July NBS Price Data in Leading 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 some … Continue reading July NBS Price Data in Leading Chinese Cities With Home Price Restrictions

Ossen Innovation Acquisition Target Valued at $40.6mm in March, Equals $1.37/ADS

In conjunction with sale of its steel business to its Chairman for $0, Ossen proposes to acquire America-Asia Diabetes research Foundation (AADRF or San Meditech).  A March 2017 private placement by AADRF provides a realistic benchmark for the fair value of the business (source Ossen proxy page 202). Proceeds of $6,000,000 were received from sale … Continue reading Ossen Innovation Acquisition Target Valued at $40.6mm in March, Equals $1.37/ADS

Ossen Innovation Filed the Proxy Statement for its Chairman’s $0 Buyout Offer

This will update my July 26 Article (LINK) with information disclosed in Ossen's Proxy Statement (LINK) for the shareholder meeting scheduled for September 5, 2017.  Key points: Ossen Chairman Liang Tang will abstain from voting his shares at the meeting.  His $0 acquisition of Ossen's business will require approval by an affirmative majority of disinterested … Continue reading Ossen Innovation Filed the Proxy Statement for its Chairman’s $0 Buyout Offer

Public Shareholders Invested $22.5mm in Ossen Innovation’s Steel Business, Now Ossen’s Chairman Offers To Buy It Back For $0.

Ossen Innovation (Nasdaq:OSN) raised $22.5mm from it's 2010 IPO (LINK) at a split adjusted price of $13.50/ADS Ossen reported tangible book value of $13.80 /ADS at 3/31/17 (LINK) and has been consistently profitable since its public listing. Ossen has proposed the sale of its entire business and all assets to its Chairman for proceeds of $0 … Continue reading Public Shareholders Invested $22.5mm in Ossen Innovation’s Steel Business, Now Ossen’s Chairman Offers To Buy It Back For $0.

June NBS Price Data in Leading 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 some … Continue reading June NBS Price Data in Leading Chinese Cities With Home Price Restrictions

Xinyuan 2Q17 Contract Sales Estimate from CRIC

China Real Estate Information Corporation (CRIC – a subsidiary of E-House) released estimated 1H17 sales data for the country’s top 200 property developers (LINK).  Xinyuan China is shown at #79 with estimated sales of 9.24Bn RMB for the half, which means 4.75Bn RMB for 2Q. CRIC does not have access to any official company records … Continue reading Xinyuan 2Q17 Contract Sales Estimate from CRIC

Xinyuan Xi’an Land Purchase

Xinyuan Real Estate disclosed through a wechat post that it acquired a new plot for development in Xi'an.  Key terms: Price: Not disclosed. Buildable Floor Area: 310000 sqm Land Use rights: Commercial The land was acquired through a private transaction rather than a public auction and Xinyuan has not yet disclosed the price.  Apartments in the … Continue reading Xinyuan Xi’an Land Purchase

May NBS Price Data in Leading 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 May NBS Price Data in Leading Chinese Cities With Home Price Restrictions

China Automotive Systems Buyout Price Should be Raised to at least $7.50

China Automotive Systems, a major supplier of steering gear to the Chinese auto industry, received a buyout offer of $5.45/share from Chairman Hanlin Chen.  (LINK) The offer values the company at 7.8X reported 2016 earnings and just 0.6X 12/31 book value, multiples well below comparable companies trading in Hong Kong and China Increasing technological sophistication … Continue reading China Automotive Systems Buyout Price Should be Raised to at least $7.50

Xinyuan Kunshan Land Purchase

Xinyuan Real Estate disclosed through a wechat post that it was the winning bidder in a court auction of a partially completed commercial project in Kunshan.  Key terms: Price: 754,331,700 RMB Buildable Floor area: 163,300 sqm Land Use Rights: Commercial My understanding is that Xinyuan plans to submit a new site plan to the local government … Continue reading Xinyuan Kunshan Land Purchase