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In HK there's a company called Dash, that will "turn your rental apartment into a serviced flat". They pay for all renovations to "their standard" and then find tenants. They claim you will earn a premium to ordinary rents http://dashsuites.com/about-us/

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The challenge of the secondary market in PH This needs to be said - the secondary property market in the Philippines is not like that in Hong Kong. In HK the market is highly transparent. Transactions are quickly and accurately reported. And there are weekly indices for the major estates. You can even go online, and get a reasonably accurate "bank valuation" for an apartment you are interested in, within nearly all of the Large modern estates. Also, there are storefronts with estate agents everywhere in HK, with clear prices, and a historical record. The result of this transparency, is that HK flats are usually sold within 5% of the bank valuation that you can get online. You will not see this in the Philippines. : : Colliers-Insight The most transparent prices are those for new properties. And I think that is what the Colliers Index that I report in post #1 of this thread are based upon. These prices have been rapidly escalating higher, as developers face higher land costs, and higher prices for labor and materials (maybe.) But secondhand prices are not necessarily at the same level. In fact, I have had an email from a friend in Manila, who tells me that he has bought a property at a 25-30% discount to "new" prices in the same development*. The buyer said the seller was a foreigner, and did not seem to have much access to other buyers, so he was able to get a very good price. When I asked a friend who actually lives in Manila about this, he said that this big discount may have had more to do with the reputation of the developer who has a reputation for delays and "completion" headaches, and is also said to push hard on getting his own prices higher. My experienced friend said that one of the top developers (such as Ayalaland) would not be expected to have such whopping discounts for their properties. I think this example points out the importance of us all getting a better grip on the secondary market, and how to secure a future exit at a good price, near to prices in the primary market. I think I may start a new thread about this, and hope that others will contribute. === *In fact, the discount may have been relative to another phase of the same project, by the same developer.

Analyst Ratiings : WSJ Rating--- : 3m: 1m: now Buy------ : 07 : 12 : 11 : Overw'ght : 02 : 01 : 01 : Hold ---- : 02 : 04 : 03 : SELL ---- : 01 : 01 : 01 : Undr'wght : 00 : 00 : 00 : Total---- : 12 : 18 : 16 : Pct. BUY- : 58% 67% 69% Stock Price Target 0101--------------- Exp'd Return : 0101 : Current: $17.80 (+48.9%) : Median $26.50 / Low $19.90 - High $30.16 : Average $26.27 0010 : Coverage (18 analysts): http://www.hanglung.com/en/investor-relations/analyst-coverage.aspx REPORTS: HL's Ambitious Wealth-building endeavour - Daiwa Capital Markets EXCERPT: Thoughts on HLP’s ambitious wealth-building endeavour About 10 years ago, HLP embarked on an ambitious wealth-building venture in the property space, entailing utilising the over HKD20bn in profit it stands to realise from Hong Kong’s residential property sector to fund a series of ambitious investments in China in an attempt to transform itself into a leading player in the commercial property sector in Greater China. That this is a special endeavour deserving investors’ attention is not in doubt, but how this ambition has been priced into HLP shares has changed in recent years. That is to say, from 2005-11, HLP traded like a rising star in global property, but since then, its valuation has been notably derated. Although the company’s gross rentals and BVPS rose at decent CAGRs of 12% and 6%, respectively, from 2011-14, its current share price of HKD24.15 represents a 40% drop from its peak of HKD40.30 in 2010. In this report, we spell out our thoughts on the major issues relating to the sector and HLP itself... OTHERS: Bocom Group : 31 July 2015

RESULTS : First Half of 2015 > http://www.hanglung.com/en/media-center/press-releases/2015/2015-07-30/b62d0e08-8b5a-4566-8236-54a854818596.aspx The core property leasing business across Hong Kong and on the Mainland continued to report steady growth in both rental turnover and operating profit against the backdrop of a challenging business environment. Rental turnover of Hang Lung Properties and Hang Lung Group rose by 9% and 8% to HK$3,862 million and HK$4,148 million, respectively, while rental operating profit was up 3% year-on-year for both companies. Commenting on the performance, Mr. Ronnie C. Chan, Chairman of Hang Lung Group and Hang Lung Properties, said, “In the midst of persistent headwinds in retail sales in Hong Kong and on the Mainland, we continued to achieve a steady growth in our core business thanks to steadfast management efforts. The decisions we made at certain times, particularly amid tough macro conditions, in optimizing our tenant mix as well as enhancing our assets will enable Hang Lung to thrive in the future. These initiatives for our Hong Kong and mainland China investment properties will further boost our competiveness and revenue.” Anti-opulence measures continued to affect retail sales of luxury goods in mainland China. Despite this, rental turnover of our Mainland leasing portfolio for Hang Lung Properties and Hang Lung Group grew 10% and 8% to HK$2,118 million and HK$2,332million respectively in the first half of 2015, while operating profit was maintained at a similar level to last year. Mr. Chan added, “We will see the grand opening of Olympia 66 in Dalian in the fourth quarter of this year. It will be our eighth operating project on the mainland and will join the other landmark projects of the Group in the northeast in creating exciting synergies, augmenting our array of world-class developments in the region and enabling us to fully capture market opportunities.” In Hong Kong, our diversified investment properties portfolio was resilient in the face of a sluggish economy. All business segments recorded advancement in terms of turnover and operating profit. A series of asset enhancement initiatives which commenced in 2012 at a number of prime locations have started to bear fruit.

