Dagong Credit Flash. Chinese Property Industry Chinese Cities Credit Risk Ranking Update. Summary. Contacts
|
|
- Ashlynn Blair
- 6 years ago
- Views:
Transcription
1 Dagong Credit Flash Chinese Property Industry Chinese Cities Credit Risk Ranking Update Summary Category Industry Outlook Location China Industry Real Estate SIC 9111 Outlook Stable Date 04/29/2016 Dagong HK affirms a stable outlook on the Chinese property industry.we also updated a credit risk ranking among 35 major Chinese cities and found overall credit risk improvement although risk varies from city to city in the coming oneyear period. Our stable outlook reflects the following factors: Our expectation of sustainable GDP growth in China, mainly resulting from recovering large-scale industrial and trade sectors. Chinese property market will grow in tandem with China s GDP growth rate, in our view. Plenty of Chinese government policy tools to support the recovery of the real estate industry. In the near term, we see the major policies play a key role in the sector. Accommodating Monetary Policy People s Bank of China s loosening monetary policy continues to inject abundant liquidity into the economy. Chinese banks accommodative consumer credit support and local governments involvements in real estate will also help promote property sales growth in sales volume. Land Supply Reduction The launch of Destocking policy by the Chinese government has reduced supply in the real estate sector since 2015 in order to manage a soft landing economy. The relevant measures, in effect, suppressed the urges of land sales by local governments. Consequently, the land supply declines (and land oversupply eased). Contacts Zhou Feihua Deputy Rating Director (852) Feihua.Zhou@dagonghk.com According to China s Ministry of Land Resources, the accumulative real estate land supply among the Tier-1 cities decreased by 8.3% YoY for the first eleven months of 2015, while Tier-2 and Tier-3 & 4 cities also experienced a drop by 35.9% and 34.3% during the same period, respectively. Reduced land supply stabilizes housing prices, especially in the city centers of provincial capital cities. Stabilizing housing prices have given rise to consumer confidence and rising sales volume, in our view.
2 Chinese Property Markets Credit Risk Ranking Update: Inside China, Dagong HK has launched a study of the 35 major Chinese cities in terms of credit risk resulting from the real estate sector 1 starting from 27 May (Please refer to Dagong Credit Monitor on Chinese Property Market & Developers for the details of our analytical framework). Considering China s large geographical area, it is difficult to gauge the risk of real estate bubbles nationwide. As a result, we designed the study to guide investors where the bubble risk pockets are in China. Our credit risk analysis of the property markets in 35 major Chinese cities and municipalities is based on the current industry data. Our proprietary analytics framework ranks these cities by 5 risk bands of credit risk emanating from the property market ( Very High Risk ; High Risk ; Medium Risk ; Moderate Risk ; and Low Risk ). We classify each risk band through the Supply/Demand Balance Index 2 in both housing and land markets. The higher the index, the higher the credit risk for the corresponding housing/land market(s). For example, the city (with the high index) may have experienced declining property demand which fails to meet housing and/or land supply. Overall, the summary for the 35 Chinese cities view as follows 3, 5 cities fall in a Low Risk band after the inclusion of Nanjing, almost from first-tier cities (namely Beijing, Shanghai, Guangzhou, Shenzhen and Nanjing) and 14 cities in Moderate Risk band. 8 cities fall in a Medium Risk band. 2 cities fall in a Very High Risk band with the reclassification of Hefei and the remaining 6 cities in a High Risk band. In our opinion, county-level and Prefecture-level cities have a higher credit risk than provincial cities in general. Here are the detailed observations for the 35 studied cities (EXHIBIT 1& 2): Real estate bubble risk in Cities in Low Risk and Moderate Risk bands has reduced noticeably. Gross floor area has risen over 20% YoY in many of the cities while some cities achieved an increase of 30%-40%. Considering the strong growth momentum of housing prices in those cities, the near-term credit risk would be lower and insignificant long-term credit risk, in our view. Near-term real estate bubble risk of the cities in High Risk and Very High Risk bands has declined but we believe the risk remains high in medium to long-term, depending on the policies on real estate. Since the growth momentum of housing prices in those cities is not expected as strong as cities in Low Risk and Moderate Risk bands, thus, a downward pressure of housing prices remains likely. 