Mid-Year Letter from Ronnie Chan of Hang Lung Group

Hong Kong real estate tycoon Ronnie Chan of Hang Lung Group has a reputation for writing insightful shareholder letters.  His latest is available on pages 2-16 of his company’s 2017 Interim Report.  A bit of background about Hang Lung: Reputation for very long-term outlook.  The company completed its Harbourside luxury apartment tower in Hong Kong in 2004 and held … Continue reading Mid-Year Letter from Ronnie Chan of Hang Lung Group

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Colony Northstar Is Becoming Simpler And More Valuable

Near-term earnings are a bit weaker than expected and it will take years to realize the expected benefits of the merger The stock trades at one of the lowest valuations in the sector because the balance sheet and income statement remain difficult to analyze The market may have overlooked the benefits of the recently announced … Continue reading Colony Northstar Is Becoming Simpler And More Valuable

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

China XD Plastics Midyear Update and No News is Good News Regarding the Unfair Buyout Offer

China XD Plastics (CXDC) recently reported 2Q17 operating results and progress on major strategic initiatives: 1H17 net income of $38mm ($0.58/share) and reaffirmed full-year guidance 81% of 1H17 revenues from premium products and rapid sales growth in areas served by the new Nanchong plant Major growth initiatives underway in Nanchong, Harbin, and Dubai with strong … Continue reading China XD Plastics Midyear Update and No News is Good News Regarding the Unfair Buyout Offer

Xinyuan Real Estate: Record 2Q Sales Balanced by High Interest & Tax

Highlights from Xinyuan's recently reported 2Q17 results and Conference Call Record quarterly contract sales of $732mm SG&A expense declined to 9.9% of revenue (vs 11.4% for FY16) Unusually high interest expense of $20.2mm Effective tax rate of 56% Book Value rose to $14.13/ADS Conservative land acquisition budget of 5-7Bn RMB No full-year financial guidance Achieved … Continue reading Xinyuan Real Estate: Record 2Q Sales Balanced by High Interest & Tax

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