CHINA AND HONG KONG RESIDENTIAL MARKETs overview
|
|
- Alexandra Small
- 6 years ago
- Views:
Transcription
1 CHINA AND HONG KONG RESIDENTIAL MARKETs overview Press Conference by Knight Frank 9 Jun
2 CHINA RESIDENTIAL MARKET Presented by David Ji, Director and Head of Research & Consultancy, Greater China 2
3 MACRO ECONOMIC FACTORS Changes of China s GDP, Household Income & CPI 25% GDP Income CPI 20% 15% 10% 5% 0% -5% Source: CEIC / IMF / Knight Frank Research 3
4 MAJOR RESIDENTIAL POLICIES Jun 08, 2012 Jul 06, 2012 The People's Bank of China cut the one-year RMB benchmark deposit and 1-3 year loan interest rates by 25 basis points each. The central government emphasises the continual implementation of differentiated mortgage loan incentives for homebuyers, tax policies and buying restrictions in some cities. May-Sep, 2014 Most secondary cities announced the abolishment of home purchase restrictions, but housing purchase restrictions policies remained firm in tier 1 cities 30 Sep, 2014 Second homebuyers can place the same 30% down-payment as first-time homebuyers, if they have fully repaid the mortgage loan on their first home. 30 Mar, 2015 The minimum mortgage requirement for second-home buyers was lowered from 60% to 40% Mar Jun Sep Jan Mar Jun Sep Jan Mar Jun Sep Dec Jan May 22, 2012 Developers of vacant land with developed area less than 1/3 of total construction area, land with investment capital outlay less than 25% of total investment amount and land on which construction suspended for over a year have to pay 20% of land cost. Mar 01, 2013 A 20% capital gains tax is imposed on pre-owned home sales. This is exempted if a homeowner sells the property after over 5 years from its purchase and the apartment is the only one owned by the family. The down-payment ratio for a qualified family s second home is raised to 70%. Nov 22, 2014 The People's Bank of China cut the one-year RMB benchmark deposit and loan interest rates by 25 basis points and 40 basis points respectively. 4
5 OVERALL HOUSE PRICE SLOWING DOWN SINCE BEGINNING OF % 10% 8% 6% 4% 2% 0% % % -6% -8% Change in average prices for new homes in 70 cities Mar 2013, May - Sep 2014, Additional tax on Abolishing of second hand sale, home purchase stricter mortgage restrictions in most requirement cities Jun 2012, Benchmark interest rate cut by 25 basis points Mar 30, 2015, Year on year Month on month Relaxation of mortgage requirement Source: National Bureau of Statistics / Knight Frank Research 5
6 residential PRICE DECLINES in 70 major Chinese cities Monthly residential price change in 70 major Chinese cities 70 No. of cities that recorded no house price change No. of cities that recorded house price increase No. of cities that recorded house price declines Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Source: National Bureau of Statistics / Knight Frank Research 6
7 Housing sales value RMB (million) Housing sales by value Y-o-Y growth Growth (%) 2,000,000 The first four months in 2015 saw 3.7% drop YoY. 80% 1,750,000 70% 1,500,000 60% 1,250,000 50% 1,000,000 40% 750,000 30% 500,000 20% 250,000 10% 0 0% , % -500,000-20% -750,000-30% Source: National Bureau of Statistics / Knight Frank Research 7
8 DEVELOPERS PULLED BACK RESIDENTIAL STARTS Floor space (million sqm) 1,600 First Half Second Half In 2014, China residential housing starts fell 14.4% year on year. 1,400 1,200 1, Source: National Bureau of Statistics / Knight Frank Research 8
9 LUXURY HOME PRICES remained stable thanks to shortage Q = 100 Beijing Shanghai Guangzhou Hong Kong Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q Source: Knight Frank Research 9
10 The 10 best-performing Mainland Cities after policy easing Rank Mainland cities Month-on-month change 1 Shenzhen 1.8% 2 Beijing 0.8% 3 Shanghai 0.7% 4 Wenzhou 0.7% 5 Hangzhou 0.4% 6 Guangzhou 0.4% 7 Jinhua 0.4% 8 Shijiazhuang 0.3% 9 Nanjing 0.3% 10 Wuhan 0.3% Source: National Bureau of Statistics of China / Knight Frank Research Note: Monthly price change for newly constructed homes in April
11 Residential sales surged after policy easing 60% 50% 40% 30% 20% 10% 0% -10% Jan - March (Y-o-y change) Jan - April (Y-o-y change) -20% Source: National Bureau of Statistics / Knight Frank Research 11
12 NUMBER OF MONTHS NEEDED TO CLEAR INVENTORY Number of months Source: National Bureau of Statistics / Knight Frank Research 12
13 China residential property market outlook in 2015 City / sector Urban districts Sub-urban districts H H forecast 2015 full year forecast 2015 full year forecast First-tier cities Second-tier cities Luxury 2% 3% 4-6% Mass 1% 2% 2-3% Luxury 1% 1% 2-3% Mass 2% 2% 4-5% 1-2% 5-7% Source: Knight Frank 13
14 Hong Kong Residential Market Presented by Thomas Lam Senior Director, Head of Valuation & Consultancy
15 The most expensive locations for luxury homes Monaco Hong Kong London New York Singapore Sydney Shanghai Paris Los Angeles Beijing Moscow Tokyo Mumbai Dubai HK$36, ,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 HK$ per sq ft Source: Knight Frank 15