1 The study is not based upon Dagong HK s existing credit rating methodologies and does not represent our overall credit view of the Chinese cities in this study. We do not rate any of the studied cities. 2 Supply/Demand Balance index is a ratio of supply statistics (e.g. land supply) to demand statistics (e.g. population). 3 Please refer to the 2016 Credit Risk Rankings for the 35 Chinese Cities Property Markets See Exhibit 2 2
3 Nanjing was moved to Low Risk band from Moderate Risk band, thanks to Nanjing s limited land supply, moderate growth in real estate investment, and healthy local economy. Hefei was lifted from a Very High Risk to High Risk band because of a reduction in housing supply. Changchun was lifted from a High Risk to Medium Risk band due to a slight reduction in both newbuilt and land supply. We note, however, that Changchun still faces pressure from excessive land supply problem despite the improvement. Guiyang and Shenyang remain in a Very High Risk band. However, the land oversupply in Shenyang has gradually eased, and the property demand has risen. If the situation continues, Shenyang will be expected to move out from the Very High Risk in the next 2 years. We will keep an eye on the progress of urbanization and demand/supply dynamics of real estate sector, which are the fundamentals of our view credit risk of China s property market. The overall progress of reforming financial mechanism (e.g. transfer payments) in China will be taken into consideration as well. We have also incorporate our concerns for the rising level of government debt, RMB depreciation against major currencies, and declining profit margin of the domestic industrial sector which affect the credit environment adversely. 3
4 EXHIBIT 1 Dagong HK s Econometric Model Measures Risk on 35 Chinese Cities Property Markets Source: Wind, Dagong HK 4
5 EXHIBIT Credit Risk Rankings for the 35 Chinese Cities Property Markets Risk Band City City in Chinese 2016 Risk Ranking 4 Ranking +/- versus Prior Year Shenzhen 深圳 1 - Low Risk Moderate Risk Medium Risk High Risk Very High Risk Source: Wind, Dagong HK Shanghai 上海 2 - Guangzhou 广州 3 - Beijing 北京 4 - Nanjing 南京 5 +1 Lanzhou 兰州 6 +2 Chengdu 成都 7 - Urumqi 乌鲁木齐 8 +1 Ningbo 宁波 9 +1 Tianjin 天津 Haikou 海口 Nanning 南宁 12 - Hangzhou 杭州 Jinan 济南 Xi an 西安 Taiyuan 太原 Shijiazhuang 石家庄 Xining 西宁 Nanchang 南昌 19-2 Wuhan 武汉 20 - Qingdao 青岛 21 - Harbin 海尔滨 Xiamen 厦门 23-1 Changsha 长沙 Fuzhou 福州 25-1 Zhengzhou 郑州 26 - Changchun 长春 27 - Dalian 大连 28-3 Chongqing 重庆 29 - Hohhot 呼和浩特 Kunming 昆明 31 - Yinchuan 银川 32-2 Hefei 合肥 Shenyang 沈阳 34-1 Guiyang 贵阳 35-4 The higher the ranking, the lower the risk, i.e. city ranked No. 1 has the most moderate risk, city ranked No. 35 has the highest risk 5
6 Disclaimer THE CREDIT RATINGS OR RESEARCH ISSUED BY DAGONG GLOBAL CREDIT RATING (HONG KONG) CO., LIMITED ( DAGONG HK, US, WE, OR OUR ) REFLECT OUR OPINION ON THE CREDIT CONDITION OF THE SUBJECT AND/OR INDUSTRY, WHICH INCLUDES THE ENTITY AND/OR ITS RELATED DEBT INSTRUMENTS (IF APPLICABLE), AS OF THE DATE THE CREDIT RATINGS OR RESEARCH IS ISSUED. NONE OF THE INFORMATION CONTAINED IN THE CREDIT RATINGS OR RESEARCH ISSUED BY DAGONG HK, NOR THE PUBLICATION ITSELF, SHALL BE CONSIDERED A RECOMMENDATION TO BUY, SELL, OR HOLD ANY SECURITY. THE CREDIT RATINGS OR RESEAERCH IS NOT INTENDED TO ADDRESS AND/OR REFLECT THE MARKET VALUE OF THE RATED ENTITY AND/OR ITS RELATED DEBT INSTRUMENTS (IF APPLICABLE). DAGONG HK ASSUMES NO RESPONSIBILITY FOR ANY LOSS OR DAMAGE ARISING FROM USE OF THE CREDIT RATINGS OR RESEARCH WE PRODUCE. IN RELATION TO PROVIDING CREDIT RATING SERVICES AND PRODUCING