China - Housing 05 (Jul 16 - Oct 21)

Re: China - Housing 05 (Jul 16 - Dec 20)

Postby behappyalways » Fri Jul 17, 2020 4:25 pm

貴州獨山剛脫貧 負債400億 豪華建築隨處可見 爛尾收場 官員接連被查 新班子:整改遺留的工程 - 20200714 - 有線中國組 - 有線新聞 CABLE News
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Re: China - Housing 05 (Jul 16 - Dec 20)

Postby winston » Tue Jul 21, 2020 7:16 am

Mainland property bubble hits US$52t

by Eurus Yiu

China's lenders are accelerating issuance of perpetual bonds. SING TAO

The total value of Chinese homes and developers' inventory hit US$52 trillion (HK$405.6 trillion) in 2019, the Wall Street Journal reports, citing data from Goldman Sachs, while 19 banks in China have sold 339.6 billion yuan (HK$376.7 billion) perpetual bonds - high-yielding subordinated bonds with no maturity dates - as of July 10 this year, according to data compiled by Bloomberg.

China's cash-strapped small lenders are expanding their pile of the riskiest kind of bank debt to shore up their capital levels, bracing against an economic slowdown and rising loan defaults.

Smaller lenders including Chongqing Three Gorges Bank, Bank of Rizhao, and Huarong Xiangjiang Bank accounted for more than 70 percent of the issuance.

Source: The Standard

https://www.thestandard.com.hk/section- ... its-US$52t
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Re: China - Housing 05 (Jul 16 - Dec 20)

Postby behappyalways » Sat Aug 15, 2020 5:56 pm

For China's landlords, rent-to-riches dreams fade in red flag for fragile economy
https://www.reuters.com/article/us-chin ... SKCN25A0WL
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Re: China - Housing 05 (Jul 16 - Dec 20)

Postby behappyalways » Mon Sep 07, 2020 6:31 pm

Evergrande slashes property prices by 30 per cent across China for one month, sounding clarion call on discount war
https://www.scmp.com/business/china-bus ... as-biggest
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Re: China - Housing 05 (Jul 16 - Dec 20)

Postby winston » Thu Sep 17, 2020 7:50 am

China’s home foreclosures soar as nation’s debt-fuelled property bull run sputters on falling income and dim job prospects

As many as 1.25 million homes were foreclosed in China as of September 16, according to the Taobao e-commerce platform operated by this newspaper’s owner Alibaba Group Holding

That’s more than doubling from 500,000 at the end of 2019 and compared with 9,000 foreclosures in 2017

Source: SCMP

https://www.scmp.com/business/china-bus ... d-property
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Re: China - Housing 05 (Jul 16 - Dec 20)

Postby behappyalways » Mon Sep 28, 2020 4:29 pm

No One’s Too Big to Fail in China’s Property Market
https://www.bloomberg.com/opinion/artic ... nd=opinion
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Re: China - Housing 05 (Jul 16 - Dec 20)

Postby winston » Mon Nov 23, 2020 1:49 pm

China Property – Continued improvement, but keep an eye on regulatory risks

Recent real estate data points from the National Bureau of Statistics reflects continued recovery momentum in the sector on a YoY basis.

Notwithstanding the healthy data points, we would continue to monitor the regulatory risks in the sector closely given the increasing scrutiny especially on the leverage front.

The three red lines financing rule continues to be at the forefront of investors’ minds, and was likely introduced by regulators with the aim of ensuring a stable and sustainable market over the long-term, in our view.

Risks include a potential slowdown in contracted sales targets for 2021 and thus future earnings growth, while a more cautious approach towards land acquisitions could also result in less saleable resources for longer-term growth.

However, we believe developers with stronger balance sheets such as China Overseas Land & Investment (COLI), China Resources Land (CR Land) and Longfor, would be able to capitalise on potentially more reasonable land prices next year for growth given the impact of the three red lines.

Overall sector valuations remain undemanding, in our view, with Chinese developers trading at a forward PE of 6.0x, which is 0.6 standard deviation (s.d.) below the 8-year average of 6.7x.

We include CR Land (1109 HK) and Shimao Group (813 HK) in our top picks list, and also continue to favour COLI (688 HK), KWG (1813 HK), Country Garden (2007 HK) and China Vanke-H (2202 HK).

We recommend investors to take profit on Longfor Group (960 HK) and await a better entry point, while also reiterating our Sell rating on China Evergrande (3333 HK).

Source: OCBC
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Re: China - Housing 05 (Jul 16 - Dec 20)

Postby behappyalways » Thu Dec 03, 2020 4:44 pm

Houses built like pyramids go viral in China
https://m.youtube.com/watch?v=_I4UG5n41eQ
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Re: China - Housing 05 (Jul 16 - Dec 20)

Postby winston » Tue Dec 15, 2020 7:57 am

Home prices rise 4pc in November

Average new home prices across 70 major cities in China rose 4 percent in November from the same month a year earlier, the weakest rate since February 2016, official data showed yesterday, as policymakers wary of financial risk in the highly leveraged sector continued to pursue market-cooling measures.

That compared with a 4.3 percent on-year increase in October.

The average new home price across 70 major cities rose 0.1 percent in November from the previous month, compared with 0.2 percent month-on-month growth in October.

The number of those cities reporting monthly new home price increases fell to 36, from 45 in October - the lowest since February during the height of the pandemic in China, said analyst Zhang Dawei at property agency Centaline.

Zhang attributed the softening momentum to stepped-up market tightening policies, as well as increased supply and discounting as developers ramped up sales activity towards year-end.

China's property market has recovered quickly from the Covid-19 pandemic, with home sales and investment growing at a robust pace, prompting the government to step up efforts to deleverage the highly indebted sector.

Source: Reuters
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Re: China - Housing 05 (Jul 16 - Dec 20)

Postby winston » Fri Jan 01, 2021 7:47 am

Ceiling of 40pc placed on Chinese bank loans to developers

Under the new mechanism taking effect tomorrow loans to developers will be capped at 40 percent for the largest state-owned lenders while bank mortgage lending should be no more than 32.5 percent of their outstanding credit.

Those exceeding the cap will have a grace period of up to four years to meet the requirements.

“That will further dampen investor sentiment toward the real estate stocks.”

A gauge of Shanghai-listed developer stocks slumped 10 percent this year, while the benchmark Shanghai Composite Index rallied 14 percent.

New home prices grew by 0.12 percent last month, the slowest pace since February, as wider property curbs cooled demand, prompting developers to cut prices. Still, prices have gained every month since mid 2015.


Source: The Standard

https://www.thestandard.com.hk/breaking ... developers
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