RENTAL RETURNS - HLP / Last Five Years "Floor area in Mainland malls was more than tripled in 5 years" But the value of the average SF barely increased for HLP (+3.5% over 5 yrs.) Essentially, HLP was adding "cheaper" ML mall space, and maintained ave. rents. ========= : -2010* : -2011* : -2012- : -2013- : -2014- :+%1yr : +%5yrs : ML Leasing: $45.8B : $56.0B: $76.4B : $90.4B : $96.3B : + Rentals--- : $1,931 : $2,339 : $3,526 : $3,984 : $4,354 : +9.23% : +126 % + Gr. Yield- : 4.22 % : 4.18 % : 4.62 % : 4.41 % : 4.52% : + FloorArea .619m2: .576m2: 1.18m2: 1.56m2: 1.91m2: +22.4% : +209 % + occup-cy. : : : 98% : : : 98% : : : 97% : : : 93% : : : 79% : : : Dropped w/new mall + OccuArea: .607m2: .564m2: 1.14m2 : 1.45m2: 1.51m2: HK Leasing: $50.9B : $53.6B : $55.3B : $57.0B : $58.9B : + Rentals-- : $2,615 : $2,822 : $3,185 : $3,323 : $3,438 : +3.46% : +31.5% + FloorArea: .770m2: .770m2: .766m2: .740m2: .740m2: Ttl. Leasing : $96.7B : $109.B: $131.B : $147.B : $155.B : Props-4Sale: $5.89b : $5.99b : $6.14b : $5.72b : $4.07b : Debt O/S--- : $10.8b : $20.9b : $37.6b : $45.0b : $40.1b : Cash held-- : $11.9b : $28.3b : $40.2b : $39.7b : $40.3b : Shd.Equity- : $53.0b : $59.0b : $65.2b : $70.6b : $76.0b : + Rentals-- : $4,546 : $5,161 : $6,711 : $7,216 : $7,794 : Comp.Leas: $88.6B : $94.0B : $106.B : $116.B: $128.B : + Gr. Yield : 5.13 % : 5.49 % : 6.33 % : 6.22 % : 6.09% : + FloorArea 1.39m2: 1.35m2: 1.95m2: 2.30m2: 2.65m2: +15.2% : +90.6% + occup-cy. : :: 96% : :: 96% :: : :: 94% :: : : 93% :: : 83% :: + OccuArea: 1.33m2: 1.29m2: 1.84m2: 2.14m2: 2.20m2: Rent/SqM/yr.: $3,418 : $4,000 : $3,647 : $3,371 : $3,543 : Rent,Av.: + 3.66% Rent/SqM/mo $ Other Revs. : $8,034 : $0,553 : $1,275 : $2,518 : $9,812 : TtlRevenues: $12,580: $5,714 : $7,986 : $9,734 : 17,606 : ========= : -2010* : -2011* : -2012- : -2013- : -2014- : *year ended june 30th / m2= million sq. meters ==== > 10 Year Summary : http://www.hanglung.com/HLGAnnualReport2014/pdf/HLG_Ten_Year_Financial_Summary_E.pdf > Historical A/R's --- : http://www.hanglung.com/en/investor-relations/financial-information/financial-reports.aspx All Data ... update : HLG /HK-10 : HLP /HK-101

MOST POPULAR stories / SCMP : South China Morning Post Hong Kong home prices could begin falling next year, says JP Morgan Warning bell for the end of Hong Kong's 12-year property rally is ringing louder 10 SEP 2015 More young Hongkongers commit suicide over unaffordable housing and lack of social mobility === === EXCERPTS Hong Kong home prices could fall by 5 per cent to 10 per cent over the next three years, according to JP Morgan, which warned of the risks of an economic slowdown in the city. A slowdown marked by falling retail sales and a softening mainland economy would adversely affect home purchasing power and buying desire, said Cusson Leung, head of conglomerates and property research at JP Morgan. Leung told a press briefing on Friday there were a number of factors that could affect the performance of Hong Kong property market, such as credit leverage and capital flow, while adding that he did not see any immediate risk of over-leveraging of real estate or capital outflow. The unemployment rate is expected to rise CUSSON LEUNG, JP MORGAN However, he raised concerns over a potential slowdown of the city’s economy, linked to the risk of further decline in the mainland China economy. “Retail sales are declining and international brands are talking about network consolidation in Hong Kong,” he said. "The unemployment rate is expected to rise.” Leung said the impact of the negative factors would become more obvious early next year. “2016 will be a more difficult year when compared with 2015. Home prices could see a decline,” he said. A woman pushes her child past a property agency's window in Hong Kong. Photo: AFP While saying that JP Morgan had not yet reached a house view on the degree of home price falls, he said it was possible prices could drop by 5 per cent to 10 per cent a year over the next three years, starting from next year. Hong Kong home prices rose 13.5 per cent last year and 8 per cent in the first half of this year, according to the data from the Rating and Valuation Department. Leung said home prices were unlikely to see a sharp plunge of 30 per cent in a year unless a crisis or really bad unexpected news hit the market. . . . Experts expect up to 10pc drop in home prices as global uncertainties and stock market rout dampen sentiment, ending a 12-year price surge . . . The warning bell signalling the end of Hong Kong's 12-year property rally is ringing louder with more experts predicting that the stock market rout and economic uncertainties at home and abroad will accelerate a price correction. Analysts widely expect home prices could fall as much as 10 per cent this year. Hong Kong home prices have risen 9.8 per cent since January after soaring more than 360 per cent from 2003.