RESEARCH, DAGONG HK RELIES ON FACTUAL INFORMATION PROVIDED BY THE RATED ENTITY AND/OR ACQUIRED FACTUAL PUBLIC INFORMATION. DAGONG HK ENDEAVORS TO ENSURE THAT THE INFORMATION USED IN THE CREDIT RATINGS OR RESEARCH IS OF SUFFICIENT QUALITY; HOWEVER, NO AUDIT IS CONDUCTED BY DAGONG HK, AND NO IMPLICIT OR EXPLICIT GUARANTEE IS MADE OR SHALL BE ASSUMED FOR THE ACCURACY, CORRECTNESS, TIMELINESS, AND/OR COMPLETENESS OF THE FACTUAL INFORMATION AVAILABLE. The credit ratings or research issued by DAGONG HK is not intended for distribution to, or use by, any person in any jurisdiction where such usage would infringe the law. Any user accessing information available through the research is responsible for consulting the relevant agencies or professionals accordingly and for complying with applicable laws and regulations. The contact information for the Complaint Officer is available at DAGONG HK expects and understands that users of the credit ratings or research provided by DAGONG HK are professionally trained and capable of exercising independent assessments when making investment and business decisions. None of the content related to the credit ratings or research produced by DAGONG HK may be modified, reproduced, distributed, or reverse engineered without prior written consent from DAGONG HK. DAGONG HK is a subsidiary of Dagong Global Credit Rating Co., Ltd. The Credit Rating Committee of DAGONG HK is responsible for and reserves the ultimate power of interpretation for the methodology used in its independent credit ratings or research. CONFIDENTIAL Copyright Dagong Global Credit Rating (Hong Kong) Co., Limited
PROPOSAL. China Company Establishment
PROPOSAL China Company Establishment CONTENTS 1 2 3 4 5 6 7 Introduction To YINGKE Why Choose YINGKE Introduction To Chinese Company Chinese Company Setup Costs Total Support Management YINGKE Clients
More informationBuilding a Winning Franchise in China s Fast Developing Financial Sector - A Case of Pursuing Early Opportunities and Managing Rapid Change
Building a Winning Franchise in China s Fast Developing Financial Sector - A Case of Pursuing Early Opportunities and Managing Rapid Change Louis Cheung Ping An Insurance (Group) Company of China November
More informationChina Report - January
Hong Kong, 24 Jan 2013 China Report - January Introducing CityScreener Framework and China Scenarios This is the last PILOT report. How will the Chinese economy and real estate markets play out over the
More informationKONE CAPITAL MARKETS DAY 2012 Sustainable growth in China. William B. Johnson, Managing Director, KONE China June 8, 2012
KONE CAPITAL MARKETS DAY 2012 Sustainable growth in China William B. Johnson, Managing Director, KONE China Agenda Construction market trends E&E market development Improved competitiveness with new offering
More informationKONE S CAPITAL MARKETS DAY 2011 Catching the China Opportunity. William B. Johnson Managing Director, KONE China
KONE S CAPITAL MARKETS DAY 2011 Catching the China Opportunity William B. Johnson Managing Director, KONE China Real estate market trends E&E market development Developing KONE in China Going forward 2
More informationJD.com, Inc. Financial and Operational Highlights. November 2016
JD.com, Inc. Financial and Operational Highlights November 2016 0 Disclaimer The following presentation has been prepared by JD.com, Inc. ( JD or the Company ) solely for informational purposes and should
More informationBeijing Capital Land Ltd HK Interim Results August 2016
Beijing Capital Land Ltd. 2868.HK Interim Results 2016 August 2016 1 Results Highlights 1 Results Summary 2 Business Highlights 3 2H 2016 Outlook 2 Section 1 Results Summary 3 1H 2016 Results Highlights
More informationJD.com, Inc. Financial and Operational Highlights. November 2017
JD.com, Inc. Financial and Operational Highlights November 2017 0 Disclaimer The following presentation has been prepared by JD.com, Inc. ( JD or the Company ) solely for informational purposes and should
More informationMindray Medical International Limited
Mindray Medical International Limited First Quarter 2010 Earnings May 11, 2010 Disclaimer This material contains forward looking statements within the meaning of the safe harbor provisions of the U. S.
