January NBS Price Data in Chinese Cities With Home Price Restrictions

China's National Bureau of Statistics (NBS) released its monthly report on home sale prices (LINK).  The report provides less coverage and less detail than the private Fang/Soufun 100 city index whose release has been suspended.  Increased government control over price data seems to be an intangible measure to cool speculation. The NBS report still provides … Continue reading January NBS Price Data in Chinese Cities With Home Price Restrictions

Impact of Recent Vehicle Sales Trends on US Listed Chinese Auto Suppliers (January Update)

Vehicle sales in China were 0.2% higher in January than one year ago.   Winter economic activity and data are always distorted by the changing timing of the Lunar New Year which fell on February 8 in 2016 and January 28 in 2017.  Despite the uncertainty introduced by the holiday, two trends stood out: Passenger vehicle … Continue reading Impact of Recent Vehicle Sales Trends on US Listed Chinese Auto Suppliers (January Update)

Xinyuan forecasts from S&P

S&P Global Ratings updated its analysis of Xinyuan Real Estate in connection with the company's recently issued 2016 results.  Key points from their analysis (full text here) "B" rating affirmed and outlook revised to "stable" 2017 contract sales forecast 12-14Bn RMB, +3% to +20% from 2016 EBITDA margin to improve to 17-18% in 2017 from … Continue reading Xinyuan forecasts from S&P

Drive Shack: Business Transformation has low near-term risk and high long-term potential

Drive Shack will have approximately $250mm of unrestricted cash after liquidation of its debt portfolio ($138mm or $2.00/share net of corporate liabilities and preferred shares) The company has an operating golf course business worth approximately $204mm or $2.95/share The company is launching a new chain of golf entertainment venues similar to those of privately held … Continue reading Drive Shack: Business Transformation has low near-term risk and high long-term potential