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Property Press Briefing
发布时间:2020-9-7 11:32:50 来源:

Sales commentary, not BofA research



l  Friday: NKY -1.11%, HSI -1.25%, SHCOMP -0.87%, KOSPI -1.15%

l  Dow -0.56%, SPX -0.81%, Nasdaq -1.27%

l  US sold off despite better than xpctd macro data w/ both NFP & unemployment rate beating

l  US: NFP 1371k vs 1350k est, Unemployment rate 8.4% vs 9.8% est

l  US: Djokovic defaulted from US Open

l  SINO-US: Trump admin weighs blacklisting China's SMIC (981); Co says it has no ties w/ China military

l  SINO-US: China may dump US treasuries as tensions flare reports Global Times

l  CN: Xi vows CN to firmly open up; supports BJ free trade zone

l  CN: Vows to expand stock connect in further mkt opening

l  CN: Shanghai Stock Exchange has a pipeline of REIT trial projects

l  CN:: COLI (688) Aug contract sales +18% YoY

l  CN: COGO (81) Aug contract sales -13% YoY

l  CN: Sunac (1918) Aug contract sales +25% YoY

l  CN: Shimao (813) Aug contract sales +37% YoY

l  CN: Seazen (1030) Aug contract sales -16% YoY

l  SINO-INDIA: India & China agree to ease tension on border

l  SINO-INDIA: India, China talks to ease border tensions end inconclusively again

l  HK: 4 prop mgt stocks tradable via stock connect from today: 1995 HK, 9909 HK, 9928 HK, 9983 HK

l  HK: Fri/Sat/Sun new local cases:  7/7/15

l  HK: 1.02m tests concluded in universal testing (as of Friday, this identified 8 cases)

l  HK: CK Asset (1113) plans to sell 2 properties in Shanghai, Beijing

l  JP: Softbank group falls most in 4 months after option trade report



Finally: 5 ways AI is transforming logistics: (Medium)

1. Big Data. High volume of structured & unstructured data lets co’s adopt advanced predictive analytics & increased automation which drives strategic decisions.

2. Robotics can substitute workforce - able to locate, move, sort, & track inventory augmenting capabilities of the modern workforce.

3. automation of warehouse mgt & optimize supply chain planning. Machine learning èless time establishing detailed stock movement predictive analytics & overall productivity of pick-&-pack processes.

4. Autonomous vehicles. AI lets vehicles perceive/predict chngs in its envt w/ help of sensing tech.

5. CRM: AI in logistics can increase customer loyalty & retention through personalization of touch points.  


Demand for Grade A office space 45% in 2Q20 in APAC, per Cushman & Wakefield. (EP)


Shanghai Stock Exchange has a pipeline of REITs trial projects focusing on express ways, warehouses / industrial parks. Technical preparation for REITs trials xpctd to be ready Oct. (Sina)

CBIRC: need to prevent over-financialization of prop mkt, besides reiterating “house is for habitation, not for speculation”. (Wind)

CBIRC fined Minsheng Bank >Rmb100m due to financing for devrs to aid land purchase. (CBIRC)

MOURD: to promote higher construction standardization & specialization, encourage application of prefab bldgs.(Paper)

4 rental apt operators went bust in last wk; 6 cities issued notice re risk involved in leasing apts. (Sina)

New home sales volume 28% YoY in 16 major cities last wk, led by strong gwth in T1 (GZ, SH) & T3 (small sample) cities, per CREIS. (CREIS)

Evergrande launched promotion campaign in Sep-Oct. Offering 30% disc (& even larger disc online), aiming at Rmb100bn contracted sales for each mth in Sep-Oct. (Baidu)

Evergrande Aug contract sales Rmb51.5b (+7.7%YoY), GFA 5.3m m2 (+18.5%YoY). Jan-Aug Rmb451b (+22%YoY), GFA 49m m2 (+43%YoY). (Co)

CKA reportedly to sell a resi project in Beijing + Upper West Shanghai project, total val Rmb50b. Sunac China intends to buy (Standard)

Hangzhou rolls out new measures:  3yr residency for parents staying w/ their children in the city b/f allowing home purchase. (SCMP)

Shenyang rolls out new measures: down payment for 2nd home to 50%. (Paper)

Guangzhou eases homes purchases for HK & Macau residents. (Standard)  Allows HK/Macau residents to use their properties to back mortgage loans from HK/Macau banks. Centaline xpcts # of GBA property buyers from HK +20% after recent favorable policies.

Shimao outlook revised to +ive on stable operations, improving leverage by S&P; 'BB+' affirmed. (S&P)

Sunac Aug contract sales Rmb64b, GFA 4.6m m2; 8M Rmb312b, GFA 22.3m m2. (Co)

Shimao Aug contract sales Rmb29.6b (+37%YoY), GFA 1.7m m2 (+41%YoY); 8M Rmb169b (+19%YoY),  GFA 9.6m m2 (+22%YoY). (Co)

COLI Aug contract sales Rmb28.8b (+17.6%YoY), GFA 1.37m m2 (9%YoY); 8M Rmb222b (+2%YoY), GFA 12m m2 (0.4%YoY). (Co)

Hong Kong/Macau

CCL Index 0.72%WoW, Mass Index 0.93%WoW, Small & Medium Index 0.91%WoW, & Large Index 0.31%WoW. (Centaline)