More informationCLEVO CO. Date :20 September,2010
CLEVO CO. Date :20 September,2010 AGENDA A. Structure of CLEVO B. Financial Information C. Channel Business D. Q & A 2 Structure of CLEVO Chairman CHICONY (TW2385) CLEVO (TW2362) 100% 30% Hipro XAVi BUYNOW
More informationJD.com, Inc. Financial and Operational Highlights. February 2019
JD.com, Inc. Financial and Operational Highlights February 2019 0 Disclaimer The following presentation has been prepared by JD.com, Inc. ( JD or the Company ) solely for informational purposes and should
More informationJD.com, Inc. Financial and Operational Highlights. March 2018
JD.com, Inc. Financial and Operational Highlights March 2018 0 Disclaimer The following presentation has been prepared by JD.com, Inc. ( JD or the Company ) solely for informational purposes and should
More informationSYSTEX Profile. CFO & Company Spokesman Larry Chung
SYSTEX Profile CFO & Company Spokesman Larry Chung 2018.11.21 2018 2017 2016 2015 2012 2011 2010 2008 2007 2006 2005 2004 2003 2001 1997-2000 Invested in FinRobo Advisor Securities Investment Consulting
More informationChina Cement Weekly. March 30, 2015 A Common Theme in Results Briefings: More Equity Stake Acquisition Among the Players in China Cement Sector
China Cement Weekly March 30, 2015 A Common Theme in Results Briefings: More Equity Stake Acquisition Among the Players in 2015 China Cement Sector Cement prices drop 0.59% last week. Average cement price
More informationJD.com, Inc. Financial and Operational Highlights. May 2018
JD.com, Inc. Financial and Operational Highlights May 2018 0 Disclaimer The following presentation has been prepared by JD.com, Inc. ( JD or the Company ) solely for informational purposes and should not
More informationJD.com, Inc. Financial and Operational Highlights. August 2018
JD.com, Inc. Financial and Operational Highlights August 2018 0 Disclaimer The following presentation has been prepared by JD.com, Inc. ( JD or the Company ) solely for informational purposes and should
More informationIMPACT OF WTO ACCESSION ON FOREIGN DIRECT INVESTMENT INTO CHINA
IMPACT OF WTO ACCESSION ON FOREIGN DIRECT INVESTMENT INTO CHINA Y.M. Elaine Lo Partner Lex Mundi European Regional Conference Copenhagen, 10-12 May 2002 1 TELECOMMUNICATIONS A gradual opening up of the
More informationThe Hang Lung Ambition
The Hang Lung Ambition Q&A on Hang Lung Properties ambitious wealth-building endeavour Jonas Kan (852) 2848 4439 Jonas.kan@hk.daiwacm.com See important disclosures, including any required research certifications,
More informationChina Cement Weekly. September 26, Further Price Rise Expected after National Holiday; NDRC Steps In to Curb Coal Prices. China Cement Sector
China Cement Weekly September 26, 2016 Further Price Rise Expected after National Holiday; NDRC Steps In to Curb Coal Prices China Cement Sector The recovery in cement prices continued around the Mid-autumn
More informationNational 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 informationChina Cement Weekly. June 22, 2015 Meaningful Progress Emerged in Sector Consolidation; Low PBR Stocks Becoming Rare. China Cement Sector
China Cement Weekly June 22, 2015 Meaningful Progress Emerged in Sector Consolidation; Low PBR Stocks Becoming Rare China Cement Sector Cement prices largely flat last week. Average cement price (nationwide)
More informationCFO & Company Spokesman Larry Chung
SYSTEX Profile CFO & Company Spokesman Larry Chung 2018.5.30 2018 2017 2016 2015 2012 2011 2010 2008 2007 2006 2005 2004 2003 2001 1997-2000 Invested in FinRobo Advisor Securities Investment Consulting
More informationdentons.com Tax Calendar 2017
dentons.com Tax Calendar 2017 Munich Milan Frankfurt Luxembourg Brussels Paris London Milton Keynes Calgary Vancouver Chicago St. Louis Kansas City Sacramento Toronto Edmonton Denver San Francisco/Oakland
More informationAPPENDIX A TO SUBPART I OF PART 103 CERTIFICATION REGARDING CORRESPONDENT ACCOUNTS FOR FOREIGN BANKS
APPENDIX A TO SUBPART I OF PART 103 CERTIFICATION REGARDING CORRESPONDENT ACCOUNTS FOR FOREIGN BANKS [OMB Control Number 1505-0184] The information contained in this Certification is sought pursuant to
More informationResearch Blast. On China: Observations on the effervescent residential market
Research Blast Asia Pacific Real Estate Market, November 2016 On China: Observations on the effervescent residential market A recent headline in the Chinese local media raised eyebrows with regards to
More informationCHINA BRIEFING The Practical Application of China Business
CHINA BRIEFING The Practical Application of China Business Transfer Pricing in China Urumqi XIN JIANG UYGHUR A. R. Shenyang LIAONING BEIJING GANSU Hohhot Designing and Implementing NINGXIA a Transfer Pricing
