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PBOC
asks 12 prop devrs to submit plans on how to cut debt.
They are Country Garden, Evergrande, Vanke, Sunac, Zhongliang, Poly, Seazen,
COLI, China OCT, Greenland, CR Land, Sunshine City. (Yicai, Sina)
China
resi prop ‘slow gwth’ now, says Longfor CEO Shao Mingxiao, as sales & profits
↓;
China resi prop sales↓2.1% to Rmb8.1trn 7M20. (SCMP)
China’s
couples marry later as home ownership customs delay weddings; 81% in a survey says couples shld buy a home b/f marriage. (Mingtiandi)
>>> despite 1st tier cities home prices↑>57%
over past decade.
CR Land’s property mgmt biz Mixc Lifestyle
Services files for HK IPO. (Co)
Massive
China boost for Tiffany & Co aids return to profit in 2Q20. (Inside Retail)
SCPG opens Shanghai's largest single bldg
mall Shanghai Nanxiang Incity Mega in Jiading district. Invsmt Rmb3b($437m), 340,000m2, >400 retail brands. (CN Daily)
Vanke / Zhengzhou (Er’ Qi district) govts set up a joint entity for undertaking
municipal mngt. (Sina)
>>> Vanke prop mgt has entered 7 cities in this area. SOEs & quasi-SOEs likely have advs getting such work.
COGO / COLI form JV; will engage in prop devts in Mainland China.
Total commitment shall not > Rmb18.2b, to be invested w/in 2yrs. (Co) >>> not new news but vote approaching
Evergrande debt continues to pile up
amid cash-flow concerns. Total debt
↑4%
to Rmb835b
($122b) at end-Jun. Net debt swelled to a record Rmb631b on a weaker
cash buffer. Will introduce more spin-offs to lower debts. (Co, BBG)
>>> Evergrande in Mar unveiled aggressive tgt to
↓borrowings
by 50% in 3yrs. It has since launched a nationwide sales blitz to
recoup cash, raised $3b by selling a stake in its service arm &
↓ed
spending on land purchases. March '20: “We will use the strongest
resolution and the greatest vigor to reduce debt,” Aug '17: pledged
to cut its net gearing ratio to about 70% by June 2020. ...just saying
China South City recently obtained approval of a Rmb1.4b prop mortgage loan
(Rmb830m was a 15yr long-term financing) on the trade centre - Plaza 4 in CSC Shenzhen. Also
successful issuance
of US$200m in offshore senior notes in early Aug w/ 12x oversubscription. (Sina, Co)
Fitch downgrades Guangzhou
R&F’s outlook to -ive from stable as rising refinancing risk on upcoming debt maturities + execution risks related to refinancing plans. (Fitch)
The downgrade may prompt price cuts: Credit React. (BBG)
Moody's revises Powerlong's outlook to +ive
from stable as strong rev + good profit margins. (Moody’s)
Chairman
of Midland Agency sees a U-shaped recovery in HK prop mkt. Xpcts HK resi prices
↑ 3-5% for FY20, supported by low int rates & peaking new supply. Xpcts 15k primary transactions in 2020 (-49% YoY)
& 43k 2ndary transactions (+4% YoY). (HK01)
Police
enter 2 malls, issued Covid fines as dozens gathered to mark 1yr since Prince Edward station chaos >
100 officers stopped & searched those in MOKO & Langham Place (owned by SHKP, Champion) Sun. (SCMP)
A
mainland buyer bought 31,156ft2 Le Petit Rosedale Hotel in Causeway Bay from ITC prop for HK$460m ($59m), 34% disc from
earlier asking price. (Mingtiandi)
Kerry
sold #12 house in Mont Rouge proj for HK$160.8m. Total 5 houses sold in Aug for HK$570m. (HKET)
Li
Ka Shing Foundation bought 3.33m CK Asset shrs @ avg HK$41.8516 - HK$42.4884/sh Aug 25-28. Li Ka-shing’s stake in CK Asset
↑to 35.49%
from 35.40%, Victor Li’s stake ↑to
35.56% from 35.47%. (HKEX)
ESR-REIT mgr says terms of
merger w/ Sabana Reit fair;
also sees merger is timely given pandemic that has presented a
challenging economic & operating
envt. A larger & more resilient REIT will be able to navigate
crisis better. ESR mgr highlights that scheme consideration payable to
Sabana unitholders is based on fixed gross exchnge ratio of 0.94x; says
the merger terms are fair & will result in win-win
outcome. (Co)
Capitaland redeems, cancels S$350m fixed rate
notes due 2020. (Co)
Mosaic
Brands to re-open all non-Victorian Westfield based stores post 10 day lockout in rental
dispute. Terms of revised rental not disclosed. Scentre + 5.6%, MOZ +17%. (Inside Retail)
EG
ACE Fund acqs a 18,514m2 Ingleburn warehouse in Syd for A$38.2m, yld 5.4%. (Prop
Observer)
Goodman proposes to issue max of 3.6m secs
@ A$18.20/sh, total A$65m. (Co)
United Urban Dec 1-May
31 Operating rev \23.6b, operating income \10.6b, NI \9.6b, DPU \3,470. (Co)
Leopalace21 to book \4b gain on sale of listed co shrs.
(Co)
Moody's affirms Japan Retail Fund's
A3 ratings following merger, outlook remains negative. (Moody’s)
Mutual funds invsmt in REITs
↑ 3x YoY to Rs7.35b in
1H20, per SEBI. (India Times)
Chennai Metro to construct 12-storey office
& retail space
at Ekkatuthangal. (India Times)
Lippo Karawaci is in a process to sell a shopping mall
to affiliated co for IDR3.5trn. (En24)
Malaysia extends Covid-19 movement
curbs until end-2020. (BT)
Philippines’ July unemployment rate
↑ to 22.9% from
17.7% in Apr. (Inquirer)
Independent Financial Advisor think reasonable for
Amata’s
1) offering of 83m new ordinary shrs to existing sh/ldrs; 2) request for a waiver from mandatory tender offer. (Co)
Asset
World signs multi-agreement deal w/ Marriott Int’l for 4 new hotels in Bangkok & Pattaya. (Nation)
S.Korea Jul retail sales val 6%MoM,
vs xpctn of ↓3.5%. (RTT)
Japan’s Fashion retailer 2nd St to launch its 1st outlet
in Taiwan. (Inside Retail)
* My pa holdings: BAC US, 1 HK, 6 HK, ST SP, TEAM US, GOOGL US, AMZN US
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