Colony Capital Bottom Seekers – How Big Is The Cushion?

Colony Capital has fallen 62% since the January 2017 Northstar merger The stock trades at 8 times forecast 2018 FFO, one of the lowest multiples in the sector Management has made slow progress at simplifying the business Tangible assets are worth about $0.3Bn less than carrying value, Healthcare overvaluation partially offset by Industrial and Hotels … Continue reading Colony Capital Bottom Seekers – How Big Is The Cushion?

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June 2018 NBS Price Data in Leading Chinese Cities

China’s National Bureau of Statistics (NBS) released its monthly report on home sale prices (LINK).  The segregation of “15 Hot Cities” in the NBS report implies that they will be the primary focus of government policy: Intense market restrictions kept prices flat for many months in these key markets until a slight uptick last month in … Continue reading June 2018 NBS Price Data in Leading Chinese Cities

Expiration of the China XD Plastics Privatization Consortium Agreement Creates New Opportunities

The Consortium Agreement between China XD's Chairman Jie Han and Morgan Stanley Private Equity Asia (MSPEA) appears to have expired in August 2017. Expiration of the agreement means that Chairman Han is no longer bound by its exclusivity provision and is free to negotiate possible alternative transactions with parties other than MSPEA. China XD Plastics … Continue reading Expiration of the China XD Plastics Privatization Consortium Agreement Creates New Opportunities

Xinyuan 2Q18 Contract Sales Estimate from CRIC

China Real Estate Information Corporation (CRIC – a subsidiary of E-House) released estimated 1H18 sales data for the country’s top 200 property developers (LINK).  Xinyuan China is shown at #77 with estimated sales of 13.34Bn RMB year-to-date which implies 7.30Bn RMB in 2Q18. CRIC does not have access to any official company records and compiles … Continue reading Xinyuan 2Q18 Contract Sales Estimate from CRIC