More informationTSI European Hot Rolled Coil
TSI European Hot Rolled Coil Index Provider The Steel Index (TSI) Product Specifications Pricing Point Data Provider Publication Time It is the premier provider of independent price information for key
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 informationU.S.A. Patriot Certification
U.S.A. Patriot Certification [OMB Control Number 1505-0184] The information contained in this Certification is sought pursuant to Sections 5318(j) and 5318(k) of Title 31 of the United States Code, as
More informationTAL Education Group Announces Unaudited Financial Results for the. First Fiscal Quarter Ended May 31, 2018
TAL Education Group Announces Unaudited Financial Results for the First Fiscal Quarter Ended May 31, 2018 - Net Revenues up by 71.1% Year-Over-Year - Income from Operations up by 160.3% Year-Over-Year
More information1H17 HIGHLIGHTS FINANCIAL REVIEW BUSINESS REVIEW
COVER 1 AGENDA 1H17 HIGHLIGHTS FINANCIAL REVIEW BUSINESS REVIEW Highlights Financial Review Business Review http://www.crland.com.hk/ CR Land Results 1H2017 2 1H17 HIGHLIGHTS Highlights Financial Review
More information2017 Railway Equipment Sector Outlook
Equity Research Rail Equipment 2017 Railway Equipment Sector Outlook Demand for railway equipment remains intact Dominic Chan, CFA, FRM SFC CE No. APP609 dominicchan@gfgroup.com.hk +852 3719 1218 GF Securities
More informationAPBO 2014 COUNTRY OUTLOOK:
APBO 2014 COUNTRY OUTLOOK: CHINA start here BIG BROTHER THE REFORMERS THIRD PLENUM LIANG HUI SHANGHAI FTZ BIG TRENDS CHINA S GDP TRADE SURPLUS INCOME DISPARITY GROWTH/DISPOSABLE INCOME GINI COEFFICIENT
More information22/F CITIC Tower, 1 Tim Mei Avenue, Central, Hong Kong. 10 December 2014
APPENDIX I ACCOUNTANTS REPORT The following is the text of a report on Dalian Wanda Commercial Properties Co., Ltd., prepared for the purpose of incorporation in this Prospectus, received from the Company
More informationWWW. CHINASDP.COM. Province Population Capital City Population
August 7 Map: China s Population Where are all the people? Where are China s 1.3 billion people? As multinational companies from Wal-Mart to BP begin to develop their plans in China, it is important to
More informationCHINA OVERSEAS PROPERTY HOLDINGS LIMITED 中海物業集團有限公司
Stock code: 2669 IMPORTANT If you are in any doubt about any of the contents of this listing document, you should obtain independent professional advice. CHINA OVERSEAS PROPERTY HOLDINGS LIMITED 中海物業集團有限公司
More informationFY2016 Business Briefing for Investors
FY2016 Business Briefing for Investors Nippon Paint Holdings Co., Ltd. To be a Global Paint Major May 23, 2016 Representative Director and President Tetsushi Tado Three points for FY2016 1. Aiming at achieving
More informationMastercard Caixin BBD China New Economy Index
February 2018 Mastercard Caixin BBD China New Economy Index Released: 10:00 am Beijing Time March-02-2018 Overview In February 2018, the Mastercard Caixin BBD New Economy Index (NEI) reading came in at
More informationCorporate Presentation
Corporate Presentation The Insured Path to China March 2002 China Insurance International Holdings Company Limited Contents ALLIANCE WITH ICBC (ASIA) CIIH CORPORATE STRUCTURE FINANCIAL SUMMARY Reinsurance
More informationFenghui Leasing Co., Ltd.
Fenghui Leasing Co., Ltd. Rating Report Credit Drivers Summary Category Rating Report Location China Industry Leasing GICS 4020 Issuer rating B+ Outlook Stable Date 4AUG2017 Strengths Solid profitability
More informationMonetary Policy, House Prices, and Consumption in China:A National and Regional Study
Monetary Policy, House Prices, and Consumption 23 INTERNATIONAL REAL ESTATE REVIEW 217 Vol. 2 No. 1: pp. 23 49 Monetary Policy, House Prices, and Consumption in China:A National and Regional Study Zan
More informationCFO & Company Spokesman Larry Chung
S Y S T E X P ro f i le CFO & Company Spokesman Larry Chung 2017.10.18 1 Strategic Integration Milestone 2016 2015 2014 2013 Cooperated with Far Eastern Group to provide "online marketplace" platform in
More informationChina Property Sector
Asia Pacific/China Equity Research Real Estate / UNDERWEIGHT Research Analysts Jinsong Du 852 211 6589 jinsong.du@credit-suisse.com Ronney Cheung 852 211 7472 ronney.cheung@credit-suisse.com Wenhan Chen
More informationEDITION TWO The Future of Retirement in China
EDITION TWO The Future of Retirement in China Retirement Definitions and Demographics Retirement Definitions and Demographics EDITION TWO Lauren Finnie LIMRA International Research This publication is
