Sales commentary, not BofA research

Headlines

l  Last Fri: NKY +1.13%, HSI -0.93%, SHCOMP +0.3% (Jun 24), KOSPI +1.05%

l  Dow -2.84%, SPX -2.42%, Nasdaq -2.59%

l  Global COVID-19 Cases surpass 10m 

l  AU: biggest spike in COVID-19 cases in 2mths + Victoria has 75 new covid-19 cases in last 24hrs

l  JP: Tokyo confirms 60 new COVID cases, highest since May 4; 3rd straight day >50

l  US-CN: Relations intensified over w/e ahead of China's vote on HK national security law tomorrow

l  US-CN: US imposes visa restrictions on Chinese party officials & said this is related to HK

l  US: pressing European govts to "uproot" China's nuclear tech co’s

l  CN-India: Border tension continues despite peace talk earlier

l  CN: Saturday data showed the 1st mthly rise in IP since Nov

l  CN: PBCO will ↑ proportion of smaller co, credit & manuf. loans, & continue to lower lending rates

l  HK: China lawmakers to vote on HK's security law Tue

l  HK: Hysan (14) -VE profit warning

l  S Korea NPS / Allianz to create $2.3b JV to invest in Asia Real Estate (AU, SG, JP, CN)

l  Reminder:  HK Holiday on Wednesday for Establishment Day

Finally: Was a nice weekend in HK & the pools at our apartment were packed… which got me wondering.   The CDC says “There is no evidence that the virus that causes Covid-19 can be spread to people through the water in pools… disinfection of the water (w/ chlorine or bromine) shld inactivate the virus.” However they also say don’t share any pool equipment, & maintain 6ft distancing from anyone you don’t live with IN the water as well as out. (CDC)

48.8m domestic tourists nationwide (51% of ’19) in the 3-day holiday, revenue Rmb12b (31%). (The Paper) 

Chinese consumers accelerate shift toward online shopping, per Fitch. (Xinhua)

LEGO to open 80 new retail stores in China 2020. (Xinhua)

Wanda acq 2 sites in Lingang, Shanghai for Rmb2.05b in Jun. To open 45 new Wanda Plaza ’20. (The Paper)

Blackstone invests $150m in mainland Data Centre Devr 21Vianet who serves 5000 customers. (Mingtiandi)

Agile to spin off & IPO A-City in HK, to raise US$300-400m. Agile to have >50% in A-City from current 93.35%. (Sina)

KWG plans HK IPO of prop mgmt unit KWG Living. (Co)

Poly -ve profit warning, 1HNP ↓75-85%. (Co)

CKA sold 456 units (99% of avail for sale) in Sea To Sky resi proj, price HK$13,648-18,375/ft². (HKET)

HK e-commerce mkt to expand 40% to reach $25b by 2023, per tech firm FIS. (Inside Retail)

HK to sell ‘iconic’ 4.76ha Victoria Harbour site. Currently val’d @ HK$40b, ~20% lower than Jan val (SCMP)

2H to supply 22k new resi units: 12k units in New Territories, 6.6k Kowloon, 3.8k Hong Kong Island. (HKET)

CCL Index +0.21%WoW, Mass Index +0.13%WoW, Small & Mid +0.13%WoW, & Large +0.65%WoW. (Centaline) >>> CCL Index highest in last 30wks, Mass Index highest 41, Small & Medium 38, Large 17.

S$1.36b package rolled out to help construction firms resume work safely. (Biz Times)

Warburg Pincus-backed Weave Co-Living expands into Singapore via S$150m JV. (Mingtiandi)

GCB in White House Park sells for S$60m, crossed S$1,600/ft², land area 35,290ft². (Biz Times)

Far East Orchard books S$4.3m profit from sale of 62% of 208 units in office devt Woods Sq. (Biz Times)

Koh Bros sold 22% (15 of 69 units) of Van Holland residence; KBEE unit spin-off gets SGX nod. (Biz Times)

ARA Logos Logistics Trust eyes sponsor's portfl for gwth. Priority to grow unit price to enable it to do equity capital raising given its limited debt headroom. (Biz Times)

ARA unleashes A$520m hostile takeover of Australia’s Cromwell Property. Cromwell rejects. (EJG)

Australia posts biggest spike in COVID-19 cases in 2 months (News.com)

Tokyo confirms 60 new COVID cases, highest since May 4 (Japan Times) 3^rd straight day >50.

Hulic acq’d Tatsunuma Tatemono office in Yaesu, Chuo in Feb from Raysum. B1/10F, GFA 2,700m² (Nikkei)

LaSalle acq’d 2 Osaka rental apt bldgs Nov ’19 from Lone Star. larger 1 is 14F, GFA 4,600m². (Nikkei RE)

Top 7 cities’ housing sales ↓81%YoY in 2Q20, new launches ↓98%YoY. (India Times)

Blackstone sells Embassy Office Parks REIT units for INR22.7b ($300m). (Biz Standard)

Microsoft reportedly in talks w/ multiple builders in Bengaluru to lease >1.2m ft² office. (India Times)

Philippines’ central bank cuts interest rate by 50bps to record low of 2.25%. (Biz Times)

Thailand xpcts more biz closures in 2H20, says Employers' Confederation of EconThai. (Bangkok Post)

S. Korea likely to see 0.3% inflation in 2020 & 1.1% 2021, per BOK. (Korea Joongang Daily)

* My pa holdings: BAC US, 1 HK, 6 HK, ST SP