Founder-CEO & Chief Analyst, Real Estate Foresight

Robert Ciemniak

Founder-CEO & Chief Analyst

Real Estate Foresight

Since 2012, REF has been helping investors with market research, project due diligence, and strategy development. This has ranged from detailed assessments and estimates on distressed developers' project portfolios to market due diligence on specific projects to macro-level questions linked to demand for commodities. The unique combination of the housing markets and developer data from data partner China Index Academy in Beijing, primary research, and technology-powered alternative data collection from public sources result in a valuable content set used in REF analytics and reports.

Predictive Analytics for China Property

Thematic (Sector/Industry)

<ul>
<li>This note is a weekly curated selection of Chinese news articles and company announcements focused on developers in distress</li>
<li>We look for their deals, updates, specific project progress news ('local signals'), as well as relevant local research commentaries about the market</li>
<li>We do not verify the underlying data or provide any opinion, we only select and summarize the information; See direct links to sources</li>
</ul>


This note is a weekly curated selection of Chinese news articles and company announcements focused on developers in distress
We look for their deals, updates, specific project progress news ('local signals'), as well as relevant local research commentaries about the market
We do not verify the underlying data or provide any opinion, we only select and summarize the information; See direct links to sources


China Property Developers In Distress - Weekly News & Announcements Tracker | May 24-30, 2024

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 24th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for BOC, CCB, ICBC, Zto Express, Tencent, Meituan, Xiaomi, CNOOC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 24th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for BOC, CCB, ICBC, Zto Express, Tencent, Meituan, Xiaomi, CNOOC.


Hong Kong Connect Flows (May 24th): BOC, CCB, ICBC, Zto Express, Tencent, Meituan, Xiaomi, CNOOC

China Property Developers In Distress - Weekly News & Announcements Tracker | Apr 26-May 3, 2024

Analyst

Steve Zhou, CFA

Equity Bottom-Up

CIFI Ever Sunshine Services Gr / Equity Bottom-Up

<ul>
<li>In the Politburo meeting this week, China announced the intention to stabilize the property market and improve housing inventory.  Following the meeting, Beijing announced a relaxation of home purchase restrictions.</li>
<li>Given the extreme pessimism on China property, good opportunities exist for select quality companies in the China property space, especially in property management.</li>
<li>One name I would like to highlight is <a href="https://www.smartkarma.com/entities/cifi-ever-sunshine-services-gr" target="_blank" data-smartkarma-citation="entities:28932:1" rel="noopener">CIFI Ever Sunshine Services Gr (1995 HK)</a>, a non-SOE property management company with a good reputation in terms of execution.</li>
</ul>


In the Politburo meeting this week, China announced the intention to stabilize the property market and improve housing inventory.  Following the meeting, Beijing announced a relaxation of home purchase restrictions.
Given the extreme pessimism on China property, good opportunities exist for select quality companies in the China property space, especially in property management.
One name I would like to highlight is CIFI Ever Sunshine Services Gr (1995 HK), a non-SOE property management company with a good reputation in terms of execution.


China Property:  Sentiment Likely To Improve; Prefer Ever Sunshine Services (1995 HK)

China Property Developers In Distress - Weekly News & Announcements Tracker | Apr 19-25, 2024

China

Guangzhou R&F Properties Co., Ltd. operates real estate businesses. The Company provides housing renovation, housing loans, real estate brokerage, property management, and other services. Guangzhou R&F Properties also operates hotel management.

YunNan Metropolitan Real Estate Development Co., Ltd. operates in property development business. It also manufactures and markets beer and fruit wines, plastic film for agricultural use and grows chinaberry.

Zhejiang Guangsha Co., Ltd. develops real estate and undertakes construction projects.  The Company also provides travel services and operates in property management.

Soho China Ltd. is a property developer. The Company develops properties in central Beijing and Shanghai. Soho China collaborates with internationally recognized architects, translating their designs into real estate which possesses strong appeal to property investors and the local businesses and customer bases they serve.

