HK: July retail sales out @430pm est -27.4%

l  HK: Li Ka Shing foundation bought 3.33m shares CK Asset (1113) shares Aug25-28

l  HK: Resumes airmail to Canada, US, Montserrat, Tonga, Tuvalu: Airline capacity + countries resume acceptance of OS mail

l  AU: Victoria has 73 new Covid-19 cases Monday: Health Dept

l  S. Korea: Confirms 248 more Covid-19 cases Monday

l  JP: LDP to hold leadership election on Sept 14, JIJI says

l  VN: Vietnam may resume int'l commercial flights from mid-Sept


Today:  With HK now at only 7 local cases & schools now set to reopen next month (yes I celebrated last night) I think some of the more defensive retail laggards like Fortune simply look too cheap & wld buy for ~7% yield.  Grocery likely to again show as an outperforming category when HK retail sales are out later today (Link, Fortune).  The next catalyst for other retail names is likely to be a reopening of borders, but I suspect that is still probably a little way off.  In China the continued press around tightening is keeping investors cautious.  CR Land likely in focus again today as the very well anticipated CR MixC lifestyle services files A1 & indicates great value unlock than anticipated. Is one of largest prop mgt co's, differentiated in commercial mgt, which has a higher margin. CRM delivered >40% ROE since '17.



Finally:  A way to save energy?  Researchers led by Manos Tentzeris have developed an electromagnetic energy harvester that can collect enough ambient energy from the radio frequency (RF) spectrum to operate devices for the Internet of Things (IoT), smart skin & smart city sensors, & wearable electronics. They recently adapted the harvester to work w/ other energy-harvesting devices, creating an intelligent system that probes the envt & chooses the best source of ambient energy to collect. What’s more, it combines different forms of energy, such as kinetic & solar, or electromagnetic & vibration. (Georgia Tech)




PBOC asks 12 prop devrs to submit plans on how to cut debt. They are Country Garden, Evergrande, Vanke, Sunac, Zhongliang, Poly, Seazen, COLI, China OCT, Greenland, CR Land, Sunshine City. (Yicai, Sina)

China resi prop ‘slow gwth’ now, says Longfor CEO Shao Mingxiao, as sales & profits ; China resi prop sales2.1% to Rmb8.1trn 7M20. (SCMP)

China’s couples marry later as home ownership customs delay weddings; 81% in a survey says couples shld buy a home b/f marriage. (Mingtiandi) >>> despite 1st tier cities home prices>57% over past decade.

CR Land’s property mgmt biz Mixc Lifestyle Services files for HK IPO. (Co)

Massive China boost for Tiffany & Co aids return to profit in 2Q20. (Inside Retail)

SCPG opens Shanghai's largest single bldg mall Shanghai Nanxiang Incity Mega in Jiading district. Invsmt Rmb3b($437m), 340,000m2, >400 retail brands. (CN Daily)

Vanke / Zhengzhou (Er’ Qi district) govts set up a joint entity for undertaking municipal mngt. (Sina) >>> Vanke prop mgt has entered 7 cities in this area. SOEs & quasi-SOEs likely have advs getting such work.

COGO / COLI form JV; will engage in prop devts in Mainland China. Total commitment shall not > Rmb18.2b, to be invested w/in 2yrs. (Co)  >>> not new news but vote approaching

Evergrande debt continues to pile up amid cash-flow concerns. Total debt 4% to Rmb835b ($122b) at end-Jun. Net debt swelled to a record Rmb631b on a weaker cash buffer.  Will introduce more spin-offs to lower debts. (Co, BBG) >>> Evergrande in Mar unveiled aggressive tgt to borrowings by 50% in 3yrs. It has since launched a nationwide sales blitz to recoup cash, raised $3b by selling a stake in its service arm & ed spending on land purchases. March '20: “We will use the strongest resolution and the greatest vigor to reduce debt,”   Aug '17:  pledged to cut its net gearing ratio to about 70% by June 2020. ...just saying