"Premium" amenities and finishes at AFT (ex Jaka) New Office Space in Ayala Avenue – JAKA Tower becomes Alveo Financial Tower 49-storey Premium, LEED Certified Office Tower to Rise in Ayala Avenue Ayala Land, thru subsidiary Alveo Land, will redevelop the former JAKA Tower into a 49-storey Premium, LEED Certified Office Tower. View of Ayala Avenue and the site of the former JAKA Tower. CityGate Area --- in North Makati . Map : Larger image Contrary to initial information, this Ayala Avenue office project will actually be developed into a Premium office building and not into a Grade A structure. Hurray! What’s the difference between Premium and Grade A? First off, the amenities are markedly different. The finishes and materials used are of a higher quality and the location is normally in a major, normally a landmark, thoroughfare. Which is why when we first heard that the development was going to be Grade A something felt amiss. So it is fantastic to know that Ayala decided to go premium for the Alveo Financial Tower. Read More: Source

A Growing Gap -- as HL Group hits a new low, and HL Properties doesn't HK:10 - : Hang Lung Group : HK$27.95 -1.35 : -4.61% Open: 29.05 / High: 29.25 / Low: 27.90 Volume: 652,855 / Yield: 1.36% / P/E Ratio: 5.799 / 52wk: 27.90 to 45.00 HK:101 : Hang Lung Props. : HK$17.78 -0.46 : -2.52% Open: 17.98 / High: 18.02 / Low: 17.70 Volume: 2,461,078 / Yield: 1.91% / P/E Ratio: 7.056 / 52wk: 16.96 to 26.45 The price discrepancy may be influenced by a buyback by HLG of HLP shares (- just guessing!) HK10 vs HK101 ... 10-days / Cal.2014-15 : 6-mos : 4-yrs : 10-yrs : AllData // Hui Xian vs. HLP: 10d All Data... NEWS story : Third Avenue Real Estate Value Fund Letter Part 1 GuruFocus.com (registration)-16 hours ago For instance, during the quarter the common stock of Hang Lung Group, a Hong Kong based holding company with a 53% ownership stake in ... . . . With volatility in Chinese stock markets spilling over to the Hong Kong market, certain companies in Hong Kong have traded to historically low valuations. For instance, during the quarter the common stock of Hang Lung Group, a Hong Kong based holding company with a 53% ownership stake in Hung Lung Properties and other real estate investments, traded at prices that implied a value below the market value of its stake in Hang Lung Properties (without factoring any uplift for the Group’s additional ownership position in a 2.2 million square foot class-A office and residential space at the Grand Gateway complex in Shanghai). Consequently, the Fund sold its stock in Hang Lung Properties and purchased Hang Lung Group, essentially trading one discounted security for an even more discounted security. Hang Lung Properties had been held in the Fund off and on for nearly 10 years. The Hong Kong-based real estate operating company historically concentrated on commercial properties and residential projects in Hong Kong. Hang Lung Chairman Ronnie Chan was a pioneer in China, developing retail led class-A mixed-use projects more than a decade ago. After enormous success in Shanghai, Hang Lung branched out to other cities in China, where it now has seven large-scale projects open with three more under development. Once completed, the company’s properties in China will comprise more than 54 million square feet of space (approximately one-third of the size of Simon Property Group’s portfolio) and form one of the most productive and valuable portfolios in the region. The process of undertaking these large-scale developments is a challenging one, but the long-term value creation taking place as these projects open and stabilize should lead to outsized NAV growth and reward both Hang Lung Properties and Hang Lung Group shareholders. At this point in time, however, Group shareholders may benefit disproportionately given the larger discount and the outside chance that the company collapses the holding company structure. With the additions to Hang Lung Group and Cheung Kong Property during the quarter, the Fund’s exposure to Hong Kong based companies increased to 13% of net assets. Fund Management has been increasingly mindful of the impact global currency movements could have on the underlying value of the Fund’s Hong Kong holdings. At the present time the Fund doesn’t have currency exposure relating to these investments, per se, as the Hong Kong dollar ($HKD) is pegged to the United States dollar ($USD). It is no longer inconceivable, though, that at some point over the next few years Hong Kong could elect to re-peg the $HKD to a basket of currencies or even the Chinese renminbi. Should such a scenario play out, there would no doubt be short-term market dislocations (potentially great buying opportunities for the Fund’s well-capitalized property companies), but the Fund’s investments could end up in a currency that is re-pegged at a rate that is lower than what exists today. While the chances of this occurring still seem remote, the Fund purchased two-year put options on the $HKD for its entire notional exposure at a price that is approximately 3% below the current exchange rate. After purchasing the $HKD put option, the Fund has hedging instruments in place for its entire notional exposure in Europe, Australia, and Hong Kong. (HL have done buybacks in the past): Hang Lung Group shows faith in property with buy-backs South China Morning Post-Feb 6, 2014 Hang Lung purchases HK$2.5b of shares in subsidiary, joining rivals in buying spree . . . Hang Lung Group, chaired by Ronnie Chan Chichung, yesterday announced it acquired 100.98 million shares in its subsidiary Hang Lung Properties for HK$2.55 billion. The share purchases took place from June 5 last year to Wednesday at an average stock price of HK$25.20. The announcement said the board of directors was confident on the long-term potential of the property investment and development industry in Hong Kong and on the mainland and that it was the right time to buy shares in Hang Lung Properties, which has assets in both markets. Hang Lung Group held 52.87 per cent of the shares of Hang Lung Properties as of Wednesday.