Taikoo Place named as winner at 2020 ULI Asia Pacific Awards for Excellence. (Co News HQ)

SHKP: Townplace SOHO launches the 3-fl communal space links w/ Townplace Kennedy Town. (Co)

Goldin Fin doesn’t have info that shld be disclosed but has not been disclosed re media reports it raised HK$8.7b w/ aid from CK Asset. Unit Goldin Factoring will sell its entire issue shr capital & sh/ldr’s loan to Power Alpha for HK$2.05b, then cease to be subsidiary. (Co)

Kerry plans to redevp Kerry Hung Kai warehouse in Cheung Sha Wan into 3,647-unit residence. (Standard)

38 new homes sold over w/e (HKET, HKET) SHKP sold 10 units @ Regency Bay, Tuen Mun (HKET)

Sunac (1918 HK) as a potential buyer for CKA (1113 HK)’s assets disposal (Caixin) CKA may plan to sell 2 projects in BJ & SH, worth ~Rmb50bn. Sunac reportedly a potential buyer. Would seem inconsistent w/ deleveraging if they were tho. 

Sino land to launch nearly 1,000 apartments for sale in Q4 (HKEJ) 3 projects. 1st should be Silversands in Ma On Shan (160 units), then URA project in Mong Kok (Sino 60%) (300 units), & JV w/ Wheelock + 3 other dvprs in Cheung Sha Wan (Grand Victoria) (Sino 22.5%). + will cont to sell high-end units at St. George’s Mansions.

Rent yld of high-end apts to 1.8% (HKEJ) Per R&V, rent yld of large units (>1,722 sqf) only 1.8% in July as price 1.65% MoM. Rent for large apts 6.9% in 7M20 while prices 9.3% (vs. 1.5% for HK overall).

3 presale consents issued in Aug (HKEJ) Lands Department did not receive any pre-sale applications in Aug; issued 3 consents with 555 units in total: Wetland Seasons Park Phase 3 (SHKP; 318 units), To Shek Street Phase 1 (SHKP) & Villa La Plage in Tuen Mun (Poly; 41 units)

Nearly 1,800 new homes waiting to be sold (Apple Daily) Due to 2H19 social unrest + pandemic in 2020, dvprs have now accumulated nearly 1,800 new units waiting to be launched. Inc CKA’s Borrett Road & SHKP’s Central Peak projects.

Daryl Ng, Deputy Chair of Sino Group, admits providing funding for HK Community Foundation (Apple Daily)

At least 289 people arrested on Sun @ rallies re postponed election day (SCMP)


Frasers Centrepoint Trust to acq remaining 63.1% in Asia Retail Fund for S$1.06b. To be funded by S$1.39b equity private placement. Also seeking to divest Bedok Point for S$108m. (Co, BT)

Merger may be bad deal for CapitaLand Commercial investor. (React) (BBG)

Singapore starts fast lane for essential biz & official travel w/ S. Korea. (BT)

Parkway Life REIT will join FTSE EPRA NAREIT Global Developed Index a/f biz close on Sep 18. (BT)

City Devts sells 16 units at Nouvel 18 at avg S$3,100/ft2 special promotional prices, mostly to Chinese. (EP)

Keppel DC REIT gets S$150m 6yr revolving credit facility. (Co)

COLI & CSC Land’s Bukit Timah condo Verdale attracts 268 viewings during w/e preview launch. (BT)

Quarz, Black Crane ask Sabana REIT trustee to form opinion whether mgr failed to follow trust deed terms. (BT)

NED of Soilbuild REIT mgr Lim Chap Huat signs term sheet for possible transaction of interests. (BT)

Ascott: new partnerships w/ Capitastar & Credit Cards to offer more perks to Ascott Star Rwrd Mbers. (Co)

Australia / New Zealand

AMP Capital’s Diversified Prop Fund to sell a landmark office park in Syd's Macquarie Park for A$300m. (AFR)

Former Academy Twin Cinema in Syd to be transformed into a 100-plus-key boutique hotel. (CRE)

Mirvac CFO Shane Gannon, Retail Head Susan Macdonald to leave. (Co)


Bank of Japan purchases Y1.2b of J-REITs on Sep 4. (BBG)

Daiwa House considering to establish Y300b logistics fund, >70% in 3 major metropolitan areas. (Nikkei RE)

Ichigo Office total portfl occupancy 97.9% in Aug, 1ppt YoY. Office assets’ 98%, 1.1ppt. (Co)

Keiji Hanawa's stake in Ki-Star RE to 49.46% from 48.41%. (Kabutan)


India's unemployment rate to 8.4% in Aug. (India Times)


IHG anncs 200-key Hotel Indigo at Pantai Indah Kapuk in Jakarta, to open in 2022. (Hotel News Resource)


Philippine Competition Commission green-lit DMC’s acqn of Makati-based office bldg assets of PLDT. Incl 2 Smart Towers + their 2,400m2 lot in Makati City. (BW)

Filinvest preparing to put up senior dollar bonds abroad, proceeds to invest in infrastructure projects. (BW)


Vietnam resumes flights to some Asian cities as curbs on biz travel ease, incl Guangzhou, Seoul, Vientiane, Phnom Penh, Taipei & Tokyo. (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



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  Property Press Briefing 2020-9-7
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