16 The most expensive locations for luxury homes Rank City Residential price (HK$ per sq ft) Year-on-year change 1 Monaco 42, % 2 Hong Kong 36, % 3 London 34, % 4 New York 21, % 5 Singapore 18, % 6 Geneva 18, % 7 Sydney 17, % 8 Shanghai 15, % 9 Paris 14, % 10 Los Angeles 12, % Source: Knight Frank 16
17 A review of major property policies in Hong Kong Oct 13, 2010 Introduced "My Home Purchase Plan" Nov 20, 2010 Introduced Special Stamp Duty (SSD) on all residential transactions Jun 10, 2011 Lowered LTV ratios for residential mortgages, applicable to oversea buyers Oct 12, 2011 Announced the resumption of Home Ownership Scheme Jan 1,2013 Saleable area of the second-hand residential units are forced to be disclosed. Feb 22, 2013 Introduced Double Stamp Duty (DSD) rates to all property types. Lower LTV ratios for nonresidential mortgages by 10 pp Mar 1, 2013 Scrapped the application list system, scheduled land sales every quarter starting from April April 29, 2013 The Residential Properties (First-hand Sales) Ordinance came into full effect Feb, 2015 Lowered LTV ratios for self-used residential properties valued under HK$7 million from 60-70% to 60% Jun Feb 24, 2010 Max. stamp duty rate increased to 4.25%. No deferred stamp duty payment allowed Aug 13, 2010 Lowered maximum loan-to-value (LTV) ratios, required banks to stress-test mortgage applicants Jun Jun Sep 2012 Introduced "Hong Kong Land for Hong Kong People" policy Oct 29, 2012 Introduced Buyer s Stamp Duty (BSD) on non-permanent residents and corporate buyers. SSD extended and the rates are raised April 29, 2013 The Residential Properties (First-hand Sales) Ordinance which aims to shield buyers from dishonest sales practices came into full effect Jun May, 2014 Government proposed to relax the "six-month" timeframe for owners who wish to upgrade their flats. Buyers do not need to pay DSD if their old unit is sold within six months of signing a formal agreement 17
18 Timeline of major changes in Stamp Duty rates No SSD 20 Nov 2010 SSD 15% 6 months 10% 6-12 months 5% months 27 Oct 2012 BSD 15% for non-pr & company purchases SSD 20% 6 months 15% 6-12 months 10% months 23 Feb 2013 DSD Original standard rates generally doubled BSD 15% for non-pr & company purchases SSD 20% 6 months 15% 6-12 months 10% months 13 May 2014 DSD Exemption period extend to start after official contract BSD 15% for non-pr & company purchases SSD 20% 6 months 15% 6-12 months 10% months Nov Jan Jan Oct Jan Feb Jan May Note: the above is a simplified summary 18
19 Applicability of various new stamp duties Property type SSD BSD DSD Maximum LTV Residential u u u 40%-60%* Office u 30%-40% Retail u 30%-40% Industrial u 30%-40% Car park spaces u 30%-40% Note: 1) The above is a simplified summary mortgage applicants whose residential properties are non-self-use or company held, or whose income are mainly derived from outside HK have lower maximum LTV ratios. 2) On 27 February 2015, the maximum LTV ratio for self-use residential properties valued under HK$7 million is lowered from 60-70% to 60%. 3) If the principal income of the mortgage loan applicant is not derived from Hong Kong, the maximum LTV ratio for residential properties valued over HK$10 million is 40%. 4) For all non-self-use residential properties, the maximum LTV ratio is 50%, regardless of property values. 19
20 Hong Kong Residential sales volume & price Residential Sales (no. of units) 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5, SARS Property Sales Transaction Property Price Index Price Index (1999 = 100) 2008 Global Financial Tsunami 2011 June HKMA further mortgage tightening 2010 Nov SSD 2013 Feb DSD + Lower LTV 2012 Oct BSD+SSD extended and intensified 2013 Apr Firsthand Sales Ordinance 2015 Feb Lowered LTV ratio for self-used homes under HK$7 million 2014 May DSD exemption period extended Source: Rating and Valuation Department / Knight Frank 20
21 Luxury & mass residential price index Index (Jan 2007 = 100) 300 Luxury Mass In the first five months of 2015, luxury residential prices have increased by 1.4%, while mass residential price have increased by 7% Source: Knight Frank / Public sources 21
22 Primary & secondary residential sales No of transactions 160, , , ,000 80,000 60,000 40,000 20, ,931 * 2015 figures until April Source: Land Registry, Knight Frank 115,092 Primary 135,778 84,462 88% 86% 90% 87% Secondary 81,333 84% 50,676 78% 63,807 74% 12% 14% 10% 13% 16% 22% 26% 67,000 75% F 160% 140% 120% 100% 80% 60% 40% 20% 25% 0% 22
23 Share OF RESIDENTIAL SALES TRANSACTIONS BY CONSIDERATION No. of units 90,000 < HK$1 m HK$1 m - < HK$2 m HK$2 m - < HK$3 m HK$3 m - < HK$5 m HK$5 m - < HK$10 m > HK$10 m 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10, * > HK$10 million 9% 9% 10% 12% 11% * As at 2015 Q1 Source: Land Registry, Knight Frank 23
24 DISTRIBUTION OF RESIDENTIAL SALES TRANSACTIONS BY Flat size No. of units 90,000 <400 sq ft sq ft sq ft 801-1,200 sq ft >1,200 sq ft 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10, * < 600 ft 67% 71% 69% 72% 71% * As at 2015 Q1 Source: MWPIC, Knight Frank 24