CHAIRMAN's Letter HL Properties: HK:101 RESULTS AND DIVIDEND For the year ended December 31, 2014, turnover soared 86% to HK$17,030 million. Net profit attributable to shareholders jumped 62% to HK$11,704 million. Earnings per share rose similarly to HK$2.61. BUSINESS REVIEW I told shareholders six months ago that I intended to lengthen the letter at mid-year while at times slightly shorten the year-end one in order to better communicate with them. In so doing, management thinking will be shared twice yearly in a more timely manner. A few shareholders, both institutional and individual, have expressed the value they place on this letter and their wish that the amount of information will not be diminished as a result of this change. I can assure them that they have nothing to worry about. The same effort will be given as before except they would now hear from me more fully on the same substance — economic and market analysis as well as company strategy — every six months instead of every twelve. PROSPECTS It is not easy to foresee a situation where government policy or market forces will significantly change the retail scene in both Hong Kong and the Mainland. As a result, it is safe to expect a rental prospect for the coming year to be similar to that of 2014. Ronnie C. Chan Chairman / Hong Kong, March 11, 2015 > http://www.hanglung.com/HLPAnnualReport2014/chairman.html HL Group: HK:10 BUSINESS REVIEW Our major subsidiary Hang Lung Properties was able to almost sell out the remaining The HarbourSide units and part with 151 The Long Beach apartments. As a result, both turnover and profit for the year were very strong. Profit margins achieved in both projects were higher than that in all previous sales. PROSPECTS It is very difficult, if not impossible, for an ordinary citizen like me to know when China’s anti-corruption campaign will let up. But regardless of timing, the luxury goods market in which we play will sooner or later find its “new normal”. We should be psychologically prepared as the new level may be lower than the heyday of pre-2013. What is certain, however, is that the market will resume its growth from there. Ronnie C. Chan Chairman . Hong Kong, March 11, 2015 > http://www.hanglung.com/HLGAnnualReport2014/chairman.html#section2

COMPARISON - More Detail HLG vs. HLP Company------ : Group : Props. : Symbol-------- : HK-10 : HK101 : Last Price----- : $29.10 : $17.40 : Total Cash/sh- : $29.57 : $8.898 : Balance Sheet Total Cash---- : $40.22 : $39.95 : HKD, in bn.s Total Assets-- : $205.4 : : China leasing: $96.32 : : H.K. leasing- : $58.92 : Net Assets---- : $144.7 : $132.3 : Total Debt----- : $40.14 : $35.10 : Sh-hld Equity- : $76.03 : $132.3 : Shares O/S--- : 1.36bn : 4.49bn : Book Value/sh.: $55.90 : $29.50 : . . Revenues ----- : $17.61 : $17.03 : Rental T/over- : $7.792 : $7.216 : Rent/% leas.as.: 5.01 % : Net Profit------- : $12.74 : N.P., sharehldr. : $6.825 : $10.02 : Price/Earnings : r- 5.80 : r- 7.77 : Rentals/per sh.: $ 5.729 : $ 1.607 : Rental / Price-- : 19.69% : 9.236% : =========== HLG 53% ownership stake in HLP, and so: HLP - MktCap ($78.13bn : 4.49bn x $17.40) x 52.9% = $41.33bn HLG - MktCap ($39.58bn : 1.36bn x $29.10) which is -4.24% discount to HLP holding : : : : Discount = $1.75bn vs. $5.04bn of extra Debt (ignoring $270mn extra cash) this net difference of $3.29bn puts a very low value on HLG's Grand Gateway : 2.2mn sf mixed use complex in Shanghai : just $1,495 psf for a prime site. : image: http://www.hanglung.com/Libraries/Page_banner_-_Mainland_China_Properties/cn_main_shanghai_grand_gateway_1.sflb.ashx Symbol---------- : HK-10 : HK101 : Last Price------ : $27.70 : $17.80 : Shares O/S---- : 1.36bn : 4.49bn : Book Value/sh.: $55.90: $29.50 : Discount, Book: -50.4% : -39.7% : Market Cap----- : $37.67b: $79.92b: HLG, 52.9%----- : $42.28b Discount-------- : $4.61 bn Debt difference: $4.77 bn Net difference : $0.16 bn / 2.2mn sf----- : $0,072 psf - Prime Shanghai location