Hefei Urban Construction Development Co., LTD. develops residential properties. The company also markets and provides services to its related commercial properties.

Tianjin Tianbao Infrastructure Co., Ltd. manufactures and markets cement products and other construction materials.  The Company also develops and constructs real estate properties.

Tianjin Tianbao Infrastructure Co.Ltd. (000965 CH)

Zhongtian Financial Group Company Limited develops residential buildings in Guiyang, Guizhou province.  The Company also develops infrastructure facilities and operates in property management.

Shanghai Tianchen Co., Ltd. is an investment holding company.  Through its subsidiaries, the Company develops and manages real estate properties, provides taxi transportation services, offers driver training programs, operates parking lots and logistic zones, and manufactures pharmaceuticals. The Company also operates hotel and construction and renovation businesses.

Tianjin Jinbin Development Co., Ltd. operates a diversified business.  The Company provides construction machinery and tools leasing and rental service, sells general merchandise and real estate properties, distributes electricity and heat, and offers technology consulting services.

Lander Sports Development Co., Ltd. develops, manages, leases, and sells real estate properties. The Company also provides building materials delivery and warehousing services.

PT Puradelta Lestari Tbk is an industrial property developer. The Company sells industrial estate, residential and commercial land.

Far East Consortium International Limited, through its subsidiaries, develops and invests in real estate.  The Company also operates hotels.

Far East Consortium International (35 HK)

Sinarmas Land Ltd. invests in, develops and manages real estate.  The Company owns commercial buildings, hotels and resorts in China, Indonesia, Malaysia and Singapore.

Nirlon Ltd. develops real estate.  The Company develops office parks.

KSL Holdings Berhad is an investment holding company. Through its subsidiaries, the Company develops properties. KSL Holdings performs all aspects of development from land purchasing to final property inspection.

PT Duta Pertiwi Tbk operates as a holding company. The Company, through its subsidiaries, develop properties such as  malls, hotels, and office buildings. Duta Pertiwi Tbk serves clients in Indonesia.

Kolte-Patil Developers Ltd. builds residential housing, commercial complexes, and mixed residential and commercial projects.

Hung Sheng Construction Ltd. provides real estate services to meet both resident ial and commercial real estate needs.  The Company conducts primarily its busine ss in developing, selling, and leasing residential and commercial buildings whic h are constructed by independent constructors.

Hong Fok Corporation Limited is an investment holding company whose principal activities consist of property investment, property development, property management, and investment trading.

Shimao Property Holdings Limited develops real estate projects in China.

CIFI Holdings Group Co Ltd. is a real estate development company. The Company develops hotels and residential properties in China.

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CIFI Holdings (884 HK)

China Property Developers In Distress - Weekly News & Announcements Tracker | May 24-30, 2024

This note is a weekly (May 24-30, 2024) curated selection of Chinese news articles and company announcements focused on developers in distress.

Robert Ciemniak

Hong Kong Connect Flows (May 24th): BOC, CCB, ICBC, Zto Express, Tencent, Meituan, Xiaomi, CNOOC

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for BOC, CCB, ICBC, Zto Express, Tencent, Meituan, Xiaomi, CNOOC.

Ke Yan, CFA, FRM

China Property Developers In Distress - Weekly News & Announcements Tracker | Apr 26-May 3, 2024

This note is a weekly (Apr 26 - May 3, 2024) curated selection of Chinese news articles and company announcements focused on developers in distress.

Robert Ciemniak

China Property: Sentiment Likely To Improve; Prefer Ever Sunshine Services (1995 HK)

Given the extreme pessimism on valuation, good opportunities exist for select quality companies in the China property space, especially in property...

Steve Zhou, CFA

China Property Developers In Distress - Weekly News & Announcements Tracker | Apr 19-25, 2024

This note is a weekly (Apr 19-25, 2024) curated selection of Chinese news articles and company announcements focused on developers in distress.

Robert Ciemniak

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)