More informationAmendments to HKAS 7 Disclosure Initiative
Amendments to HKAS 7 Disclosure Initiative Newsletter Issue No. 03/2016 MAIN FEATURES The amendments are issued with the aim to provide that enable users of financial statements to evaluate changes in
More informationCorporate Practice Group May 2007
Corporate Practice Group May 2007 Latest Updates Interpreting the New Enterprise Income Tax Law Please feel free to contact our Senior PRC Attorneys for more information: Sandy Lin e: slin@lehmanlaw.com
More informationGREATER BAY AREA PLATINUM THINKING 26 OCTOBER, Source: Platinum, MGM China
GREATER BAY AREA PLATINUM THINKING 26 OCTOBER, 2018 Source: Platinum, MGM China Macro View Of The 9+2 Cities In Greater Bay Area Zhaoqing Area: 14,891 SQ. KM GDP: RMB220.1b Per capita: RMB53,674 Population:
More informationUNR Joint Economics Working Paper Series Working Paper No Property Tax in Urban China
UNR Joint Economics Working Paper Series Working Paper No. 07-008 Property Tax in Urban China Dan Li and Shunfeng Song Department of Economics /0030 University of Nevada, Reno Reno, NV 89557-0207 (775)
More informationMindray Medical International Limited. First Quarter 2008
Mindray Medical International Limited First Quarter 2008 Disclaimer This material contains forward-looking statements with respect to the company's outlook regarding drivers, developments, and trends affecting
More informationBUILDING ON OUR STRENGTHS BHG RETAIL REIT FINANCIAL RESULTS FOR THE 2 ND QUARTER AND HALF YEAR ENDED 30 JUNE AUGUST 2018
BUILDING ON OUR STRENGTHS BHG RETAIL REIT FINANCIAL RESULTS FOR THE 2 ND QUARTER AND HALF YEAR ENDED 30 JUNE 2018 8 AUGUST 2018 Disclaimer Certain statements made in this presentation may not be based
More informationPOISED FOR G R O W T H
POISED FOR G R O W T H BHG RETAIL REIT FINANCIAL RESULTS FOR 2 ND QUARTER 2017 ENDED 30 JUNE 2017 8 AUGUST 2017 Disclaimer Certain statements made in this presentation may not be based on historical information
More informationCan Online Annual General Meeting Increase Shareholders Participation in Corporate Governance? Evidence from China *
Can Online Annual General Meeting Increase Shareholders Participation in Corporate Governance? Evidence from China * Huasheng Gao Nanyang Business School Nanyang Technological University S3-B1A-06, 50
More informationGrowing Through Diligence and Care
Stock Code 00688 Growing Through Diligence and Care Interim Report 2016 Contents 2 3 4 5 6 8 13 21 22 23 25 27 29 44 44 44 44 44 45 47 48 51 52 52 53 Corporate Structure 54 Financial Highlights 55 Board
More informationISL HK LIMITED SERVICE LEVEL AGREEMENT (SLA) MPLS SERVICES
ISL HK LIMITED SERVICE LEVEL AGREEMENT (SLA) MPLS SERVICES Upon signing up for/and or using the Services of ISL HK Limited, all subscribers agree to comply with ISL HK Limited's Service Level Agreement
More informationMindray Medical International Limited. Third Quarter 2007
Mindray Medical International Limited Third Quarter 2007 Disclaimer This material contains forward-looking statements with respect to the company's outlook regarding drivers, developments, and trends affecting
More informationAmendments to HKFRS 2 Classification and Measurement of Share-based Payment Transactions
Amendments to HKFRS 2 Classification and Measurement of Share-based Payment Transactions Newsletter Issue No. 05/2016 Background In June 2016, the International Accounting Standards Board ( IASB ) has
More informationHK(IFRIC) Interpretation 23 _ Uncertainty over Income Tax Treatments
HK(IFRIC) Interpretation 23 _ Uncertainty over Income Tax Treatments Newsletter Issue No. 5/2017 Background The International Financial Reporting Stards Interpretations Committee (the Interpretations Committee
More informationChina Property Weekly Digest
(Issue No. 27) Refer to important disclosures at the end of this report DBS Group Research. Equity 17 Jan 217 Sales momentum remains weak Chongqing imposes.5% property tax of the housing transaction price
More informationChina Travel and Entertainment Policy
EXECUTIVE SUMMARY Purpose: To familiarize Company employees with the basic elements of our travel and expense polices and procedures. To whom it applies: Bausch & Lomb China employees Key policy points:
More informationYum Cha 飲茶. January 14, 2014 TALKING POINTS CHART OF THE DAY EXPECT ACCELERATING M2; RATES TO STAY HIGH. INDICES Closing DoD% Hang Seng Index
Yum Cha 飲茶 January 14, 2014 CHART OF THE DAY EXPECT ACCELERATING M2; RATES TO STAY HIGH INDICES Closing DoD% Hang Seng Index HSCEI Shanghai COMP Shenzhen COMP Gold BDIY Crude Oil, WTI(US$/BBL) Crude Oil,
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 informationXinyuan Real Estate Co., Ltd.