25 Share of Mainland buyers in HK luxury residential market 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Share of Mainland buyers of Hong Kong private residential units worth HK$12 million or above Share of overall sales consideration Share of overall sales volume 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H * Source: Public sources / Knight Frank Note: Estimated figures 25
26 Share of Mainland buyers in HK luxury residential market 90% 80% 70% 60% 50% 40% 80% 30% 20% 50% 10% 0% 17% > 12 million Top 30 deals Top 10 deals Note: % of luxury transactions in first 6 months of 2015 Source: Public sources / Knight Frank Top deals by consideration 26
27 GENERAL AFFORDABILITY Home Price (HK$ Million) Average Home Price Affordability Ratio Affordability Ratio Note: Affordability Ratio= monthly mortgage payment / average private household monthly income, assuming 20-year repayment period Source: Rating and Valuation Department / Knight Frank 27
28 Impact on Affordability if Mortgage rate changes Mortgage rate changes + 0 bps (2.5%, current level) +100 bps (3.5%) +200 bps (4.5%) +300 bps (5.5%) +400bps (6.5%) Monthly repayment (for every HK$1 million) % increase from current level HK$ 5,300 - HK$ 5, % HK$ 6, % HK$ 6, % HK$ 7, % Note: Assume home price remains unchanged at current level and a 20-year repayment period Source: Knight Frank 28
29 Hong Kong residential yield under pressure 8% 7% 6% 5% 4% 3% 2% Source: Rating and Valuation Department / Knight Frank 29
30 COMPLETION OF RESIDENTIAL UNITS IN HONG KONG No. of units 40,000 35,000 30,000 25,000 20, average completion = 24, average completion = 28, average take-up = 20, estimated average completion = 19,300 15,000 10, average completion = 11,700 5,000 0 Source: Rating and Valuation Department / Knight Frank 30
31 estimated residential COMPLETION from 2015 to 2020 New Territories 60,000 Yuen Long (52%) 14,000 (12%) Kowloon 38,000 (33%) Kai Tak 12,000 (10%) Islands 4,300 (3%) Hong Kong Island 13,700 (12%) Tseung Kwan O 15,000 (13%) 116,000 units in total from 2015 to 2020, ~ 19,300 units / year Source: Knight Frank, Public sources 31
32 Hong Kong residential prices and rents outlook Property sector 2015 forecasts Luxury residential prices 2-5% Luxury residential rents 1-2% Mass residential prices 5-10% Mass residential rents 5-10% 32
33 Q & A
34 Hong Kong 4/F Shui On Centre 6-8 Harbour Road Wanchai Hong Kong Tel Fax Shanghai 17/F Eco City 1788 West Nanjing Road Jing an District Shanghai PRC Tel Fax Macau Suite A, 16th Floor Edificio Great Will No 665 Avenida da Praia Grande Macau Tel Fax Taipei 5/F, No 1 Songzhi Road Xinyi District Taipei City 110 Taiwan (ROC) Tel Fax Beijing Suite 302, Tower E1, Oriental Plaza No 1 East Chang An Avenue Dong Cheng District Beijing PRC Tel Fax Guangzhou Unit 3306, Tower B, China Shine Plaza 9 Linhe Xi Road Tianhe District Guangzhou PRC Tel Fax Disclaimer This document and the material contained in it is general information only and is subject to change without notice. All images are for illustration only. No representations or warranties of any nature whatsoever are given, intended or implied. Knight Frank Research will not be liable for negligence, or for any direct or indirect consequential losses or damages arising from the use of this information. You should satisfy yourself about the completeness or accuracy of any information or materials. Copyright This document and the material contained in it is the property of Knight Frank Research and is given to you on the understanding that such material and the ideas, concepts and proposals expressed in it are the intellectual property of Knight Frank Research and protected by copyright. It is understood that you may not use this material or any part of it for any reason other than the evaluation of the document unless we have entered into a further agreement for its use. This document is provided to you in confidence on the understanding it is not disclosed to anyone other than to your employees who need to evaluate it. Knight Frank Research
National real estate sales volume normalize to 2.3% YoY in 2M18. Low inventory level to mitigate the risk of sharp property price correction
Industry Report China Property 1 APRIL 2018 Contacts Dagong Global Credit Rating (HK) Co. Ltd Tel: (852) 3615 8605 contact@dagonghk.com National real estate sales volume normalize to 2.3% YoY in 2M18 National
More informationPROPERTY INSIGHTS. Market Overview. Decentralised office leasing gains pace. Hong Kong Quarter 1, DTZ ofice rental index ( F)
PROPERTY INSIGHTS Hong Kong Quarter 1, 213 Market Overview Decentralised office leasing gains pace In Q1 213, overall office net absorption increased quite substantially and reached 417,688 sq ft, thanks
More informationSlower take-up but most prices continue to rise
PROPERTY INSIGHTS Singapore Quarter 1, 211 Slower take-up but most prices continue to rise Market Overview Following a 14.5% GDP growth in 21, the economy is forecasted to grow by 4-6% in 211. While interest
More informationWeekly Property Sales Flash (13-19 February 2012) 20 February 2012
