Trust discount hunter targets miners and Chinese property
Nick Greenwood of Miton Worldwide Growth is buying investment trusts in junior miners and Chinese property.
by Jennifer Hill on Oct 08, 2014
Nick Greenwood, manager of Miton Worldwide Growth (MWGT ), a fund of funds, looks for opportunities in potentially mispriced investment trusts. He currently sees opportunities in mining, Chinese property, and trusts being wound up.......................
Another sector he likes on valuation grounds is Chinese property. Positions in Macau Propert Opportunities (MPO ),
Forterra Trust and Pacific Alliance China Land (PACL) account for almost 10% of Miton Worldwide. Dale Nicholls, successor to Anthony Bolton on Fidelity China Special Situations (FCSS), recently described Chinese property to Greenwood as ‘the most hated asset class on earth’.
Greenwood points to different fundamentals in Macau, China’s gambling capital, compared with the mainland, and
Forterra’s strength in large commercial projects in Shanghai. These are two areas largely removed from the Chinese residential property market, where concerns of an asset bubble are growing......................
http://citywire.co.uk/money/trust-discou...ty/a774965
(vested)
does this look like Nan Fung is abandoning the platform and decided to grow via other means, with the set-back from the earlier AGM voting incident as the catalyst? certainly not a good sign.
(17-10-2014, 02:09 PM)Boon Wrote: [ -> ]Nan Fung eyes expansion of property portfolio in China
HK developer links with unit of Shanghai's city investment arm to gain Shanghaimart
Saturday, 27 September, 2014, 1:13am
Peggy Sito and Eric Ng
Nan Fung Development chief executive Antony Leung said Nan Fung is financially healthy and has no plan to seeking a listing status in Hong Kong.
Privately run Nan Fung Development has teamed up with Shanghai Industrial Urban Development Group (SIUD) to buy the majority owner of trade exhibitions venue Shanghaimart for US$579.3 million.
The deal marked the Hong Kong-based developer's major investment in Shanghai and the group said it planned to enlarge its investment portfolio on the mainland, even though the market has been weighed by rising housing inventory and sluggish sales.
SIUD is a subsidiary of Shanghai Industrial Holdings, the municipal government's listed investment arm in Hong Kong. SIUD's and Nan Fung's 51-49 joint venture Advantage World Investment has agreed to buy Continental Land Development, which has a 99 per cent stake in Shanghai World Trade, Shanghai Industrial said in a filing to Hong Kong's stock exchange.
Shanghai World Trade owns Shanghaimart, a permanent international trade mart in the Shanghai Hongqiao Economic and Technological Development Zone. Annual revenue of Shanghaimart was about 300 million yuan (HK$378.5 million) and the joint venture expected to increase this to 500 million yuan in the next two to three years, according to SIUD chairman and executive director Ni Jianda.
"We are optimistic about the mainland. We like first-tier cities, especially Shanghai," Nan Fung chief executive Antony Leung Kam-chung said. "Despite some analysts' concerns over the nation's property sector in the short term, we are optimistic about the future and plan to invest in the nation at a larger scale."
Leung, Hong Kong's finance chief from 2001 to 2003, stood down as China chairman at the United States-based Blackstone Group to join Nan Fung as its chief executive in February this year.
Leung said the group was optimistic on China over the medium to long term, as the mainland would be helped by its urbanisation drive.
However, some 68 of the 70 cities monitored by the National Bureau of Statistics recorded falls in property prices last month, compared with 64 cities in July. Xiamen was the only mainland city that recorded growth in new private housing prices.
Kong.
http://www.scmp.com/business/china-busin...o-mainland
(vested)
Usd 500m FORTERRA can swallow meh? Out of forterra league.
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It looks like NF has plenty of money to splash..............
(vested)
________________________________________________________________________________________________________________
HK family group snaps up Canary Wharf site
By John Aglionby
October 1, 2014
Songbird Estates has agreed to sell one of its Canary Wharf buildings, 50 Bank Street, for £153.5m to a prominent Hong Kong family, the latest deal in a growing trend of Asian investment in the capital’s commercial property market.
The buyer is Crosby Investment Holdings Inc, which is wholly owned by Vivien Chen, who has run the Nan Fung group, a diversified Hong Kong conglomerate, since 2009. .................................
http://www.ft.com/intl/cms/s/0/25882490-...z3HPHdSicm
Ya. Maybe offer $1.49 for technical offer. Get it done and over with.
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(28-10-2014, 01:32 PM)opmi Wrote: [ -> ]Ya. Maybe offer $1.49 for technical offer. Get it done and over with.
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Wow....reached 1.49 today 12.50.
Visited the site at "The Place"....Ground floor, 3300+sq m being fit-up by Zara. 2nd floor...UniQlo took up 1100+sq m.
Shops are given to complete fitup by Nov 2015.
(vested)
(29-10-2014, 01:01 PM)qltyguy Wrote: [ -> ] (28-10-2014, 01:32 PM)opmi Wrote: [ -> ]Ya. Maybe offer $1.49 for technical offer. Get it done and over with.
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Wow....reached 1.49 today 12.50.
Visited the site at "The Place"....Ground floor, 3300+sq m being fit-up by Zara. 2nd floor...UniQlo took up 1100+sq m.
