Daily Brief Financials: Agile Property Holdings, Grupo Financiero Banorte, Kwg Property Holding and more

The Chinese Property Weekly focuses on providing updates in the Chinese real-estate sector, including recent regulatory and company developments, top and bottom performers, rating actions, as well as a list of bond maturities in the next 30 days.

• We continue to believe that Banorte is one of the main potential acquirers of Banamex; CitiBanamex’s opex and credit quality metrics worsened to May, making the acquisition more challenging
• Banorte’s 2Q22 results include a reduced core capital ratio post dividend payments which, in the event of a Banamex acquisition, increases the risk of an approximately USD1bn capital raise
• Furthermore, AMLO’s latest pronouncements on the Banamex sale – which include that there should be no mass lay-offs – threaten to limit the acquiring bank’s scope to extract merger synergies 

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.

In this Insight:

1. Central China Real Estate
2. China South City
3. Lenovo
4. Agile Property Holdings
5. China Jinmao Holdings

and more…