China/Hong Kong China Property Weekly Property Sales Flash (13-19 February 2012) 20 February 2012 Recovery now more likely Property sales in ten major Chinese cities continued to recover over the past
More informationQ HK$billion Total exports. Feb HK$billion Private Consumption Expenditure. HK$billion Q Dec 2010 Feb 2011 %
PROPERTY INSIGHTS Hong Kong Quarter 1, 2011 Market Overview Hong Kong s real GDP increased by 6.2% year-on-year (y-o-y) in Q4, whereas the growth is primarily driven by merchandise trading and financial
More informationPROPERTY INSIGHTS. Market Overview. Office take-up rebounded. Hong Kong Quarter 3, 2012
PROPERTY INSIGHTS Hong Kong Quarter 3, Market Overview Office take-up rebounded Benefited from higher Great A office take-up in decentralised markets, overall net absorption increased significantly from
More informationCNH Market Monitor 29 MARCH 2011 HIGHLIGHTS IMPORTANT NEWS
CNH ket Monitor 29 MARCH 20 HIGHLIGHTS The Hong Kong Exchange and Clearing Ltd (HKEx) has confirmed that 241 of the 350 brokerages that participated in simulated trading of CNH-denominated securities are
More informationPROPERTY INSIGHTS. Market Overview. Central s rental drop slows. Hong Kong Quarter 2, 2012
PROPERTY INSIGHTS Hong Kong Quarter 2, 212 Market Overview Central s rental drop slows While office rents in Sheung Wan/Central/ Admiralty dropped 3.3% quarter-on-quarter (q-o-q) to reach HK$17 (US$13.7)
More informationPROPERTY INSIGHTS. Market Overview. TMT sector emerges as a new driver of office market. Citigold. Hong Kong Quarter 3, 2013
PROPERTY INSIGHTS Hong Kong Quarter 3, 2013 Citigold TMT sector emerges as a new driver of office market Market Overview In Q3, leasing demand for office softened, and Figure 1 overall net absorption within
More informationRMB internationalization:
RMB internationalization: Recent Development and headwinds Alicia Garcia-Herrero Chief Economist for Emerging Markets, BBVA Key points 1 Why is China pushing to internationalize the RMB? 2 Recent development
More informationPRIME LONDON MARKET UPDATE
PRIME LONDON MARKET UPDATE 5 July 2018 Tom Bill Head of London Residential Research Prime London performance, pricing and volumes, drill down into PCL Outlook and impact of external factors like Brexit
More informationPROPERTY INSIGHTS. Market Overview. Investors active amid improved market sentiment. Citigold Private Client. Hong Kong Quarter 4, 2013
Citigold Private Client PROPERTY INSIGHTS Hong Kong Quarter 4, 213 Investors active amid improved market sentiment Market Overview This quarter, about 891, sq ft of new office space was completed, bringing
More informationProperty. Mashreq. Economic Overview. Wealth Gauge.
FOR THE PRIVILEGED FEW Mashreq Volume 10 June 20 Economic Overview As per the National Bureau of Statistics, the economic growth in UAE for 20 stands at 5.2 which was well supported by Trade & Tourism,
More informationAsia Bond Monitor November 2018
7 December 8 Key Developments in Asian Local Currency Markets T he monetary board of the Bangko Sentral ng Pilipinas decided to keep its key policy rates steady during its final meeting for the year on
More informationEconomics Hong Kong chart book HKD rates are sensitive to rising USD rates
Economics Hong Kong chart book HKD rates are sensitive to rising USD rates Group Research 11 October 218 Samuel Tse Economist Please direct distribution queries to Violet Lee +6 6878281 violetleeyh@dbs.com
More informationExecutive Summary. July 17, 2015
Executive Summary July 17, 2015 The Revenue Estimating Conference adopted interest rates for use in the state budgeting process. The adopted interest rates take into consideration current benchmark rates
More informationAgricultural Bank of China (1288.HK)
Agricultural Bank of China (1288.HK) Asset scale increased largely Bloomberg Reuters POEMS 1288.HK 1288.HK 1288.HK Industry: Financial Strong growth of intermediate business incomes with larger capital
More informationHKU Announced 2014 Q3 HK Macroeconomic Forecast
Press Release July 3, 2014 HKU Announced 2014 Q3 HK Macroeconomic Forecast Hong Kong Economic Outlook The APEC Studies Programme of the Hong Kong Institute of Economics and Business Strategy at the University
More informationKingsoft. Small deal is big win for WPS Office. December 31, Breaking Events. Maintain BUY
Relative Value (%) Equity Research December 31, 2013 Kingsoft Small deal is big win for WPS Office Breaking Events Maintain BUY What happened Kingsoft announced several connected transactions, including:
More informationHKU announces 2015 Q3 HK Macroeconomic Forecast
Press Release HKU announces 2015 Q3 HK Macroeconomic Forecast July 7, 2015 1 Overview The APEC Studies Programme of the Hong Kong Institute of Economics and Business Strategy at the University of Hong
More informationRelease date: 14 August 2018
Release date: 14 August 218 UK Finance: Mortgage Trends Update June 218 House purchase activity slows in June but remortgaging activity remains high Key data highlights: There were 34,9 new first-time
