Moving Forward to 2030

Gearing Ratio rised with corresponding Contract Sales in 2013 We see a jump in the company's net gearing ratio from a low level 26% to 64% in the year. Nevertheless, it was accompanied by a doubling of contract sales made in the year from 520 mm to 1000...

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Dividend to be Paid

Published on June 20 2014

HK$0101 / RMB0.08 = 1.265 It has been a fairly generous exchange rate adopted.

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Expecting lower gearing ahead

Published on June 19 2014

Projection on Cash Flow in coming Years Fubon Research (HK) dated April 23, 2014 Readers should pay attention to the issuance of USD 300 mm senior notes in 01/2014. Thus, change in cash for 2014 should be amended to RMB 3050 mm already with interest for...

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70% Jump in Contract Sales

Published on June 19 2014

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A Comparison of Two Projects

Published on June 19 2014

比對養生廣場及蘿崗奧園廣場的盈利貢獻養生廣場至今已銷貨 95%，第一、二期在 2013 交樓，成為年度盈利主力盤。第三期會在 06/2014 月底入伙，屬 1H 2014 賬項。此盤 AV 4300，2013 全年銷貨均價 @13348， 2014 至今均價 @13745，因片區日漸成熟，所以貨價硬淨。全盤均價計為 @13382，為地價 3.1 倍，帶來可人淨利。蘿崗奧園廣場計入酒廠新加盟地塊，均價 AV 5700。 06/2014 月中首盤，至今網簽商住均價約 @21000，...

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Cash Cow for My Family Trust

Published on June 17 2014

The Group adopts a strategy of maintaining quality land bank at reasonable cost. On 31 December 2013, the Group had land bank with GFA of approximately 11,180,000 sq.m. at average cost of approximately CNY1,090 per sq.m GFA.The lands were mainly located...

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Zhuzhou Venture

Published on June 17 2014

奧園神農養生城計劃投資 20 億元，已於 2013 年開盤，截止 2014 年 5 月 20 日，住宅平均價為 8200 元/平方米，便是由這些別墅拉高。據民生信託預測，株洲“奧園神農養生城”整體可實現合同收入總計 36.13 億元，其中低密度洋房 2.29 億 (是厚利部份)、商舖 6.28 億、住宅 13.96 億、公寓 8.17 億、寫字樓 2.53 億、養生會所 1.1 億、地下車位 1.8 億。

土地價格要保持平穩，對企業最有利要估算成本的話還是要精確一點的數字，例如地產公司財報中，大部分利息全都資本化去了，這部分可以抵扣許多增值稅，項目公司內的財務支出是非常少的。再如奧園國際中心內有一 250M 的超高大樓，結構為筒中筒的極限高度。越時代發展成本與奧園國際中心相同，與現實差距較大。計算上最好先將純商業與住宅、公寓分開，例如奧園康威，商鋪與商業公寓要分開做建築成本計算，自持部分含有四星酒店、購物中心，所以成本也要上加。像蘿崗奧園廣場，模式則像奧園城市天地類型，商場建築部分成本就可以低於康威自持部分，但奧園城市天地與蘿崗奧園兩者成本應該趨於一致。...

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Projects in the Same District

Published on June 15 2014

重兵重慶茶園，依托廣州、瀋陽，如此時勢，順理成章，毋用冗言也。

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3883 Bonds

Published on June 14 2014

3883 Bonds slightly weaker in the last 3 months While UBS put up her buy calls on CHINA AOYUAN PROPERTY bonds three months ago, CAPG'17 and '19 were trading at YTM of 10.59% and 11.24%, respectively.As on 13/06/2014 YTM stood at 10.875% and 11.815% respectively,...