China South City recently obtained approval of a Rmb1.4b prop mortgage loan (Rmb830m was a 15yr long-term financing) on the trade centre - Plaza 4 in CSC Shenzhen. Also successful issuance of US$200m in offshore senior notes in early Aug w/ 12x oversubscription. (Sina, Co)

Fitch downgrades Guangzhou R&F’s outlook to -ive from stable as rising refinancing risk on upcoming debt maturities + execution risks related to refinancing plans. (Fitch) The downgrade may prompt price cuts: Credit React. (BBG)

Moody's revises Powerlong's outlook to +ive from stable as strong rev + good profit margins. (Moody’s)

Hong Kong/Macau

Chairman of Midland Agency sees a U-shaped recovery in HK prop mkt. Xpcts HK resi prices 3-5% for FY20, supported by low int rates & peaking new supply. Xpcts 15k primary transactions in 2020 (-49% YoY) & 43k 2ndary transactions (+4% YoY). (HK01)

Police enter 2 malls, issued Covid fines as dozens gathered to mark 1yr since Prince Edward station chaos > 100 officers stopped & searched those in MOKO & Langham Place (owned by SHKP, Champion) Sun. (SCMP)

A mainland buyer bought 31,156ft2 Le Petit Rosedale Hotel in Causeway Bay from ITC prop for HK$460m ($59m), 34% disc from earlier asking price. (Mingtiandi)

Kerry sold #12 house in Mont Rouge proj for HK$160.8m. Total 5 houses sold in Aug for HK$570m. (HKET)

Li Ka Shing Foundation bought 3.33m CK Asset shrs @ avg HK$41.8516 - HK$42.4884/sh Aug 25-28. Li Ka-shing’s stake in CK Asset to 35.49% from 35.40%, Victor Li’s stake to 35.56% from 35.47%. (HKEX)


ESR-REIT mgr says terms of merger w/ Sabana Reit fair; also sees merger is timely given pandemic that has presented a challenging economic & operating envt. A larger & more resilient REIT will be able to navigate crisis better. ESR mgr highlights that scheme consideration payable to Sabana unitholders is based on fixed gross exchnge ratio of 0.94x; says the merger terms are fair & will result in win-win outcome. (Co)

Capitaland redeems, cancels S$350m fixed rate notes due 2020. (Co)

Australia / New Zealand

Mosaic Brands to re-open all non-Victorian Westfield based stores post 10 day lockout in rental dispute. Terms of revised rental not disclosed. Scentre + 5.6%, MOZ +17%. (Inside Retail)

EG ACE Fund acqs a 18,514m2 Ingleburn warehouse in Syd for A$38.2m, yld 5.4%. (Prop Observer)

Goodman proposes to issue max of 3.6m secs @ A$18.20/sh, total A$65m. (Co)


United Urban Dec 1-May 31 Operating rev \23.6b, operating income \10.6b, NI \9.6b, DPU \3,470. (Co)

Leopalace21 to book \4b gain on sale of listed co shrs. (Co)

Moody's affirms Japan Retail Fund's A3 ratings following merger, outlook remains negative. (Moody’s)


Mutual funds invsmt in REITs 3x YoY to Rs7.35b in 1H20, per SEBI. (India Times)

Chennai Metro to construct 12-storey office & retail space at Ekkatuthangal. (India Times)


Lippo Karawaci is in a process to sell a shopping mall to affiliated co for IDR3.5trn. (En24)


Malaysia extends Covid-19 movement curbs until end-2020. (BT)


Philippines’ July unemployment rate to 22.9% from 17.7% in Apr. (Inquirer)


Independent Financial Advisor think reasonable for Amata’s 1) offering of 83m new ordinary shrs to existing sh/ldrs; 2) request for a waiver from mandatory tender offer. (Co)

Asset World signs multi-agreement deal w/ Marriott Int’l for 4 new hotels in Bangkok & Pattaya. (Nation)


S.Korea Jul retail sales val 6%MoM, vs xpctn of 3.5%. (RTT)


Japan’s Fashion retailer 2nd St to launch its 1st outlet in Taiwan. (Inside Retail)


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

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



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