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Property Press Briefing
发布时间:2020-9-3 11:55:25 来源:

Sales commentary, not BofA research

 

Headlines

l  Y’day: NKY +0.47%, HSI -0.26%, SHCOMP -0.17%, KOSPI +0.63%

l  Overnight: Dow +1.59%, SPX +1.54%, Nasdaq +0.98%

l  US: CDC tells states to get ready for Nov. 1 vaccine distribution

l  US: Fed’s Daly says ‘Looking Over Yrs’ for inflation averaging

l  US: McConnell raises doubts on congress getting new stimulus done

l  US: Trump to review fed funds used by cities which `permit' anarchy

l  SINO-US: White House poised to set boundaries of WeChat, TikTok crackdown

l  SINO-US: CN diplomats must get approval to visit US universities / meet local govt officials (SCMP)

l  SINO-IN: India captured strategic outposts in stealth move against China (BBG)

l  SINO-IN: Tencent’s PUBG Banned by India as Tensions W/ China Escalate

l  IN: FTSE EPRA changes announced. Xpct substantial days flow. LMK if you care & I’ll call

l  IN: Smartworks leases 400,000ft2 office space in Bengaluru & Mumbai over 15 yrs

l  HK: 8 local cases Wednesday; To relax more social distancing measures from Friday

l  HK: To extend restaurant dine-services by 1 hr to 10pm; reopen gyms, massage parlors Friday

l  JP: Japan Premier’s Aide Suga announces bid to replace outgoing Abe

l  JP: 596 prelim cases on Wednesday

l  AU: Dexus jumps most in 20 weeks on report Blackstone weighing bid (BBG)

l  S Korea: Confirms 195 more coronavirus cases

l  S Korea: 4 nuclear reactors automatically halted for typhoon

l  SG/ S Korea: Agree on 'fast-track' entry program for biz people amid pandemic

l  SG: Finds 3 new virus clusters in cleared worker dorms

l  TH: Thai premier Prayuth says finance minister quit over illness

 

Today:  Gosh our sector is exciting.  1st, EPRA Sept update announced. 18-Sep close trade. While I can’t share any details, you can hopefully see the chngs HERE.  2 VERY notable additions in terms of days to buy. Can discuss verbally if you care.   2nd, LINK had a good day & I think should continue to do well (& Fortune should catch up).  Link occupancy remained high @96%. Tenant sales well outperforming HK avg, & they’ve seen faster retail sales recovery @ mainland malls. Xpct to benefit from recent relaxation of social-distancing measures in HK too.  3rd In India I am focused long EMBASSY. 6.8% div yld, 13% upside to Kunal’s PO, lots of reasons why WFH doesn’t work in India & some potential upcoming index events.  Finally in Japan I’m quite curious to speak to any holders in MCUBS. Do you own it?

 

 

Finally:  Trash from Baltimore County residents will be used to produce renewable energy as the county starts a project at 1 of its landfills to convert gas created from decomposing waste into electricity. The project is xpctd to generate 13m kWh — enough energy to power 1,600 homes for a yr - annually during the 1st phase. The 2nd phase, xpctd to be completed by yr end, will add a 3rd generator to increase energy production to 20m kWh pa. Landfill waste is the 3rd-largest man-made source of methane, which causes 72x more warming than the equivalent amt of carbon dioxide, according to the Envtal & Energy Study Institute In Washington.  Sean Naron, Baltimore County’s spokesman, said it estimates that the methane emission reductions at the landfill will be the equivalent of reducing gasoline consumption by a million gallons, the removal of 2,000 cars from the road, or planting 12,300 acres of forest. (Baltimore Sun)

 

China

Devrs face potential price war in 2H amid deleveraging ‘red lines’. CN 480m m2 completed but unsold homes at end-Jul, highest in 8mths. (SCMP)   Inventory turnover was 13.3mths, 11.7mths, 10.32mths in tier 1, 2, & 3 cities as of end-July. (CRIC)

Shenzhen proposed to learn from Singapore model on social housing. (STCN)

Shenzhen 2ndary mkt cooling down, transaction volume 15%MoM in Aug.  (Centaline)

Shanghai new home sales 13.4%WoW to 279,000m2 last wk. (SH Daily)

COLI acqd a land parcel in Beijing @ low price Rmb6.9b (Rmb26,118/m2), selling price for surrounding projects > Rmb60,000/m2.  (The paper)

Chinese Devrs ready big prop mgt IPOs: KWG (1813 HK), Shimao (813 HK), Sunac (1918 HK), CR Land (1109 HK). (HKEX)

Restaurant chain Domino's Pizza plans to open ~100 restaurants in CN by end-2020. (CN Daily)

