China Real Estate Information Corporation (CRIC – a subsidiary of E-House) released estimated 2018 sales data for the country’s top 200 property developers (LINK). Xinyuan China is shown at #82 with estimated full year sales of 29.51Bn RMB which implies 8.01Bn RMB in 4Q18. CRIC does not have access to any official company records and … Continue reading Xinyuan Real Estate 4Q18 Contract Sales Estimate from CRIC
The company remains under-owned and undervalued (31% discount to BVPS compared to average premium of 8% for large cap peers) Earnings expected to cover dividend rate by 2H19 Portfolio return currently below peers due to lower yielding non core assets (real estate and Private equity) and low leverage Colony Credit Real Estate (CLNC) 3Q results … Continue reading Colony Credit: Satisfactory Progress & Bargain Valuation
Artis REIT's recent unit price (around C$9.15) is a 39% discount to IFRS Net Asset Value of $15.11/share. Artis trades at 9X 2018 AFFO, well below the 16X average for Canadian REITs and 19X average for US REITs. Artis' new strategic plan has similarities to the path followed by Dream Office which provided a total … Continue reading Artis REIT: Trashed Stock With Bargain Price & Strategy That Will Build Value
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, but the average has recently been boosted … Continue reading November 2018 NBS Price Data in Leading Chinese Cities
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