More informationMacro outlook March 2019
Macro outlook 219 March 219 Asia: Brace, brace Asia has started to loose some steam of late PMI manufacturing orders (3 mma) 54 53 52 51 5 49 48 47 46 Dec-11 Aug-12 Apr-13 Dec-13 Aug-14 Apr-15 Dec-15 Aug-16
More informationMortgage Trends Update
Mortgage Trends Update UK Finance: Mortgage Trends Update December 218 of first-time reaches 12-year high in 218 Key data highlights: There were 37, new first-time buyer mortgages completed in 218, some
More informationGlobal Real Estate Capital Markets
Global Real Estate Capital Markets Real Estate Data as of 2Q 2017 Economic/Capital Markets Data as of September 2017 Jon H. Zehner Presentation to ULI Scotland Thursday 28 September 2017 LaSalle Investment
More informationChow Tai Fook (1929 HK)
Equity Research Consumer Discretionary Chow Tai Fook (1929 HK) Accumulate Target price: HK$11.60 3QFY15 sales disappoint SSS plunge 21% YoY in HK and Macau The sluggish sales was attributable to protest
More information2017 ANNUAL RESULTS PRESENTATION
2017 ANNUAL RESULTS PRESENTATION March 2018 Disclaimers These materials have been prepared by Future Land Development Holdings Limited and its subsidiaries (the Group ) and have not been independently
More informationFantasia Holdings Group Co., Limited
Credit Opinion 22 May 2017 Fantasia Holdings Group Co., Limited Hong Kong Category: Rating Type: Industry: Long-term Credit Rating: Rating Outlook: Corporate Rating Solicited Rating Property Development
More informationPROPERTY INSIGHTS. Market Overview. Finance sector active once again in Central. Citigold. Hong Kong Quarter 1, 2014
PROPERTY INSIGHTS Hong Kong Quarter 1, 2014 Citigold Finance sector active once again in Central Market Overview The finance sector was very active in Central and continued to be the most active demand
More informationMSCI Overseas China Index: Early Inclusion Proposal
MSCI Overseas China Index: Early Inclusion Proposal July 7, 2014 Summary MSCI proposes to allow early inclusions of companies with Initial Public Offerings (IPOs) that are of significant size to the MSCI
More informationSingyes Solar (00750.HK/750 HK)
Singyes Solar (00750.HK/750 HK) Margin decline not a concern for earnings growth HK$12.64 Outperform Maintained 1 Huei-chen Flannery 2 852.2878.4270 3 hueichen.flannery@kgi.com Company update Estimate
More informationYuexiu REIT (405 HK)
Equity Research Property Yuexiu REIT (405 HK) Buy (initiation) Target price: HK$5.90 Premium investment property portfolio, attractive dividend yield; initiate at Buy First HK-listed China property REIT,
More informationShui On Land Limited
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationJun Kristi Shalla Head, Investment Promotion. Copyright Invest Hong Kong, HKSAR
Jun 2017 Kristi Shalla Head, Investment Promotion Copyright Invest Hong Kong, HKSAR GLOBAL SUPER CONNECTOR 340 container services per week shipping services connect to 470 destinations worldwide 4hrs Most
More informationRiding the cycle Finding opportunities in a complex market China real estate in 2018
For professional clients / qualified / institutional investors only. Riding the cycle Finding opportunities in a complex market China real estate in 218 By: Hayden Briscoe, Head of Fixed Income, Asia Pacific
More informationYuexiu Property [0123.HK]
Sep11 Oct11 Nov11 Dec11 Jan12 Feb12 Mar12 Apr12 May12 Jun12 Jul12 Aug12 September 27, 212 Yuexiu Property [123.HK] INITIATE COVERAGE: VALUE TO UNLOCK We initiate coverage of Yuexiu Property with a BUY
More information06 July 2007 Flash Comment
06 July 2007 Flash Comment CR Power (0836.HK) Acquisition of Jinzhou Power Plant Expected Return Rating : Reduce Price (05/07/07) : HK$19.50 Target Price : HK$16.66 Expected Capital Gain : -14.6% Expected
More informationASF Hong Kong Market Report
HONG KONG ECONOMY ASF 2016 - Hong Kong Market Report Background As everyone knows, Hong Kong has a very good geographic location, it is surround by sea and backup by a huge China market. HK has taken a
More informationThe Korean Economy: Resilience amid Turbulence
The Korean Economy: Resilience amid Turbulence Dr. Il SaKong Special Economic Advisor Adviser to the President Republic of Korea November 17, 17, 2008 November 17, 2008 1. Recent Macroeconomic Developments
More informationSal. Oppenheim European Financial Conference
Sal. Oppenheim European Financial Conference Zurich November 20, 2007 Renato Fassbind, Chief Financial Officer Cautionary statement Cautionary statement regarding forward-looking and non-gaap information
More information2013 Final Results For the year ended 31 December 2013
Value Partners Group Limited Incorporated in the Cayman Island with limited liability A company listed on the Hong Kong Stock Exchange Stock code: 806 HK 2013 Final Results For the year ended 31 December
More informationSINGAPORE HOUSING MARKET STUDY
SINGAPORE HOUSING MARKET 218 STUDY Executive Summary Singapore residential market on recovery with house prices bottoming out and implementation of government property cooling measures Investors investing
More informationSEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL GENERAL
4 August ASEAN manufacturing PMI fell below 50 in July Drop in Asean s manufacturing PMI may be due to seasonal factors IHS Markit s ASEAN Manufacturing Purchasing Managers Index (PMI) fell to 49.3 in
More informationSTRATEGIES FOR THE RESIDENTIAL MARKET TURN
Zac Tang Assistant Manager Research Hong Kong +852 2822 0578 zac.tang@colliers.com STRATEGIES FOR THE RESIDENTIAL MARKET TURN A decade-long streak of rising prices comes to an end Summary & Recommendations
More informationUnravel the complexities of RMB Internationalisation The Rising Role of RMB- A Corporate Perspective 24 May 2012 PUBLIC
Unravel the complexities of RMB Internationalisation The Rising Role of RMB- A Corporate Perspective 24 May 2012 1. RMB Internationalisation Overview A Global Trade Currency A Global Investment Currency
More informationOutlook for Global Real Estate
Outlook for Global Real Estate Global economy recovering despite uncertainty GDP growth varies across regions and countries Percent 2 15 Emerging economies 1 World 5 Forecast Percent 2 Middle East and
More informationSpheria Australian Smaller Companies Fund
29-Jun-18 $ 2.7686 $ 2.7603 $ 2.7520 28-Jun-18 $ 2.7764 $ 2.7681 $ 2.7598 27-Jun-18 $ 2.7804 $ 2.7721 $ 2.7638 26-Jun-18 $ 2.7857 $ 2.7774 $ 2.7690 25-Jun-18 $ 2.7931 $ 2.7848 $ 2.7764 22-Jun-18 $ 2.7771
More informationDAC Short Term: $10,000 Growth from Inception
DAC Short Term: $10,000 Growth from Inception $10,900 $10,909 $10,800 $10,700 $10,600 $10,500 $10,400 $10,300 $10,200 $10,100 $10,000 11/2014 02/2015 05/2015 08/2015 11/2015 02/2016 05/2016 08/2016 11/2016
More informationCOMPANY / INDUSTRY NEWS
June 27, 2016 Company background. Shun Tak Holdings, which was listed on the main board in 1973, is a conglomerate with businesses including property, transportation, hospitality and investment. Most of
More informationEconomic and housing outlook for New South Wales. Warwick Temby, Acting Chief Economist HIA Industry Outlook Breakfast Sydney, August 2017
Economic and housing outlook for New South Wales Warwick Temby, Acting Chief Economist HIA Industry Outlook Breakfast Sydney, August 2017 Risks to residential building moving from global to local World
More informationFunding Crisis in China s Property Market
Orient Capital Research January 21, 217 Orient Capital Research Andrew Collier, Managing Director 852-953-4348 andrew@collierchina.com Juilice Zhou, Analyst, Shanghai Pat Chan, CFA, FRM Hong Kong Funding
More informationEMERGING TOWNS & CITIES SINGAPORE LTD. 2Q2017 Corporate Presentation
EMERGING TOWNS & CITIES SINGAPORE LTD. 2Q2017 Corporate Presentation 1 This presentation may contain forward looking statements that involve risks and uncertainties. Actual future performance, outcomes
More informationFinancial Results for the 6 Months ended June July Results Overview Capital Management Portfolio Performance AEIs Strategy
Financial Results for the 6 Months ended June 2018 27 July 2018 Results Overview Capital Management Portfolio Performance AEIs Strategy 1H2018 Results Overview HK$ M 1H 2018 1H 2017 YoY Change Excluding
More informationFY2017, FY2018, FY2019 Economic Outlook - Firm outlook on both domestic and overseas economic growth remains unchanged -
REVISED to reflect the 2 nd QE for the Oct-Dec Qtr of 2017 FY2017, FY2018, FY2019 Economic Outlook - Firm outlook on both domestic and overseas economic growth remains unchanged - March 8, 2018 Copyright
More informationHKU announces 2014 Q4 HK Macroeconomic Forecast
Press Release October 8, 2014 HKU announces 2014 Q4 HK Macroeconomic Forecast Hong Kong Economic Outlook The APEC Studies Programme of the Hong Kong Institute of Economics and Business Strategy at the
More informationShui On Land Announces 2010 Annual Results
Press Release Shui On Land Announces 2010 Annual Results Three-Year Plan Accelerates Property Development and Property Sales Total properties handed over increased by 64% to 398,000 sq.m. Turnover was
More informationChina Property Monthly
Research Sector Report China Property Monthly Hong Kong China GFA sold declined by 6.9% yoy as of April GFA sold declined by 6.9% yoy as of April. According to China NBS, as of April 2014, real estate
More informationRelease date: 16 May 2018
Release date: 16 May 218 UK Finance: Mortgage Trends Update March 218 Remortgaging market softens in March after busy start to year Key data highlights: There was 51bn of new lending to first-time in the
More informationAsianBondsOnline WEEKLY DEBT HIGHLIGHTS
AsianBondsOnline WEEKLY 9 January 7 asianbondsonline.adb.org Key Developments in Asian Local Currency Markets Consumer price inflation in Indonesia eased to.% year-on-year (y-o-y) in December from.6% y-o-y
More informationChinese domestic iron ore
Chinese domestic iron ore How much will survive? Ian Roper Commodity Strategist June 215 For important disclosure information please refer to the last page of this presentation. 2 21 22 23 24 25 26 27
More informationHong Kong: Will service exports shine again?
