Sunac China Placement - Previous Deal Didn’t Do Much, This Won’t Move the Needle Either
Sunac is looking to raise around US$500m via a top-up placement. In this note, we will run the deal through our ECM Framework.
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Developers Informed by Banks that M&A Loans Are Excluded from Three Red Lines
We maintain our view that state-backed developers would take the advantage to obtain quality assets and gain market share, of which our recommends
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China Housing Ministry Flags Key Tasks for Next Year
We believe prefab and green construction will be supported China's push for affordable rental housing during the 14th Five-Year period
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“Buy the Worst” Strategy into Year 3: What's on for 2022 to Beat the HSI?
Our "Buy the Worst" strategy outperformed HSI by a massive 26.1pp YTD. For 2022, new names are Haidilao, Ali Health, Alibaba, Sands China and...
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The Chinese Credit Chronicle: The Below CCC Moment
We summarize on what has happened in the Chinese high-yield world and what is next. We believe the worst is behind us but we do have a bumpy road...
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