Xinyuan Real Estate Co., Ltd. (NYSE: XIN) Second Quarter 2008 Earnings Conference Call HK000NFJ_RS_V1 Safe Harbor This presentation may contain forward-looking statements. These statements are made under
More informationAmendments to HKFRS 15 Clarifications to HKFRS 15 Revenue from Contracts with Customers
Amendments to HKFRS 15 Clarifications to HKFRS 15 Revenue from Contracts with Customers Newsletter Issue No. 02/2016 MAIN FEATURES The amendments are issued with the aim to: clarify when a promised good
More information2018 CNY Retail Sales Review
Equity Research Consumer 2018 CNY Retail Sales Review Consumption upgrade fully under way as online shopping accessibility and offline experience improve Ou Yafei SFC CE No. BFN410 oyf@gf.com.cn +86 20
More informationTaxation like Predation -- The Case in China
Taxation like Predation -- The Case in China Shawn Xiaoguang Chen (The U. of Western Australia and RUC) Qi Dong (Peking University) Xiaobo Zhang (Peking University and IFPRI) UNU-WIDER Conference @ Maputo
More informationChina Zheshang Bank Co., Ltd. (2016.HK) 2016 Annual Results Announcement
China Zheshang Bank Co., Ltd. (2016.HK) 2016 Annual Results Announcement March 13, 2017 Disclaimer This document is prepared by China Zheshang Bank Co., Ltd. (the Bank ) without independent verification.
More informationIncome Inequality and An Economy in Transition
Income Inequality and An Economy in Transition Zhichao Yin Southwestern University of Finance and Economics June, 2014 Outline An Introduction to China Household Finance Survey Household income and Income
More informationThe Common Reporting standard.
The Common Reporting standard www.lehmanbrown.com This article was prepared by LehmanBrown International Accountants. This article is intended for general information purposes only and is not intended
More informationXinyuan Real Estate Co., Ltd.
Xinyuan Real Estate Co., Ltd. (NYSE: XIN) First Quarter 2008 Earnings Conference Call HK000NFJ_RS_V1 Safe Harbor This presentation may contain forward-looking statements. These statements are made under
More informationStatutory deposit reserve funds (a) 245, ,709 Surplus deposit reserve funds 123, ,299 Fiscal balances 3,538 6,330. Total 372, ,338
112 CHINA CONSTRUCTION BANK CORPORATION ANNUAL REPORT 2004 5 Deposits with central banks Statutory deposit reserve funds (a) 245,208 199,709 Surplus deposit reserve funds 123,540 100,299 Fiscal balances
More informationAmendments to HKFRS 4 Applying HKFRS 9 Financial Instruments with HKFRS 4 Insurance Contracts
Amendments to HKFRS 4 Applying HKFRS 9 Financial Instruments with HKFRS 4 Insurance Contracts Newsletter Issue No. 01/2017 Background The International Accounting Standards Board ( IASB ) has issued International
More informationIncome Inequality and An Economy in Transition
Income Inequality and An Economy in Transition Li Gan Texas A&M University and Southwestern University of Finance and Economics April, 2014 Outline An Introduction to China Household Finance Survey Household
More informationChina Property Weekly Digest
(Issue No. 22) Refer to important disclosures at the end of this report DBS Group Research. Equity 9 May 217 Sales plunge due to fewer launches Following the interest rate hike in housing mortgage in Beijing,
More informationBHG RETAIL REIT. Financial Results for 4 th Quarter. Ended 31 December 2016
BHG RETAIL REIT Financial Results for 4 th Quarter Ended 31 December 2016 23 February 2017 Important Notice The past performance of BHG Retail REIT is not necessarily indicative of its future performance.
More informationChina Property Weekly Digest
(Issue No. 23) Refer to important disclosures at the end of this report DBS Group Research. Equity 13 Dec 216 Prices turn soft after price control Zhuhai raised the down payment ratio of HPF to 3% for
More informationChina Banking Sector
Equity Research Financials China Banking Sector Positive (maintained) Wang Wen SFC CE No. BGL298 wangwen@gf.com.cn +86 755 8826 1286 With contribution from the GF A-share research team. GF Securities (Hong
More informationHouse Price Bubbles in China
House Price Bubbles in China Yu Ren Yufei Yuan Cong Xiong The Wang Yanan Institute for Studies in Economics Xiamen University, Fujian, China, 361005 December 17, 2011 Abstract In this paper, we apply the
More informationInternet Search as Social Learning: Implications for China s. Housing Market Dynamics
Internet Search as Social Learning: Implications for China s Housing Market Dynamics Siqi Zheng Tsinghua University zhengsiqi@tsinghua.edu.cn Weizeng Sun Tsinghua University sunweizeng@gmail.com Matthew
More informationChina Related Party Transactions and TP Documentation Rules Highlights. 10 August 2016
China Related Party Transactions and TP Documentation Rules Highlights 10 August 2016 Related Party Transactions and TP Documentation Rules Aligned with OECD recommendations and adapted for China Bulletin
More informationChina Railway Construction Corporation Limited 2009 H Share Annual Results Presentation
