So Vanke Seems to Win the Battle Against Baoneng, but Is It that Simple?
Merry Xmas everyone! This is a quick update note on what my yesterday's analysis on Vanke-Baoneng battle. The trade recommendation - Short Vanke...
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What You Should Know About Vanke and Implications to Its Stock
This note is a quick summary of what’s happened to China Vanke Co., the largest property developer in China. Then I try to explain we want to short...
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Beware of NPL Coverage Trends Across Asia
Do not be lulled by a false sense of security with high NPL coverage. The figures can decline quickly and China is the quintessential example....
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Assessing Driver of Moats in Retail Shopping Centres
We view high quality shopping centres as benefiting from strong competitive advantages, and generally ascribe narrow economic moat ratings to...
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China Property / Debt - when Kaisa broke our Trust
Kaisa failed to make an interest payment due Jan 8 on $500 million of 10.25% dollar bonds (the first Chinese property company to default on...
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