CapitaLand: which has $10.4b of assets in China, is aiming to double its portfolio in the country in the next 5 yrs as it expects the economy to expand over the next decade. China accounts for 37% of Capitaland’s assets vs 35% for S'pore. It expects to expand in key markets with the capacity to invest a further $2b this year.
Ascott Holdings plans to increase its portfolio in China to 12k from 6.6k apartment units by 2015, while CMA, its shopping mall unit, aims to double its holdings to 100 malls from 53 within 3-5 yrs. Capitaland’s residential projects in China accounted for 12% of its global portfolio, and its separate unit will build value homes in China to tap on demand for lower-priced apartments.
They expect to start construction at its Wuhan site at the end of this year and is looking for similar sites in Guangzhou.
Stock currently trades at 0.87X P/B. Recent recommendations are largely Buy with TP$3.50 - $4.61. Stock closed at 52-wk low last Friday but rebounded slightly yday.
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