Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Thematic (Sector/Industry)

<ul><li>Mori Trust has purchased the lower section of a Manhattan skyscraper for $541 million, indicating strong investment activity in prime real estate.</li><li>Emperor International sold a Wan Chai office block to OCBC at a significant 27% discount compared to its 2013 price, reflecting market adjustments.</li><li>China's H World Hotels reported a 15% profit increase in Q3, showcasing successful expansion efforts amid a broader decline in home sales.</li></ul>

Mori Trust has purchased the lower section of a Manhattan skyscraper for $541 million, indicating strong investment activity in prime real estate.Emperor International sold a Wan Chai office block to OCBC at a significant 27% discount compared to its 2013 price, reflecting market adjustments.China's H World Hotels reported a 15% profit increase in Q3, showcasing successful expansion efforts amid a broader decline in home sales.

Asia Real Estate Tracker (19-Nov-2025): Mori Trust acquires half of Manhattan skyscraper for $541M.

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>1H25 earnings of our coverage are generally weaker than expected, with a 5.9% growth; for 2H25, the consensus forecasts point to a further slowdown to 4%. </li>
<li>The Chinese airlines, <a href="https://www.smartkarma.com/entities/shanghai-electric-group-company-limited-d542164d-4d5a-4ce0-b33e-5fe6bc34722c" target="_blank" data-smartkarma-citation="entities:8777:1" rel="noopener">Shanghai Electric Group (2727 HK)</a>, <a href="https://www.smartkarma.com/entities/sany-heavy-equipment-intl" target="_blank" data-smartkarma-citation="entities:11104:1" rel="noopener">Sany Heavy Equipment (631 HK)</a>, and <a href="https://www.smartkarma.com/entities/china-travel-international-investment-hong-kong" target="_blank" data-smartkarma-citation="entities:3879:1" rel="noopener">China Travel International Investment (308 HK)</a> exhibit the best YoY growth in 2H25. </li>
<li>Container shipping and trade-related companies like <a href="https://www.smartkarma.com/entities/china-cosco-holdings-h" target="_blank" data-smartkarma-citation="entities:286:1" rel="noopener">COSCO Shipping Holdings (1919 HK)</a>, and <a href="https://www.smartkarma.com/entities/orient-overseas-international" target="_blank" data-smartkarma-citation="entities:801:1" rel="noopener">Orient Overseas International (316 HK)</a> are expected to see earnings plunge in 2H25.</li>
</ul>


1H25 earnings of our coverage are generally weaker than expected, with a 5.9% growth; for 2H25, the consensus forecasts point to a further slowdown to 4%. 
The Chinese airlines, Shanghai Electric Group (2727 HK), Sany Heavy Equipment (631 HK), and China Travel International Investment (308 HK) exhibit the best YoY growth in 2H25. 
Container shipping and trade-related companies like COSCO Shipping Holdings (1919 HK), and Orient Overseas International (316 HK) are expected to see earnings plunge in 2H25.


China Strategy: 1H25 Roundup and Implications for 2H25

<ul>
<li>For 1H25, the companies under our coverage will report a 16.8% earnings growth. Breaking down by quarter, 2Q25 growth will accelerate to 30.8%, from 14.1% in 1Q25. </li>
<li>The best growth rates are at <a href="https://www.smartkarma.com/entities/china-national-building-ma-h" target="_blank" data-smartkarma-citation="entities:184:1" rel="noopener">China National Building Material (3323 HK)</a>, <a href="https://www.smartkarma.com/entities/china-international-capital-corporation-ltd" target="_blank" data-smartkarma-citation="entities:1071:1" rel="noopener">CICC (3908 HK)</a>, <a href="https://www.smartkarma.com/entities/beijing-capital-international-airport-bcia" target="_blank" data-smartkarma-citation="entities:10626:1" rel="noopener">Beijing Capital Intl Airport (694 HK)</a>, <a href="https://www.smartkarma.com/entities/tongcheng-travel-holdings-ltd" target="_blank" data-smartkarma-citation="entities:27363:1" rel="noopener">Tongcheng Travel (780 HK)</a>, and <a href="https://www.smartkarma.com/entities/sitc-international-holdings" target="_blank" data-smartkarma-citation="entities:15301:1" rel="noopener">SITC Intl (1308 HK)</a>. </li>
<li>The worst ones are <a href="https://www.smartkarma.com/entities/china-travel-international-investment-hong-kong" target="_blank" data-smartkarma-citation="entities:3879:1" rel="noopener">China Travel Intl (308 HK)</a>, <a href="https://www.smartkarma.com/entities/cosco-shipping-energy-tran-h" target="_blank" data-smartkarma-citation="entities:646:1" rel="noopener">Cosco Shipping Energy Transp (1138 HK)</a>, <a href="https://www.smartkarma.com/entities/china-southern-airlines-co-ltd" target="_blank" data-smartkarma-citation="entities:1078:1" rel="noopener">China Southern Airlines (1055 HK)</a>, <a href="https://www.smartkarma.com/entities/china-tourism-group-duty-free" target="_blank" data-smartkarma-citation="entities:36229:1" rel="noopener">CTG Duty Free (1880 HK)</a>, and <a href="https://www.smartkarma.com/entities/pacific-basin-shipping-ltd" target="_blank" data-smartkarma-citation="entities:929:1" rel="noopener">Pacific Basin (2343 HK)</a>. </li>
</ul>


For 1H25, the companies under our coverage will report a 16.8% earnings growth. Breaking down by quarter, 2Q25 growth will accelerate to 30.8%, from 14.1% in 1Q25. 
The best growth rates are at China National Building Material (3323 HK), CICC (3908 HK), Beijing Capital Intl Airport (694 HK), Tongcheng Travel (780 HK), and SITC Intl (1308 HK). 
The worst ones are China Travel Intl (308 HK), Cosco Shipping Energy Transp (1138 HK), China Southern Airlines (1055 HK), CTG Duty Free (1880 HK), and Pacific Basin (2343 HK). 