Jackit Wong Senior Economist jackitwswong@hangseng.com Thomas Shik Acting Chief Economist thomasshik@hangseng.com Hong Kong: Will service exports shine again? Since the end of the global financial crisis,
More informationPROPERTY INSIGHTS. Market Overview. Slowdown prelude to weaker Singapore Quarter 4, Average office gross rents in Raffles Place
PROPERTY INSIGHTS Singapore Quarter 4, 211 Market Overview Slowdown prelude to weaker 212 Economic activity in Singapore slowed in Q4 211, bringing the full-year economic growth to an estimated 4.8%, in
More informationLuk Fook (590 HK) Hold (downgraded) Target price: HK$ HFY18 results beat, but downgrade from Accumulate to Hold on rich valuation
Equity Research Consumer Discretionary Luk Fook (590 HK) Hold (downgraded) Target price: HK$34.80 Albert Yip, CFA SFC CE No. ADT599 albertyip@gfgroup.com.hk +852 3719 1010 GF Securities (Hong Kong) Brokerage
More informationHong Kong Market Report
Hong Kong Market Report Asia Securities Forum Jeffrey Chan Hong Kong Securities Association ECONOMIC PERFORMANCE 2 Key Economic Indicators 2011 2012 Q2 GDP (yoy, %) 4.9 1.5 2.9 1.8 CPI (yoy, %) 5.3 4.1
More informationHKU Announced 2011 Q3 HK Macroeconomic Forecast
COMMUNICATIONS & PUBLIC AFFAIRS OFFICE THE UNIVERSITY OF HONG KONG Enquiry: 2859 1106 Website: http://www.hku.hk/cpao For Immediate Release HKU Announced 2011 Q3 HK Macroeconomic Forecast Economic Outlook
More informationXML Publisher Balance Sheet Vision Operations (USA) Feb-02
Page:1 Apr-01 May-01 Jun-01 Jul-01 ASSETS Current Assets Cash and Short Term Investments 15,862,304 51,998,607 9,198,226 Accounts Receivable - Net of Allowance 2,560,786
More informationDISCLOSEABLE TRANSACTION DISPOSAL OF PROPERTY
The Stock Exchange of Hong Kong Limited takes no responsibility for the contents of this announcement, makes no representation as to its accuracy or completeness and expressly disclaims any liability whatsoever
More informationSEP OCT NOV DEC JAN FEB MAR APR MAY JUN GENERAL
IMF upgraded ASEAN GDP growth forecast for ASEAN economies to benefit from strong economic growth in China The International Monetary Fund (IMF) recently upgraded ASEAN GDP growth projection for in its
More informationHaitong Securities [6837.HK]
July 14, 2015 Haitong Securities [6837.HK] Solid 1H Result Provides Buffer; Margin Financing Risk Manageable We believe a 36% correction of Haitong Securities (HTS) share price since early June has been
More informationREITS Symposium Presentation 19 May 2018
REITS Symposium Presentation 19 May 2018 Important Notice This presentation is for information purposes only and does not constitute or form part of an offer, invitation or solicitation of any offer to
More informationASIA-PACIFIC RESIDENTIAL REVIEW
RESIDENTIAL RESEARCH ASIA-PACIFIC RESIDENTIAL REVIEW April 2013 A NEW WAVE OF COOLING MEASURES COOLING MEASURES TIMELINES ANALYSIS & CONCLUSION 02 ASIA-PACIFIC RESIDENTIAL Review INTRODUCTION A NEW WAVE
More informationAsia Bond Monitor November 2018
January 9 asianbondsonline.adb.org Key Developments in Asian Local Currency Markets L ast week, the Philippines raised USD. billion from the sale of -year global bonds priced at basis points above benchmark
More informationGoing Public Capital Market Services
www.pwccn.com Going Public Capital Market Services Your decision to go public Your decision to go public is a significant milestone in the development of your company, offering the exciting prospects of
More informationCompany Update. Benefiting from using an IP platform. Yuexiu Property (123 HK)
Company Update Ronney Cheung Analyst ronney.cheung@samsungfn.com +852 3411 3709 Wee Liat Lee Analyst weeliat.lee@samsungfn.com +852 3411 3716 Benefiting from using an IP platform WHAT S THE STORY? Event:
More informationYear end 31 Dec E 2010E 2011E Revenue (HK$ mn) 32, , , , ,
SJM (880 HK) Company update Not rated 16 September, 2009 Interim Results 2009: 1H 2009 results overview: In 1H 2009, SJM s gaming revenue decreased by 4.3% to HK$ 14.7 billion and accounted for 99% of
More informationInterim Results Presentation Press Conference 2013/ November 2013
Interim Results Presentation Press Conference 2013/2014 13 November 2013 Operational and Financial Highlights For the period ended 30 September 2013 Revenue HK$3,493M +9.3% yoy Net property income HK$2,517M
More informationRecent Asia experiences with capital flows
Recent Asia experiences with capital flows Rob Subbaraman, Chief Economist Asia Ex-Japan December 2007 Asia ex-japan's total balance of payments % of GDP 10 8 6 4 2 0-2 -4 1996 1997 1998 1999 2000 2001
More informationEmergence of RMB as an International Currency
Emergence of RMB as an International Currency Cindy Lo, Partner Allen & Overy, Beijing Office March 2013 1 Agenda An Overview: the Chinese Government s policy objectives and key regulatory developments
More informationPoly Property (119.HK) 2017 Annual Results Announcement. Mar 2018
Poly Property (119.HK) 2017 Annual Results Announcement Mar 2018 Contents 1. Financial Highlights 2 2. Business Review 8 3. Land Reserve 12 4. Future Outlook 16 5. Appendix 20 1 1. Financial Highlights
More informationChina Economic Outlook 2013
China Economic Outlook 2 Key Developments in Brief - Mild recovery of GDP growth: +8 8.5% - Construction and consumption as main drivers - Inflationary pressure to increase: +3% - Tight labor market and
More informationManchester. Housing Market Study
20 17 Manchester Housing Market Study Execu ve Summary Price and Transactions Timeline (Annual & Monthly) Manchester outpacing most cities in UK in terms of capital appreciation and rental yields Greater