"Beware of Chinese valuations" - was a warning I got from someone with whom I discussed this idea He gave the following mainland mall owner as an example Rehne Commercial -- (HK:1387) ... update Renhe : Price/Book : $0.44 / $0.10 = r-4.26 / more financials Note: Ebitda: -$36.26mn, Net Income: -$210.8mn on $19.35Bn MktCap Business Summary Renhe Commercial Holdings Company Limited, an investment holding company, engages in the development, lease, and management of shopping malls in the Peoples Republic of China. It manages 22 malls across 12 cities in China. The company was incorporated in 2007 and is headquartered in Harbin, the Peoples Republic of China. Renhe Commercial Holdings Company Limited is a subsidiary of Shining Hill Investments Limited. Website: http://www.renhebusiness.com

Latest Press Briefing : End July 2015 Event: Analyst Briefing - 2015 Interim Results Date: July 30, 2015 (Thursday) Time: 4:00pm HKT Hosts: Mr. Ronnie Chan, Chairman / Mr. Philip Chen, Managing Director / Mr. HC Ho, Executive Director == > http://edge.media-server.com/m/p/8aiuvxv4 > Other Briefings: http://www.hanglung.com/en/investor-relations/webcast.aspx Mr Chan mentioned the "tough trading environment" in China, where some new malls (not Hang Lung's!) were getting only 10% capacity utilization. HL's new malls were getting 70%, but some like HL's existing malls in Shanghai, were still showing growing income. + HL will open a "very large mall" at the end of the year, which will cause the margins to drop. But with no new openings in 2016, the margins should start rising again. The new mall will require HL to add 500 new staff. : Olympia 66, Dalian + HKD 3 billion capex in the first half, associated with the new mall (Olympia 66 in Dalian, 222k sq.m x$3k = $666mn pa rental? when mature? ) + HL is one of the Top two malls for luxury brands (in Shanghai), so they have limited competition + There is real pressure for rental reversions, but HL has been able to fight this off with their premium branding + They are bringing in tenants (like TNG's expensive teashops) to make their malls a place "to see and be seen" + HKD 1.3 bn to be spent on upgrading Plaza 66 and Grand Gateway; payback expected in xx years

Hang Lung Group Ltd. (0010.HK): $29.50 Up 0.30 : +1.03% Valuation Measures Market Cap (intraday)5: 39.97B Enterprise Value (Sep 9, 2015)3: 42.26B Trailing P/E (ttm, intraday): 5.85 Forward P/E (fye Dec 31, 2016)1: N/A PEG Ratio (5 yr expected)1: N/A Price/Sales (ttm): 2.19 Price/Book (mrq): 0.51 Enterprise Value/Revenue (ttm)3: 2.34 Enterprise Value/EBITDA (ttm)6: 3.22 ===== Income Statement Revenue (ttm): 18.02B Revenue Per Share (ttm): 13.31 Qtrly Revenue Growth (yoy): 1.30% Gross Profit (ttm): 13.76B EBITDA (ttm)6: 13.11B Net Income Avl to Common (ttm): 6.54B Diluted EPS (ttm): 5.04 ===== Balance Sheet Total Cash (mrq): 36.48B Total Cash Per Share (mrq): 26.92 Total Debt (mrq): 39.43B Total Debt/Equity (mrq): 27.15 Current Ratio (mrq): 2.37 Book Value (mrq): $56.86 / share > http://finance.yahoo.com/q/ks?s=0010.HK+Key+Statistics Business Summary Hang Lung Group Limited, an investment holding company, operates in the property development market in Hong Kong and Mainland China. It engages in the property development for sale and lease, including large-scale commercial, office, and residential developments; property investment for rental; and other investments. The company also holds a portfolio of investment properties comprising two large-scale developments in Shanghai; Grand Gateway 66, the commercial, office, and residential complex; Plaza 66, the commercial and office complex; landmark complexes, including Parc 66 in Jinan, as well as Palace 66 and Forum 66 in Shenyang; and serviced apartments and carparks. In addition, it offers car park management and property management, financial, management, property agency, and securities trading services. The company was founded in 1960 and is based in Central, Hong Kong.