China & HK Strategy: 1H25 Preview - Where Are the Upside and Downside Surprises?

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Shanghai Jin Jiang International Hotels / Equity Capital Markets

<ul>
<li>In 25Q1, Jin Jiang did not show a turning point in performance.There's uncertainty about whether 2025 performance target can be achieved due to low efficiency of membership system/weak overseas business.</li>
<li>The growth of the core mid-to-low end economic market is weak.The transition to the high-end market or international expansion is difficult to shoulder the banner of growth in short term.</li>
<li>Valuation of Jin Jiang could be lower than Atour and H World Group, who have found new development paths and growth points.A relatively conservative valuation range is P/E of 15-18x.</li>
</ul>


In 25Q1, Jin Jiang did not show a turning point in performance.There's uncertainty about whether 2025 performance target can be achieved due to low efficiency of membership system/weak overseas business.
The growth of the core mid-to-low end economic market is weak.The transition to the high-end market or international expansion is difficult to shoulder the banner of growth in short term.
Valuation of Jin Jiang could be lower than Atour and H World Group, who have found new development paths and growth points.A relatively conservative valuation range is P/E of 15-18x.


Pre-IPO Shanghai Jin Jiang International Hotels - The Pain Points and the Outlook

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>1211 HK: BYD Company , Geely, Leapmotor Cut Prices (-)</li>
<li>LI US: AITO M8 Achieves Over 80,000 Pre-Orders in Its First Month(-)</li>
<li>LI US: Li Auto Revises Down 2025 Production Target (+)</li>
</ul>


1211 HK: BYD Company , Geely, Leapmotor Cut Prices (-)
LI US: AITO M8 Achieves Over 80,000 Pre-Orders in Its First Month(-)
LI US: Li Auto Revises Down 2025 Production Target (+)


[Blue Lotus Daily]:1211 HK/LI US/1179 HK/ATAT US

China

H World Group Limited is a hotel operator and franchisor. The Company provides hotel leasing, directly hotel operation, and co-development services. H World Group serves customers worldwide.

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H World Group (1179 HK)

Asia Real Estate Tracker (19-Nov-2025): Mori Trust acquires half of Manhattan skyscraper for $541M.

Mori Trust bought a Manhattan skyscraper for $541M, Emperor International sold a Wan Chai office at a 27% discount, while CDL negotiates a mall...

Asia Real Estate Tracker

China Strategy: 1H25 Roundup and Implications for 2H25

1H25 earnings weaker than expected with 5.9% growth; 2H25 forecasts show further slowdown to 4%. Chinese airlines and trade-related companies...

Osbert Tang, CFA

China & HK Strategy: 1H25 Preview - Where Are the Upside and Downside Surprises?

The companies under our coverage are expected to report 16.8% earnings growth for 1H25, with 2Q25 accelerating to 30.8%. Top performers include...

Osbert Tang, CFA

Pre-IPO Shanghai Jin Jiang International Hotels - The Pain Points and the Outlook

Jinjiang's 25Q1 performance raise doubts about meeting 2025 targets due to weak membership system inefficiency/overseas business.Valuation may be...

Xinyao (Criss) Wang

[Blue Lotus Daily]:1211 HK/LI US/1179 HK/ATAT US

BYD, Geely, and Leapmotor cut prices, AITO M8 gains over 80,000 pre-orders, Li Auto revises production target for 2025.

Blue Lotus Research Institute

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52-week Range

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Asia Real Estate Tracker (19-Nov-2025): Mori Trust acquires half of Manhattan skyscraper for $541M.

Mori Trust bought a Manhattan skyscraper for $541M, Emperor International sold a Wan Chai office at a 27% discount, while CDL negotiates a mall...

Asia Real Estate Tracker

China Strategy: 1H25 Roundup and Implications for 2H25

​1H25 earnings weaker than expected with 5.9% growth; 2H25 forecasts show further slowdown to 4%. Chinese airlines and trade-related companies...

Osbert Tang, CFA

China & HK Strategy: 1H25 Preview - Where Are the Upside and Downside Surprises?

The companies under our coverage are expected to report 16.8% earnings growth for 1H25, with 2Q25 accelerating to 30.8%. Top performers include...

Osbert Tang, CFA

Pre-IPO Shanghai Jin Jiang International Hotels - The Pain Points and the Outlook

​Jinjiang's 25Q1 performance raise doubts about meeting 2025 targets due to weak membership system inefficiency/overseas business.Valuation may be...

Xinyao (Criss) Wang

[Blue Lotus Daily]:1211 HK/LI US/1179 HK/ATAT US

​BYD, Geely, and Leapmotor cut prices, AITO M8 gains over 80,000 pre-orders, Li Auto revises production target for 2025.

Blue Lotus Research Institute

1H25 earnings weaker than expected with 5.9% growth; 2H25 forecasts show further slowdown to 4%. Chinese airlines and trade-related companies...

Jinjiang's 25Q1 performance raise doubts about meeting 2025 targets due to weak membership system inefficiency/overseas business.Valuation may be...

BYD, Geely, and Leapmotor cut prices, AITO M8 gains over 80,000 pre-orders, Li Auto revises production target for 2025.