More informationShanghai Market Turning the Corner
Shanghai Market Turning the Corner C. H. Kwan Senior Fellow, Nomura Institute of Capital Markets Research When the Lehman Shock hit major global stock markets in mid-september 2008, the Shanghai Composite
More informationTHE B E A CH TO WN S O F P ALM B EA CH
THE B E A CH TO WN S O F P ALM B EA CH C OU N T Y F LO R I D A August www.luxuryhomemarketing.com PALM BEACH TOWNS SINGLE-FAMILY HOMES LUXURY INVENTORY VS. SALES JULY Sales Luxury Benchmark Price : 7,
More informationAUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN GENERAL
Bank Indonesia cut its reference rate by 25bps to 6.5% This was in tandem with slower global growth and Fed pause on rate Bank Indonesia (BI) unexpectedly cut BI reference rate by 25bps to 6.5% on the
More informationSGX China Equity Index Derivatives Monthly Commentary
5:: PM 5:3: PM 6:: PM 6:3: PM 7:: PM 7:3: PM 8:: PM 8:3: PM 9:: PM 9:3: PM 1:: PM 1:3: PM 11:: PM 11:3: PM 12:: AM 12:3: AM 1:: AM 1:3: AM Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14
More informationHOLD BUY. China Singyes Solar Technologies [0750.HK] Outlook improving but positives largely priced in after recent share price rally
September February 27, 1, 2015 2016 China Singyes Solar Technologies [0750.HK] Outlook improving but positives largely priced in after recent share price rally Singyes s 1H16 earnings growth of 42% YoY
More informationRMBS ARREARS STATISTICS
RMBS ARREARS STATISTICS Australia (Excluding Non-Capital Market Issuance) At February 9, RMBS Performance Watch Australia at February 9, Australia Prime Standard & Poor's Rating Services Mortgage Performance
More informationThe following is the text of an announcement made today by Hang Seng Bank, a per cent owned subsidiary of the HSBC Group. CONNECTED TRANSACTION
Abc The following is the text of an announcement made today by Hang Seng Bank, a 62.14 per cent owned subsidiary of the HSBC Group. 20 May 2010 CONNECTED TRANSACTION ACQUISITION OF PROPERTY AND NAMING
More informationHONG KONG MARKET OUTLOOK 2019 No gloom and doom as property market rebalances
COLLIERS OUTLOOK Daniel Shih Senior Director Research Hong Kong +852 2822 0654 daniel.shih@colliers.com HONG KONG RESEARCH 18 JANUARY 2019 HONG KONG MARKET OUTLOOK 2019 No gloom and doom as property market
More informationASIAN ECONOMIES. Economics, interest rates and currencies chart pack
ASIAN ECONOMIES Economics, interest rates and currencies chart pack Amy Auster Senior Economist Melbourne 2 May 25 E-mail: austera@anz.com Internet: http://www.anz.com/go/economics 1 Major revisions to
More informationThe Hong Kong Economy in Contraction Mode
Irina Fan Senior Economist irinafan@hangseng.com Joanne Yim Chief Economist joanneyim@hangseng.com 22 December 08 The Hong Kong Economy in Contraction Mode Hong Kong is in recession and leading economic
More informationYuexiu Property (123 HK)
Equity Research Property Yuexiu Property (123 HK) Buy (initiation) Target price: HK$1.70 Earnings to resume growth in 2017; initiate at Buy Major Guangzhou developer focused on residential property Previously
More informationChina Sourcing Update
Fung Business Intelligence China Sourcing Update April 13, 2018 Major Price Indicators 1. CPI growth drops in March The year-on-year growth rate of China s consumer price index (CPI) 1 went down from a
More informationRenminbi Internationalisation The Journey Begins
Treasury Division Renminbi Monitor January 2013 Joanne Yim Chief Economist joanneyim@hangseng.com Renminbi Internationalisation The Journey Begins After decades of rapid growth, mainland China has become
More informationIndonesia Economic Outlook and Policy Challenges
Indonesia Economic Outlook and Policy Challenges Daniel A. Citrin Asia and Pacific Department, IMF April 3, 28 Global Financial Stability Map: risks have risen; conditions have deteriorated October 27
More informationHKU announces 2015 Q4 HK Macroeconomic Forecast
Press Release HKU announces 2015 Q4 HK Macroeconomic Forecast October 6, 2015 1 Overview The APEC Studies Programme of the Hong Kong Institute of Economics and Business Strategy at the University of Hong
More informationHousing & Mortgage Outlook. Frank Nothaft Chief Economist May 22, 2018
Housing & Mortgage Outlook Frank Nothaft Chief Economist May 22, 2018 Economic & Housing Outlook Effect of higher mortgage rates Inventory-for-sale remains low Less refinance, more purchase & home-improvement
More informationChina Overseas Land & Investment Ltd.
Rating Announcement 31 July 2018 China Overseas Land & Investment Ltd. Hong Kong Category: Rating type: Industry: Long-term Credit Rating: Rating Outlook: Corporate rating Unsolicited rating Property Development
More informationEconomic Indicators December 2017
Economic Indicators December 2017 General Economy GDP % Change U.S. GDP Growth First two consecutive quarters over 3% in 3 years 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% Last 3 quarters: 3Q17: 3.2% 2Q17:
More informationUnited Energy(HK.0467)
Substantial Growth on Performance, Buy Rating for the First Time Bloomberg Reuters POEMS 0467 HK 0467.HK 0467.HK Industry: Oil & Gas Annual report review Rating: Buy Closing price:1.2 Target price:1.92
More information(0.7) (17.0) (11.0) (21.7) (20.0) (21.2) 5.5 (14.7) (17.3) (7.6) (14.5) (19.2) 1Y Rtn (12/31/10-12/30/11)
Research Division Monthly Unit Trust Review AMB Dec 2011:The MUTI continues expansion albeit slumps in the stock markets TABLE 1: MAJOR & REGIONAL INDICES AS AT 30 DECEMBER 2011 Index Points % MOM % YOY
More information