UPDATE: 9/22/21 / HLP os: 4,498Msh, 2,617M held by HLG (58.16%) / HLG os: 1,362M sh, ye’20 / HLP @ $17.20 = HLPPY: US$11.22 / 56% $30.74 BV Div.$0.76: $3.42B x58.16%= $1.99B/1,362M HLG= $1.46 inc.Div/HLG sh. (x$0.76: $1.99B > Excess CF: $870M > HLG, Net Div. Flow in 2020 / HLG @ $17.54 = HNLGY: US$12.65 (112.7%) ’21 / 25.9% $67.62 BV (100% : 1.362B), div (x$0.82: $1.12B) / In 2018, HLG bot 10.7M HLP sh x $18.60= cost $200M: in 2020 : 2616.6M ye’20, - 2605.9M ye’19: 10.7M HLP shares added : $870M - $200M = $670M excess CF after divs,, HLP sh. Purchases  ======= RENTAL Turnover keeps rising - meaning increased Cash Flow Net Asset Value per share ....... Dividends per share : > http://www.hanglung.com/HLGAnnualReport2014/index.html

Hang Lung Properties / HL Group - very interesting near $14, $20 (was $17, 24) UPDATE: End Sep.2021 Ten Year Downtrend in HK10... But now deeply oversold, along with China stocks HK101-etc, Update: FLIP: 10d /.hk10: $18.12 + 0.24, hk101: $17.82 -0.14, HK2823: $18.07 +0.05 HK-etc - from: 1/2003: 1/2019: 10d:  === HK10 has been leading HK2823 / China A50 ... update : fr. May 2018 : w/HLP : HK$21.05 vs H$17.38 = 121% at 5/28/19 CHALLENGING The Top of RANGE" I said in Sept 2019. - What happened? HK10-etc ... update : fr. Sep.2018 : 10d/ The HK10 price is HIGHER now 02.14.'20: hk10: $21.00. hk101: $18.20 (115%). hk2823: $14.50 (145%) - New "Over 10 years ago, HLP embarked on an ambitious wealth-building venture in the property space, entailing utilising the over HKD20bn in profit it stands to realise from Hong Kong’s residential property sector to fund a series of ambitious investments in China in an attempt to transform itself into a leading player in the commercial property sector in Greater China. " Hang Lung Group interesting too, approaching $26 - trading near 60%, 50% of Book, respectively At end 2017, HLG owned 55.7% of HLP, up from 53%. As HLG's ownership rises, fewer dividends "leak out" to minority shareholders DIVIDEND FLOW: In 2018, HLG bot 87M HLP sh x $17.38= $1,512M Cost, now owns 57.6% HLP (at Feb.2019) UPDATE: 5/28/19 / HLP @ $17.38 = HLPPY: US$11.09 / 57% $30.58 BV (57.62%: 2.59B) (x$0.75: $1.94B > Excess CF: $850M > HLG, Net Div. Flow / HLG @ $21.05 = HNLGY: US$13.18 (118.8%) / 33% $63.49 BV (100% : 1.362B) (x$0.80: $1.09B) / In 2018, HLG bot 87M HLP sh x $17.38= $1,512M, spending $662M more than Net Divs The old target I mentioned a while ago has been hit: $17 for HLP, $24 for HLG. CHART : Calendar 2014 - 18 : update : / 10d: HK10 : HK101 : Both : 870001 : update-4/26/18: $23.95, $18.40 Hang Lung Properties (HK:101) closed yesterday (Sept.8th at): +$17.40 + 0.40 :: +2.35% Open: 17.30 / High: 17.48 / Low: 17.00 // Volume: 672,675 Yield: 1.95% / P/E Ratio: 6.90 / 52 Week Range: 16.96 to 26.45 COMPARE - HLG owns almost 53%* of HLP ++ some other assets *> 55.7% at 12.2017 ! =========== : -- Aug. 2015 --- / --- Apr. 2018 -- / Company----- : Group- : -Props. / Group- : -Props. / Change : Change : Stock Symbol: HK-10 : HK101 / HK-10 : HK101 / Last Price---- : $29.10 : $17.40 / $23.95 : $18.40 / -17.7% : +5.75% : Low of year--: $28.60 : $16.96 / $23.85 : $17.28 / Book Value-- : $56.86 : $29.50 / $61.06 : $30.27 / +7.39% : +2.61% : Price / Book- : 51.2 % : 59.0 % / 39.1 % : 57.1 % / Shares O/S -- : 1.35bn : 4.48bn / 1.36bn : 4.50bn / MktCap. HKD : $39.3B: $78.0B / $32.6B: $82.8B / Earnings / sh : $ 4.82 : $ 2.52 / $ 3.90 : $ 1.81 / -19.1% : -18.2% : P/E Ratio -------- : r-6.04 : r-6.90 / r-6.14 : r-10.17 / Yield -------------- : 1.30 % : 1.95 % / 3.34 % : 4.08 % / Div. per share : $ 0.38 : $ 0.34 / $ 0.80 : $0.75 / +111.