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Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

Shimao Property Holdings / Equity Bottom-Up

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<li>
Liquidity Crisis:Shimao’s ability to cover short-term liquidity needs are very real, as it does not have the wherewithal to bridge the short-term funding gap;  </li>
<li>
Other Nuggets From Auditor: PWC suggests material valuation concerns exacerbate fundamental risks; and</li>
<li>
Left Holding The Bag:We have very little confidence that HSBC Holdings Plc (5.HK) and Bank of Communications (3328.HK) have marked their Shimao financings as NPL. Watch your bank risk.</li>
</ul>



Liquidity Crisis:Shimao’s ability to cover short-term liquidity needs are very real, as it does not have the wherewithal to bridge the short-term funding gap;  

Other Nuggets From Auditor: PWC suggests material valuation concerns exacerbate fundamental risks; and

Left Holding The Bag:We have very little confidence that HSBC Holdings Plc (5.HK) and Bank of Communications (3328.HK) have marked their Shimao financings as NPL. Watch your bank risk.


Shimao Services Holdings Limited (873 HK)

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