Founder-CEO & Chief Analyst, Real Estate Foresight

Robert Ciemniak

Founder-CEO & Chief Analyst

Real Estate Foresight

Since 2012, REF has been helping investors with market research, project due diligence, and strategy development. This has ranged from detailed assessments and estimates on distressed developers' project portfolios to market due diligence on specific projects to macro-level questions linked to demand for commodities. The unique combination of the housing markets and developer data from data partner China Index Academy in Beijing, primary research, and technology-powered alternative data collection from public sources result in a valuable content set used in REF analytics and reports.

Predictive Analytics for China Property

Thematic (Sector/Industry)

<ul>
<li>Today's NBS data for September points to further weakening in the housing market year-to-date year-on-year while turning less negative on most indicators on a 12M rolling basis</li>
<li>It's in line with our forecast from Dec 2022 data, and also consistent with what the weekly data suggested earlier</li>
<li>But the main caveat persists - the 2022 data (May-Sep) continued to be revised down (officially) for some key metrics like new home sales</li>
</ul>


Today's NBS data for September points to further weakening in the housing market year-to-date year-on-year while turning less negative on most indicators on a 12M rolling basis
It's in line with our forecast from Dec 2022 data, and also consistent with what the weekly data suggested earlier
But the main caveat persists - the 2022 data (May-Sep) continued to be revised down (officially) for some key metrics like new home sales


China Property - Today's NBS Macro-Property Data for September 2023

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>2023 marked our eighth year covering Equity Capital Markets in Asia Pacific. In 2023, IPOs didn’t pick up much from the low base of 2022  while placements showed upward momentum.</li>
<li>We ended 2023 with an accuracy rate of 73.7% across 57 IPOs that we covered and 79.3% across 115 placements.</li>
<li>For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.</li>
</ul>


2023 marked our eighth year covering Equity Capital Markets in Asia Pacific. In 2023, IPOs didn’t pick up much from the low base of 2022  while placements showed upward momentum.
We ended 2023 with an accuracy rate of 73.7% across 57 IPOs that we covered and 79.3% across 115 placements.
For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.


Aequitas 2023 IPOs and Placements Performance Review - IPOs Forming a Low Base, Placements Pick Up

Financial sector veteran, KT Capital Group

Fern Wang

Financial sector veteran

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Equity Bottom-Up

Country Garden Holdings / Equity Bottom-Up

<ul>
<li>Country Garden’s offshore debt default is happening. Its time to investor to revisit their position as restructuring is looming.</li>
<li>Investors may not have any access to Country Garden’s onshore assets under its current offshore issuance structure.</li>
<li>Evergrande’s offshore debt issuing structure could be more favourable compared to that of Country Garden in bankruptcy, depending on how the court interprets its Keepwell agreement.</li>
</ul>


Country Garden’s offshore debt default is happening. Its time to investor to revisit their position as restructuring is looming.
Investors may not have any access to Country Garden’s onshore assets under its current offshore issuance structure.
Evergrande’s offshore debt issuing structure could be more favourable compared to that of Country Garden in bankruptcy, depending on how the court interprets its Keepwell agreement.


Country Garden’s Offshore Debt Issuance Structure May Be Less Favorable than that of Evergrande

<ul>
<li>This note is a weekly (select weeks on SK) curated selection of Chinese news articles and company announcements focused on developers in distress</li>
<li>We look for their deals, updates, specific project progress news ('local signals'), as well as relevant local research commentaries about the market</li>
<li>We do not verify the underlying data or provide any opinion; we only select and summarise the information. See direct links to the sources</li>
</ul>


This note is a weekly (select weeks on SK) curated selection of Chinese news articles and company announcements focused on developers in distress
We look for their deals, updates, specific project progress news ('local signals'), as well as relevant local research commentaries about the market
We do not verify the underlying data or provide any opinion; we only select and summarise the information. See direct links to the sources


REF China Property Developers In Distress - Weekly News & Announcements Tracker | August 14-20, 2026

REF China Property Developers In Distress - Weekly News & Announcements Tracker | July 24-30, 2026

China

China Evergrande Group was a major Chinese property developer, known for large-scale residential projects and diversified operations in property management, new energy vehicles, cultural tourism, and health industries. The company was founded in 1996 and was headquartered in Shenzhen, China.

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China Evergrande (3333 HK)

China Property - Today's NBS Macro-Property Data for September 2023

We slice and dice various metrics for China 'macro-property' data with today's NBS release of the new data for September 2023.

Robert Ciemniak

Aequitas 2023 IPOs and Placements Performance Review - IPOs Forming a Low Base, Placements Pick Up

2023 was our eight year of covering Asia ECM. We ended 2023 with an accuracy rate of 73.7% across 57 IPOs that we covered and 79.3% across 115...

Sumeet Singh

Country Garden’s Offshore Debt Issuance Structure May Be Less Favorable than that of Evergrande

All other things equal, Country Garden's offshore debt issuance structure is less favorable than that of Evergrande's. The existence of a Keepwell...

Fern Wang

REF China Property Developers In Distress - Weekly News & Announcements Tracker | August 14-20, 2026

This note is a weekly (August 14-20, 2026; select weeks on SK) curated selection of Chinese news articles and company announcements focused on...

Robert Ciemniak

REF China Property Developers In Distress - Weekly News & Announcements Tracker | July 24-30, 2026

This note is a weekly (July 24-30, 2026; select weeks on SK) curated selection of Chinese news articles and company announcements focused on...

Robert Ciemniak

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)