A range of Chinese property developers have been able to issue US dollar bonds in recent weeks at reasonable yields and with longer maturities than were previously possible. The longer duration reduces liquidity risk and should support higher equity valuations. Shares of Yuzhou, Logan, and KWG appear especially attractive relative to their bonds. Assets of … Continue reading Recent Bond Issues Make Chinese Property Stocks Look Cheap
May 2019 NBS Price Data in Leading Chinese Cities
China’s National Bureau of Statistics (NBS) released its monthly report on home sale prices (LINK). The prior segregation of “15 Hot Cities” in the NBS report has been removed and suggests that price restraints have diminished in importance as a policy goal. It is still useful to monitor trends in these major markets. Intense market restrictions … Continue reading May 2019 NBS Price Data in Leading Chinese Cities
April 2019 NBS Price Data in Leading Chinese Cities
China’s National Bureau of Statistics (NBS) released its monthly report on home sale prices (LINK - only published in Chinese this month). The prior segregation of “15 Hot Cities” in the NBS report has been removed and suggests that price restraints have diminished in importance as a policy goal. It is still useful to monitor trends … Continue reading April 2019 NBS Price Data in Leading Chinese Cities
March 2019 NBS Price Data in Leading Chinese Cities
China’s National Bureau of Statistics (NBS) released its monthly report on home sale prices (LINK). The prior segregation of “15 Hot Cities” in the NBS report has been removed and suggests that price restraints have diminished in importance as a policy goal. It is still useful to monitor trends in these major markets. Intense market restrictions … Continue reading March 2019 NBS Price Data in Leading Chinese Cities
February 2019 NBS Price Data in Leading Chinese Cities
China’s National Bureau of Statistics (NBS) released its monthly report on home sale prices (LINK). The prior segregation of “15 Hot Cities” in the NBS report has been removed and suggests that price restraints have diminished in importance as a policy goal. It is still useful to monitor trends in these major markets. Intense market restrictions … Continue reading February 2019 NBS Price Data in Leading Chinese Cities
January 2019 NBS Price Data in Leading Chinese Cities
China’s National Bureau of Statistics (NBS) released its monthly report on home sale prices (LINK). The prior segregation of “15 Hot Cities” in the NBS report has been removed and suggests that price restraints have diminished in importance as a policy goal. It is still useful to monitor trends in these major markets. Intense market restrictions … Continue reading January 2019 NBS Price Data in Leading Chinese Cities
Xinyuan Real Estate 4Q18 Earnings Preview
Guidance is for record high 4Q18 contract sales of US$1,158mm and EPS of about $1/ADS Property Management business is poised for rapid growth "Technology Town" developments could enhance the company's long-term growth and margins Leverage must decrease - XIN bonds are yielding 20% and US$296mm must be repaid/refinanced in August 2019 Land acquisitions may have … Continue reading Xinyuan Real Estate 4Q18 Earnings Preview
December 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, but the average has recently been boosted … Continue reading December 2018 NBS Price Data in Leading Chinese Cities
November 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, but the average has recently been boosted … Continue reading November 2018 NBS Price Data in Leading Chinese Cities
October 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, but the average has recently been boosted … Continue reading October 2018 NBS Price Data in Leading Chinese Cities