% : +121.% : Debt to Equity : --n/a-- : --n/a- : 18.97% : 17.69% : EBITDA--------- : --n/a-- : --n/a- : $7.92B : $7.45B : MCap/editda : --n/a-- : --n/a- : r- 4.12 : r-11.11 : Free CF--------- : --n/a-- : --n/a- : (8.71B) : (4.40B) : RATIOs (HLP/HLG etc) over time: Owning HLG or HLP has been a poor hedge against rising HK Property prices QTR. : HK-10 : HK101 : Ratio-- : -CCLI - : hlg/CC : e.00: $$6.95 : $$8.70 : 125.2% : e.01: $$6.90 : $$8.05 : 116.7% : $40.28 : 19.99% : e.02: $$6.40 : $$7.55 : 118.0% : $35.77 : 21.11% : e.03: $$9.70 : $$9.95 : 102.6% : $37.51 : 26.53% : e.04: $15.30 : $12.00 : 78.43% : $49.30 : 24.34% : e.05: $16.45 : $12.10 : 73.56% : $52.51 : 23.04% : e.06: $23.65 : $19.50 : 82.98% : $53.93 : 36.16% : e.07: $42.60 : $35.30 : 82.86% : $67.59 : 52.23% > HLG at highest ratio vs CCLI e.08: $23.45 : $16.84: 71.81% : $56.78 : 29.66% : BkV.: $61.06 : $30.27 : Apr. 2018 Hang Lung / HK10 vs HK101 - since 2008 : ================== QTR. : HK-10 : HK101 : Ratio-- : -CCLI - : hlg/CC : e.08: $23.45 : $16.84 : 71.81% : $56.78 : 29.66% : e.09: $38.65 : $30.60 : 79.17% : $74.07 : 41.31% > highest ratio since GFC e.10: $51.10 : $36.35 : 71.14% : $88.38 : 41.13% : Q-1 : $48.15 : $34.05 : 70.72% : $96.98 : 35.11% : Q-2 : $49.30 : $31.90 : 64.71% : 100.29 : 31.81% : Q-3 : $39.85 : $23.40 : 58.72% : $99.80 : 23.45% : e.11: $42.55 : $22.10 : 51.94% : $95.47 : 23.15% : Q-1 : $50.25 : $28.45 : 56.62% : 101.17 : 28.12% : Q-2 : $47.55 : $26.20 : 55.10% : 105.47 : 24.84% : Q-3 : $49.15 : $26.50 : 53.92% : 110.14 : 24.06% : e.12: $44.05 : $30.80 : 69.92% : 115.60 : 26.64% : Q-1 : $43.60 : $29.00 : 66.51% : 123.01 : 23.58% : Q-2 : $41.70 : $27.05 : 64.87% : 121.88 : 22.19% : Q-3 : $41.40 : $26.40 : 63.77% : 119.83 : 22.03% : e.13: $39.15 : $24.50 : 62.80% : 118.96 : 20.60% : Q-1 : $39.05 : $22.30 : 57.11% : 118.82 : 18.77% : Q-2 : $41.95 : $23.90 : 56.97% : 123.35 : 19.38% : Q-3 : $38.45 : $22.10 : 57.48% : 127.65 : 17.31% : e.14: $35.20 : $21.75 : 61.79% : 133.34 : 16.31% : Q-1 : $35.35 : $21.80 : 61.67% : 142.64 : 15.28% : Q-2 : $34.15 : $23.05 : 67.50% : 143.15 : 16.10% : Q-3 : $26.30 : $17.36 : 66.01% : 147.61 : 11.76% : Lowest ratio vs CCLI e.15: $25.20 : $17.64 : 70.00% : Q-1 : $22.25 : $14.82 : 66.61% : Q-2 : $23.25 : $15.62 : 67.18% : Q-3 : $29.50 : $17.44 : 59.12% : e.16: $27.00 : $16.44 : 60.89% : Q-1 : $33.15 : $20.20 : 60.94% : Q-2 : $32.30 : $19.50 : 60.37% : Q-3 : $28.05 : $18.54 : 66.10% : e.17: $28.75 : $19.10 : 66.43% : Q-1 : $25.65 : $18.28 : 71.27% : Q-2 : $22.00 : $16.18 : 73.55% : BkV.: $61.06 : $30.27 : Apr. 2018 BkV. : $56.86 : $29.50 : 51.88% Last-: $26.90 : $17.70 : 65.80% : 146.76 : 12.06% > HLG at lowest ratio vs CCLI Pr/Bk 47.31%: 60.00% : 126.8% HK:10 / HLG -- all data ===== Bigcharts Historical : xx Centaline Index----- : http://www1.centadata.com/cci/cci_e.htm : Search : LINKS ===== Annual Report 2017 : HLG : HLP / 2014: http://www.hanglung.com/HLGAnnualReport2014/index.html Prior Year Reports - :: http://www.hanglung.com/en/investor-relations/financial-information/financial-reports.aspx Analyst Coverage - :: (#17) https://www.hanglung.com/en-US/investor-relations/analyst-coverage US$ Quote/ HLPPY : https://money.cnn.com/quote/forecast/forecast.html?symb=HLPPY