China Railway Construction Corporation Limited 2009 H Share Annual Results Presentation May 2010 Agenda 1. 2009 Results Overview 2. Business Overview 3. Financial Overview 4. Briefing on A Share Non-Public
More informationHORWATH HTL NEWSLETTER CHINA EDITION 2, 2010 浩华中国资讯 2010 年第 2 期
HORWATH HTL NEWSLETTER EDITION 2, 2010 浩华中国资讯 2010 年第 2 期 MARKET OVERVIEW XIAMEN GENERAL MARKET REVIEW Located in the southeastern part of Fujian province, Xiamen is one of China s Special Economic Zones,
More informationHANG SENG SURVEY: MAINLAND AND HONG KONG INVESTORS BECOMING MORE PROACTIVE IN ASSET ALLOCATION OPTIMISATION
23 February 2017 HANG SENG SURVEY: MAINLAND AND HONG KONG INVESTORS BECOMING MORE PROACTIVE IN ASSET ALLOCATION OPTIMISATION Increasing Demand for Global and Product Allocation The mainland China capital
More informationStructural investment opportunities
Sector Research China Construction & Building Materials July 31, 212 Construction & Building Materials Cautious Buy Structural investment opportunities Investment highlights Demand-and-supply conditions
More informationDanish Investments in China from 1980 to 2008
Danish Investments in China from 198 to 28 May 29 I Summary... 2 II Danish Investments in China from 198 to 28... 3 1 Danish Investments in China 4 phases... 3 1.1 The 198s... 3 1.2 1994 1996... 3 1.3
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 informationOur Core Business. Processed meat products Fresh, chilled and frozen pork products Animal feeds Pigs of quality breeds
U N I T E D F O O D H O L D I N G S L I M I T E D Our Core Business United Food Holdings Limited is a leading producers and suppliers of processed meat products, fresh, chilled and frozen pork products,
More informationNavigating China s Regulatory Maze
Navigating China s Regulatory Maze March 2, 2015 TPM 2015 - Los Angeles, California Presented by - Mac Sullivan NNR Global Logistics Connecting your dreams. Global Structure 92 companies, 130 locations
More informationAmendments to HKAS 1 Disclosure Initiative
Amendments to HKAS 1 Disclosure Initiative Newsletter Issue No. 02/2015 MAIN FEATURES The amendments have made clarifications on the following areas in relation to the disclosure requirements: materiality
More informationChina Tax Center China Tax & Investment Express
Issue No. 2017044 17 Nov 2017 China Tax Center China Tax & Investment Express (CTIE)* brings you the latest tax and business announcements on a weekly basis. CTIE provides a synopsis of each announcement
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 informationAAAAAAAAAAA. GHN Market Report: China Hotel Market Half-Year Update
GHN Market Report: China Hotel Market Half-Year Update SENTIMENT SURVEY As part of a global initiative, Horwath HTL recently conducted its semiannual global sentiment survey. From that survey, we will
More informationFY2010 Results Presentation
FY200 Results Presentation Stock Code: 638.HK March 20 Disclaimer These materials have been prepared by Kaisa Group Holdings Ltd. (the Company ) and have not been independently verified. No representation
More informationCHINA s ENTRY INTO THE WTO AND THE FINANCIAL SECTOR
CHINA s ENTRY INTO THE WTO AND THE FINANCIAL SECTOR Javier Serrado Banco Sabadell-Beijing To open the banking industry is essential part of the basic policy of the China Open Reform. Starting from late
More informationChina Infrastructure Sector
C H I N A S E C U R I T I ES ( I N T L ) R E S E A R C H Equity Research l China l Industrials 24 October 2017 China Infrastructure Sector Bracing for new cycle in China; Overweight Mkt cap Up/ EPS growth
More informationHKFRS 9 Financial Instruments Hedge Accounting and Amendments to HKFRS 9, HKFRS 7 and HKAS 39
HKFRS 9 Financial Instruments Hedge Accounting and Amendments to HKFRS 9, HKFRS 7 and HKAS 39 December Newsletter Issue No. 07/2013 MAIN FEATURES A substantial overhaul of hedging accounting Better reflect
More informationAnnual Improvements to HKFRSs Cycle
Annual Improvements to HKFRSs 2010 2012 Cycle January Newsletter Issue No. 1/2014 MAIN FEATURES Background Amendments related to the following standards: HKAS 16 Property, plant and equipment HKAS 24 Related
More informationTax Benefits to Overseas Investors Reinvesting Distributed Profits Expanded.
Tax Benefits to Overseas Investors Reinvesting Distributed Profits Expanded www.lehmanbrown.com This article was prepared by LehmanBrown International Accountants. This article is intended for general
More informationBrexit and Beyond. January Cover or Section Title 1
Brexit and Beyond January 2019 Cover or Section Title 1 2 Cover or Section Title In a historic referendum held on 23 June 2016, and on a turnout of 72.21%, the majority of those who voted chose by a margin
More informationChina: A summary of Implementing GATS Commitments in Main Service Sectors
China: A summary of Implementing GATS Commitments in Main Service Sectors Sectors Commitments Progresses in implementation Banking Location: Upon accession, foreign currency business allowed Foreign currency
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 information