Two of China’s private data agencies skipped releasing data on monthly home sales by the country’s top developers, after state-backed Vanke stirred market concerns with its bond extension bid https://t.co/cXqYqgBy0C ...

November 28, 2025 01:19 AM GMT Hong Kong Property | Asia Pacific M Update HK Residential: Expert Call with Midland: Home Price Upcycle Begins Key Takeaways What's new? - We hosted an expert call with Mr. Gordon Tse, Senior Director, and Mr. Benny Sham, Research Analyst, from Midland (1200.HK, Not Covered), on HK residential. More expert takeaways: (+) Resumption of landbanking - Developers are becoming a bit more active in the land market as premiums were higher than market expectations in recent tenders. ( ...

Core Insights - Japanese real estate developers are increasingly entering the Indian market, attracted by rising rents and the potential of a rapidly growing economy [1] Group 1: Market Dynamics - The Indian real estate market is seen as tricky, yet it presents opportunities for growth due to economic expansion [1] - Rising rents in India are a significant factor driving Japanese developers to invest in the market [1] Group 2: Future Expectations - More Japanese real estate peers are expected to follow suit and explore investment opportunities in India [1]

外加存量房贷利率偏低，居民不愿买也不愿卖。截至2025年第二季度，美国存量房贷中，超过52%的居 民手中的房贷利率不及4%，这意味着除非利率大幅下降，居民并不乐意去置换。这会导致二手房的交 易萎缩，因为供给减少。 那么是否可以缩短期限？毕竟短期限的房贷利率相对会低一些。但也相对困难，因为缩短期限往往意味 着月供也会相应的上升，而当前美国购房者面临的另一个"拦路虎"就是可负担性难题——高房价+高利 率让月供负担有点高：根据全美地产经纪商协会最新数据，2025年第三季度月供占月收入的平均比例是 24.8%，而对于首次购房者而言，这一比例高达37.4%，也让人望而却步。 智通财经APP获悉，国联民生证券发布研报称，地产供需双弱下，住所、租金相关的通胀难以掀起风 浪，上半年美国经济的内生动力会出现一个由强走弱的过程；下半年随着新主席上任，降息空间可能更 大（特朗普任命的鸽派代表），可能会出现一波长端利率的阶段性下行，带动一定的地产需求回暖，下 半年租金通胀可能重新抬头，但是程度取决于美联储降息的幅度，当然在没有衰退的情况下，并不是越 多越好，否则容易带来通胀预期、激活市场和经济的自我调节机制。 国联民生证券主要观点如 ...

Key TakeawaysChina's property crisis has intensified dramatically with developer Vanke's U.S. dollar bonds crashing 60% this week to record lows, signaling deepening systemic risk despite state-backed support attempts.The U.S. labor market is exhibiting robust health, with jobless claims falling to their lowest level since August and real wages outpacing inflation for 29 consecutive months, a positive indicator for consumer spending and economic stability.Japanese companies are actively reducing their manuf ...

Core Insights - Jaiprakash Gaur's flagship company, Jaiprakash Associates Ltd, has been admitted into insolvency due to overwhelming debt of ₹57,000 crore, marking a significant downfall for the once-prominent entrepreneur [1][2]. Company Background - Jaiprakash Gaur, born in 1931, transitioned from a government job to entrepreneurship in 1958, establishing Jaiprakash Associates and gaining a reputation through major projects like the Tehri Dam and Vishnuprayag Hydel Project [3][4]. - The liberalization of the Indian economy in 1991 allowed Jaiprakash Associates to expand into various sectors, including cement and real estate, with revenues reaching over ₹20,000 crore [5][6]. Growth and Challenges - The company’s rapid growth was fueled by heavy borrowing, relying on future cash flows and asset sales for repayment, which was sustainable during periods of high economic growth [6]. - However, the company faced a downward spiral due to slowing growth, project delays, regulatory issues, and a changing real estate market, leading to significant financial distress [7][8]. Recent Developments - Despite attempts to sell assets to reduce debt, including cement plants and hydropower projects, the financial situation worsened, culminating in insolvency petitions filed by major banks in June 2024 [9]. - The Noida real estate market, which had previously contributed to the company's decline, is now experiencing a boom due to the upcoming Jewar Airport, highlighting a stark contrast to the company's struggles [10]. Leadership Transition - Gaur stepped back from daily operations in 2010, passing leadership to his son, Manoj Gaur, who now faces scrutiny over financial irregularities linked to stalled projects [11]. Conclusion - In October, creditors accepted a bid from Adani Enterprises for Jaiprakash Associates' assets, marking a bitter end to Gaur's legacy as his empire transitions to new ownership [12].

