External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>Last Friday, developer names saw mixed performance. In contrast to speculating on defaulted names previously, it is worth noting that stocks with sound fundamentals experienced an uptick.</li><li>We interpret this as an indication that the market is gradually absorbing the information regarding the potential unforeseen impacts of the implementation of financing-side policies – the project whitelist.</li><li>We think the policy intention is to prevent adding new names to the defaulted list and avoid banks to withdraw project funding only based on risk at developers’ group level regardless of project quality, which caused more construction halting. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Last Friday, developer names saw mixed performance. In contrast to speculating on defaulted names previously, it is worth noting that stocks with sound fundamentals experienced an uptick.We interpret this as an indication that the market is gradually absorbing the information regarding the potential unforeseen impacts of the implementation of financing-side policies – the project whitelist.We think the policy intention is to prevent adding new names to the defaulted list and avoid banks to withdraw project funding only based on risk at developers’ group level regardless of project quality, which caused more construction halting. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Property – Which Projects in Whitelist Are More Likely to Obtain Incremental Loans?

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>Chinese regulators are pressing banks to step up lending and ease financing for developers as part of efforts to boost the ailing property sector.</li><li>At a meeting with China’s most important financial institutions last Friday, regulators brought up three new requirements for banks’ real estate loans to developers and homebuyers, people from several state-owned large banks attending the meeting told Caixin.</li><li>The banks were told to keep their real estate loan growth at a level no lower than the banking sector’s average real estate loan growth, loan growth to non-state-owned developers no lower than each bank’s real estate loan growth, and mortgage growth to individuals buying housing from non-state-owned developers no lower than each bank’s mortgage growth, the people said.</li></ul>

Chinese regulators are pressing banks to step up lending and ease financing for developers as part of efforts to boost the ailing property sector.At a meeting with China’s most important financial institutions last Friday, regulators brought up three new requirements for banks’ real estate loans to developers and homebuyers, people from several state-owned large banks attending the meeting told Caixin.The banks were told to keep their real estate loan growth at a level no lower than the banking sector’s average real estate loan growth, loan growth to non-state-owned developers no lower than each bank’s real estate loan growth, and mortgage growth to individuals buying housing from non-state-owned developers no lower than each bank’s mortgage growth, the people said.

China Drafts List of Developers Eligible for Funding, Asks Banks to Boost Real Estate Lending 

<ul><li>Investment in Chinese real estate contracted 9.1% in the first nine months of 2023 from a year earlier, official data showed Wednesday, a bigger drop than in the first eight months of the year.</li><li>The decline means developers are spending less buying land and building housing. Construction starts measured by floor area fell 23.4% year-on-year, and total ongoing construction area dropped 7.1%, according to data released by the National Bureau of Statistics (NBS).</li><li>The declines reflect developers’ lack of confidence amid a prolonged crisis in the sector. Property sales by floor area decreased 7.5% in January-September from a year earlier, compared with a 7.1% contraction in the first eight months.</li></ul>

Investment in Chinese real estate contracted 9.1% in the first nine months of 2023 from a year earlier, official data showed Wednesday, a bigger drop than in the first eight months of the year.The decline means developers are spending less buying land and building housing. Construction starts measured by floor area fell 23.4% year-on-year, and total ongoing construction area dropped 7.1%, according to data released by the National Bureau of Statistics (NBS).The declines reflect developers’ lack of confidence amid a prolonged crisis in the sector. Property sales by floor area decreased 7.5% in January-September from a year earlier, compared with a 7.1% contraction in the first eight months.

Investment in Chinese Real Estate Dropped 9.1% in First Three Quarters

<ul><li>The inclusion of shopping mall into C-REITs would certainly give hope to unlock mall operators’ investment property value.</li><li>Powerlong and Seazen are the two major beneficiaries as their IP value/market cap is 14/3x which means huge upside after value unlocking.</li><li>CR Land/Longfor could also benefit but they have less community malls as described in the requirement.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The inclusion of shopping mall into C-REITs would certainly give hope to unlock mall operators’ investment property value.Powerlong and Seazen are the two major beneficiaries as their IP value/market cap is 14/3x which means huge upside after value unlocking.CR Land/Longfor could also benefit but they have less community malls as described in the requirement.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Property Sector – C-REITs’ scope extension to unlock mall operators’ IP value

Equity Research in HK and Mainland China

Li Tang

<ul>
<li>The China Development Bank has issued the first special loan for guaranteeing property in Shenyang, capital of Liaoning province, and resumption of qualified stalled projects.</li>
<li>We believe, even if the policy side is eased, the stimulus to housing demand is still limited</li>
<li>We maintain preferences for high-quality, lower-leveraged developers, mostly state-owned developers.</li>
</ul>


The China Development Bank has issued the first special loan for guaranteeing property in Shenyang, capital of Liaoning province, and resumption of qualified stalled projects.
We believe, even if the policy side is eased, the stimulus to housing demand is still limited
We maintain preferences for high-quality, lower-leveraged developers, mostly state-owned developers.


First Special Loan for Guaranteeing Property Deliveries Issued to Shenyang City

China

Seazen Holdings Co., Ltd. operates as a real estate development company. The Company develops residential buildings, office buildings, commercial buildings, infrastructure facilities, and more. Seazen Holdings also provides market research, information consulting, and other services.

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Seazen Holdings (601155 CH)

China Property – Which Projects in Whitelist Are More Likely to Obtain Incremental Loans?

Last Friday, developer names saw mixed performance. In contrast to speculating on defaulted names previously, it is worth noting that stocks with...

CMB International

China Drafts List of Developers Eligible for Funding, Asks Banks to Boost Real Estate Lending

Chinese regulators are pressing banks to step up lending and ease financing for developers as part of efforts to boost the ailing property...

Caixin Global

Investment in Chinese Real Estate Dropped 9.1% in First Three Quarters

Investment in Chinese real estate contracted 9.1% in the first nine months of 2023 from a year earlier, official data showed Wednesday, a bigger...

Caixin Global

China Property Sector – C-REITs’ scope extension to unlock mall operators’ IP value

The inclusion of shopping mall into C-REITs would certainly give hope to unlock mall operators’ investment property value.

CMB International

First Special Loan for Guaranteeing Property Deliveries Issued to Shenyang City

We maintain preferences for high-quality, lower-leveraged developers, mostly state-owned, We view the home completion-side will to benefit...

Li Tang

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