Ying LI: (The Edge) Chairman note that Co’s latest development, the International Financial Centre (IFC) in Chongqing will be due for opening this late Dec, in which Co. will retain its 50,000 sqm of retail space, adding to Ying Li’s portfolio as a landlord in addition to being a traditional developer. Co. note that it is also preparing to create a REIT, to monetize its shopping malls into it to enable asset recycling.
Grp appears infazed by the recent ppty cooling measures in China, citing that those were targeted mainly at residential properties, while the Local Govt in Chong Qing is supportive of urban renewal, while Grp’s exposure as a commercial ppty developer will insulate it from the latest ppty changes. At current price, grp trades at 1x P/NAv and 0.5x P/RNAV, and UOB kay Hian has Buy Call with $0.37 TP.
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