Key TakeawaysThe Colombo Stock Exchange (CSE) announced an early closure at 12:30 PM on November 28 due to adverse weather conditions, impacting trading activities in the region.Indian financial markets saw a slight uptick in the 10-year benchmark yield to 6.5158%, while the Indian currency began trading weaker against the dollar at 89.4050.China Vanke (2202.HK) faced a downgrade to ‘CCC-’ by S&P amid concerns over a possible maturity extension, placing its ratings on credit watch negative.Robust global inf ...

Bitcoin hovered around the $90k mark in Asian trading on Friday, while regional stocks struggled for direction as investors weighed a powerful global rebound against signs that the rally may be running out of steam. The largest cryptocurrency traded in a tight band between about $90,600 and $91,400 after touching roughly $91,800 in the past 24 hours. A global equity gauge was little changed, yet still on track for its best week since June as traders leaned into the idea that the Federal Reserve is finall ...

Group 1 - The core viewpoint of the articles highlights the increasing concentration of the land market in major cities, with significant changes in land transaction amounts and rankings among cities since 2025 [1][2][12] - As of November 27, 2025, the total land transaction amount in Hangzhou reached 152.84 billion yuan, ranking second in the country, only behind Shanghai, which had a total of 235.99 billion yuan [1][4] - The top five cities in land transaction amounts since 2025 include Shanghai, Hangzhou, Beijing, Chengdu, and Nanjing, while traditional leaders like Guangzhou and Shenzhen have dropped out of the top five [2][12] Group 2 - The land market has seen a decline in transaction amounts compared to 2024, but six cities have exceeded 50 billion yuan in transactions, indicating a high concentration of land deals [2][4] - In Beijing, nine residential land plots have been sold with a premium rate exceeding 10%, showcasing strong competition among major enterprises for quality land [5][6] - The overall land supply in Guangzhou has decreased significantly, with a 20% drop in supply area compared to 2024, reflecting a shift in the market dynamics [14][15] Group 3 - The land market's concentration is increasing, with major cities experiencing intensified competition for prime land, particularly in core urban areas [17] - The investment strategy among real estate companies has shifted towards a "better to be selective" approach, focusing on high-quality land in first and second-tier cities [17] - The upcoming land supply in cities like Hangzhou and Beijing is expected to influence the market dynamics, with potential implications for maintaining their respective rankings [11][12]

Summary of Vanke's Conference Call Company Overview - **Company**: Vanke (00002.SZ / 2202.HK) - **Industry**: Real Estate Development - **Founded**: May 1984 - **Positioning**: Largest property developer in China, primarily focused on residential development, with a shift towards the high-end market [14][21] Key Financial Metrics - **Total Debt & Payables**: Rmb500 billion by June 2025, including: - External borrowings: Rmb349 billion - Bank loans: Rmb265 billion (Rmb165 billion secured, Rmb100 billion unsecured) - Borrowings from financial institutions: Rmb41 billion (Rmb28 billion secured, Rmb13 billion unsecured) - Bonds payable: Rmb44 billion (Rmb10 billion offshore senior notes) [2] - **Contracted Sales**: Rmb115 billion in the first 10 months of 2025, down 43% year-over-year [3] - **Land Acquisitions**: Recent purchases in Hangzhou (Rmb1 billion), Wuhan (Rmb349 million), and Chongqing (Rmb321 million) [3] Financial Performance - **Revenue**: Expected to decline from Rmb465.7 billion in 2023 to Rmb343.2 billion in 2024, a decrease of 26% [10] - **Core Profit**: Projected loss of Rmb45.4 billion in 2024, with a core EPS of -Rmb4.01 [10] - **Gross Profit Margin**: Expected to decrease from 14.5% in 2023 to 9.4% in 2024 [10] Market Sentiment and Strategic Outlook - **Investor Sentiment**: Negative short-term sentiment due to bond extension proposal, but long-term impact expected to be limited [4] - **Management Strategy**: Focus on fulfilling delivery and debt obligations, optimizing capital structure, and enhancing management efficiency [15][22] - **Future Plans**: Emphasis on positive cash flow, sales of non-core assets, and lower capital expenditures [15] Valuation and Risks - **Target Price**: - H-shares: HK$5.47, reflecting a 70% discount to estimated NAV of HK$18.22 [16][18] - A-shares: Rmb6.71, reflecting a 60% discount to estimated NAV of Rmb16.76 [23][25] - **Risks**: - Downside risks include slower asset turnover and worse-than-expected margins [19][26] - Upside risks include favorable policy changes and stronger GDP growth [19][26] Additional Insights - **Debt Management**: Vanke is conducting bond extensions without principal cuts, indicating a focus on maintaining liquidity [4] - **Market Position**: Vanke remains a leading brand in the property sector, supported by government and banking institutions [15][16] This summary encapsulates the critical aspects of Vanke's recent conference call, highlighting its financial status, strategic direction, and market outlook.