Shops are given to complete fitup by Nov 2015.
(vested)
Take some photos and post here leh..
(29-10-2014, 01:01 PM)qltyguy Wrote: [ -> ] (28-10-2014, 01:32 PM)opmi Wrote: [ -> ]Ya. Maybe offer $1.49 for technical offer. Get it done and over with.
Sent from my iPhone using Tapatalk
Wow....reached 1.49 today 12.50.
Visited the site at "The Place"....Ground floor, 3300+sq m being fit-up by Zara. 2nd floor...UniQlo took up 1100+sq m.
Shops are given to complete fitup by Nov 2015.
(vested)
Brands of retailers secured for TP could be found on page 10 of the following 2Q2014 results presentation.
http://infopub.sgx.com/FileOpen/Forterra...eID=308318
ZARA and UNIQLO are certainly on the list.
Some of the retailers’ recruitment advertisement
ZARA:
http://sh.ganji.com/zpdaogou/1220935371x.htm
UNIQLO:
http://sh.58.com/chaoshishangye/19244383739785x.shtml
Outback Steak House:
http://shanghai.baixing.com/chushi/a401288705.html
As at 30 June 2014, The Place retail pre-commitment remained satisfactory at approximately 80% for TP1 and 86%1 for TP2, of which written confirmation of interest, including leases under detailed negotiation was approximately 62% (TP1) and 57%1 (TP2) respectively with the balance represented by work in progress.
3Q2014 results would be released on 31-October-2014. Looking forward to more update on the leasing status – more progress would have been made since.
Here is the marketing video: 虹桥南丰城 THE PLACE 宣传视频
http://v.youku.com/v_show/id_XODA4NjMwODg0.html
(vested)
3Q2014 results is out - No surprises.
http://infopub.sgx.com/Apps?A=COW_CorpAn...9f3dcd2f83
TP1 & TP2 will open in December 2014 (No specific date has been given)
As at 30 September 2014, The Place retail pre-commitment remained satisfactory at approximately 90% for TP1, 87% for TP2 and 61% for TP3, of which written confirmation of interest, including leases under detailed negotiation was approximately 85% (TP1), 87% (TP2) and 30% (TP3) respectively with the balance represented by work in progress.
It looks like the launch of TP3 in mid-year 2015 is likely to be on track.
Profitability wise – 3Q2014 was still making a loss but OCF, before financing cost, was positive.
Net cash generated from operating activities = SGD 3.384 m
Financing cost = interest paid = (SGD 9.755 m)
With the launch of TP1 + TP2 in December, and TP3 later, profitability and OCF would improve significantly.
Looking forward to 1Q2015 results which would reflect whole quarterly rental contribution from TP1 & TP2.
Meanwhile, the management announces that it had executed term sheets for a 5-year Multi-Currency Loan Facility consisting of an offshore (USD 300 million) and onshore (RMB 1,300 million) tranche to refinance the existing loan facilities for The Place.
Average Blended Annual Interest Rate: around 5.18% - Based on published LIBOR (London Interbank Offered Rate) and PBOC (the People’s Bank of China) benchmark lending rates, USD to RMB exchange rate as at 30 October 2014.
http://infopub.sgx.com/FileOpen/Announce...eID=321429
(vested)
(31-10-2014, 10:56 PM)Boon Wrote: [ -> ]3Q2014 results is out - No surprises.
http://infopub.sgx.com/Apps?A=COW_CorpAn...9f3dcd2f83
TP1 & TP2 will open in December 2014 (No specific date has been given)
As at 30 September 2014, The Place retail pre-commitment remained satisfactory at approximately 90% for TP1, 87% for TP2 and 61% for TP3, of which written confirmation of interest, including leases under detailed negotiation was approximately 85% (TP1), 87% (TP2) and 30% (TP3) respectively with the balance represented by work in progress.
It looks like the launch of TP3 in mid-year 2015 is likely to be on track.
Profitability wise – 3Q2014 was still making a loss but OCF, before financing cost, was positive.
Net cash generated from operating activities = SGD 3.384 m
Financing cost = interest paid = (SGD 9.755 m)
With the launch of TP1 + TP2 in December, and TP3 later, profitability and OCF would improve significantly.
Looking forward to 1Q2015 results which would reflect whole quarterly rental contribution from TP1 & TP2.
Meanwhile, the management announces that it had executed term sheets for a 5-year Multi-Currency Loan Facility consisting of an offshore (USD 300 million) and onshore (RMB 1,300 million) tranche to refinance the existing loan facilities for The Place.
Average Blended Annual Interest Rate: around 5.18% - Based on published LIBOR (London Interbank Offered Rate) and PBOC (the People’s Bank of China) benchmark lending rates, USD to RMB exchange rate as at 30 October 2014.
http://infopub.sgx.com/FileOpen/Announce...eID=321429
(vested)
Hi...just to share on timing of soft opening of TP1 and TP2,
As I understand from my recent site visit, the tenants are given an internal schedule to complete fit-out by end Nov 2014. Unless something major screw-up, touch wood, the soft opening is expected to be early Dec. I am sure FT does not want to miss the big sales for the Xmas and NY seasons. However, official opening is another animal, it could be delayed to Jan 2015 or later when most expats return back to Shanghai.