Devrs’ bond issuance ~Rmb800bn YTD. Rmb342bn offshore / Rmb455bn onshore.  (Wind)

Evergrande unit reportedly seeks to sell up to Rmb4b bond in Sept. Tenor 3 or 5yrs, price guidance 4.8-6.8% for 3yrs, 5.5-7.5% for 5yrs. (BBG)

Greentown Real Estate reportedly seeks to sell up to Rmb950m local bonds. Tenors 5yr & 7yr, price guidance 3.3-4.3% & 3.9-4.9% respectively. (BBG)

Guangzhou R&F cancels Rmb2.6b ABS sale plan. The plan also involved CITIC Secs that was initiated on Jun 27, 2019. (Stock Star)

Country Garden Outlook to +ive by S&P as leverage will stay stable; L-T Rating Affirmed at BB+. (S&P)

Country Garden Aug contract sales Rmb61b (+30%YoY), GFA 7.12m m2 (+38%YoY). (Co)

CIFI Aug contract sales Rmb25.6b, GFA 1.8m m2; Jan-Aug Rmb128b, GFA 8.2m m2. (Co)

Gemdale Props Aug contract sales Rmb6.4b, GFA 262,700m2; Jan-Aug Rmb43b, GFA 1.86m m2. (Co)

Hong Kong/Macau

 

Goldin arranged a HK$9bn refinancing package led by CKA, together w/ proceeds from sale of a land in Kai Tak, to pay off maturing loans. (Apple Daily)

Street shop vacancy stood at over 20% for 4 consecutive mths in Central (HK-01)

Total 7,047 HOS units will be offered for sale starting from Sep 10.  Lottery draw to determine buyers is xpctd to take place in Jan, actual unit selection will likely take place in Jun ’21.  Units may be sold @ 40% disc to mkt prices. (HKEJ)

Landlords of HK’s “Ginza-style” commercial bldgs are slashing rents by up to 40% & shifting focus away from restaurants & bars to survive the dramatic downturn in the catering & retail sectors. (SCMP)

Wing Tai sold a unit in OMA by the Sea for HK$31.8m, or HK$22,200/ft2. Both highest in the proj. (HKET)

Data centre invsmt in APAC 7x to $5.7b b/w 2018-20. In 8M20 $1.5b into APAC DC’s, 56%YoY, HK 54% of total. (Mingtiandi)

Singapore

Singapore Jul visitors arrivals 3x MoM to 6,840. (BT)

CapitaLand gets S$200m, 2yr dual tranche SORA-SOFR loan from UOB. Proceeds for GCP. (Co)

A Good Class Bungalow resi redevt land is up for sale by tender w/ guide price S$126.8m. (BT)

Prop portal 99 Group is hiring ~100 add’l technology staff over nxt 12mths to boost its tech workforce. (ST)

Australia / New Zealand

Dexus Jumps Most in 20 Weeks on Report Blackstone Weighing Bid (Bloomberg) - Dexus shares rise as much as 6.1%, the most since April 17, after The Australian newspaper reported Blackstone is said to be considering a play for Australia’s largest office landlord.

Cromwell / Blackrock incorporates 3rd office twr into A$123m project in Chatswood, Syd. Now incl 11-storey twr, flr space >2x 6500m2. (The Age)

Co-working provider Hub Australia to move into 4,000m2 space at Wynyard Twr in Syd CBD. (AFR)

GPT revises Melb CBD resi project into 42-storey office twr. (SMH)

Japan

GLP J-REIT reportedly plans Japan REIT’s 1st sustainability bond. To sell up to Y10b of 10yr sustainability notes in Sep. Proceeds for projects green bldg + evacuation center during natural disaster. (Nikkei)

Sekisui House didn’t repo any shrs in Aug; aggregated repo 1.7m shrs for Y3b up to Aug 31. (Co)

United Urban says tenant AFH Japan G.K. of UUR Tenjin Nishi-dori Bldg postpones termination of lease to Jan 31, 2021 from Nov 11, 2020. (Co)

India

FTSE EPRA INDEX inclusions announced  (18-Sep close trade).

Smartworks leases 400,000ft2 office space in Bengaluru & Mumbai over 15 yrs. (India Times)

Keppel Land / TVS JV to devp a freehold condo project in Chennai. Xpctd to generate Rs5.4b. (India Times)

Indonesia

Moody's placed on review for downgrade Lippo Malls Indo Retail Trust’s B1 corp family rating. (Moody’s)

Malaysia

Prop tech firm PropertyGuru raised add’l S$300m from its largest sh/ldrs TPG Capital & KKR. (BT)

 

 

* My pa holdings: BAC US, 1 HK, 6 HK, ST SP, TEAM US, GOOGL US, AMZN US, 9988 HK

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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