High end stuff is not selling well Some desperate sellers are getting VERY aggressive now. As The Standard reported: Homeowners slashing prices to unload flats: + Centre Stage, Sheung Wan: Price was cut from HK$63mn to HK$45mn, where the (swiss) seller suffered a small loss after transaction costs. The final deal was HK$24,000 pssf, but was valued by lenders at $67mn, or HK$35,000. (Some lenders are going to be in a panic after this sale - what's happened to their collateral margin??) But agents say that the bank valuation was way too high, and there are projects like The Nova and Upton in the HK$20,000 - 30,000 pssf range. + Metro Town, TKO: 2-BR unit was sold at the lowest price seen for similar units over the last six months, as the seller cut HK$150k to sell below $6 Million Sellers also suffered losses at The Java (lost HK$745k), and Tuen Mun Trend Plaza (lost around HK$200k)

NO PLACE to Hide ? / 1 / "The pause before the Drop" ? HK Property Sales plunge to 17-month low - SCMP, Headline story Transaction volume drops 29.2 per cent as buyers stay on the sidelines amid volatility and uncertainty "Volume in August hit the lowest level in 1 1/2 years... as investors opted for the sidelines" Just 5,197 property sales transactions were done, with 3,896 (down 37.3%) in the residential market. Developers are said to be "grappling with the problem of poor investor appetite", and this is coming at a time when flats for sale is set to increase sharply in the months to come. (Henderson Land has just increased its "discount" from 10% to 20% in a new launch, High Park Grand.) There's a several week's lag in data collection, so these figures reflect the market situation in from July into early August. / 2 / Neowave: "S&P will drop approx. 50% during the Next 4 years!" This comes from a special report about the technical situation of US stocks that I received by email. They believe that a "fifth wave extension" completed recently, and they expect the S&P500 to fall from its HofYr (2,134.72) to, first, the low near 1650 (-23%) reached in Fall 2013... ... and after that: much lower: 50% of 2,134.72 = SPX-1,067 === === Are investors headed ... into a Black Hole?: http://www.greenenergyinvestors.com/index.php?showtopic=20286

1 / Philippine economic growth quickens to 5.6% in Q2 Channel News Asia-26 Aug 2015 MANILA: Philippine economic growth quickened in the second quarter, the government said on Thursday (Aug 27), placing the country in a ... Boosted by higher government spending, the April to June gross domestic product outpaced the 5.0-per cent growth in the previous quarter, the Philippine government has announced.. . . Despite the rebound, Balisacan said the economy was likely to grow from 6.0 to 6.5 per cent for the full year, below the government's 7.0 to 8.0 per cent target. Second quarter growth was also slower than 6.7 per cent during the same period last year, data showed. . . . Philippine shares were up 147.33 points or 2.15 per cent to 7,015.25 at noon on Thursday after the GDP figures were announced. The peso closed at 46.72 against the dollar on Wednesday, but Balisacan said the depreciation was not sharp enough to affect the economy and could increase the value of remittances from overseas workers. 2 / More investment banks slash Philippine growth targets By Lawrence Agcaoili (The Philippine Star) | September 1, 2015 Lack of government spending and weak global demand pulled down the GDP growth to 5.3 percent in the first half of the year from 6.4 percent in the same period last year. STAR/File photo MANILA, Philippines - More investment banks have lowered their economic growth forecasts for the Philippines despite the slight uptick in the second quarter of the year. DBS Bank of Singapore slashed its gross domestic product (GDP) growth forecast for the Philippines to 5.7 percent from the original target of six percent this year. “The full-year GDP growth may only reach 5.7 percent versus our earlier projection of six percent,” DBS said in a research note. However, the investment bank is not ruling out a six percent GDP growth this year depending on the eventual pace of fiscal spending for the rest of the year. == > http://www.philstar.com/business/2015/09/01/1494470/more-investment-banks-slash-philippine-growth-targets 3 / Philippines can withstand impact of yuan slide – DOF Philippine Star-23 Aug 2015 China's intervention on its yuan came following the sustained growth slowdown in the world's largest economy. Analysts believe the move ...

Greenbelt Hamilton photos 1/ 2/ 3/ Ayaland is relaunching Jaka as "ALVEO Tower:" Alveo Financial Tower (AFT) will also be higher than the previous Jaka plan:

The Beginning of the End? Developers raise perks for buyers Property firms offer bigger discounts and low down payments as stock market turmoil and global uncertainty depress prices. + HK developers are sacrificing profit margins, to offer bigger discounts, and financing + "Some say the market is approaching a turning point after a seven-year rally" and a 150% rise + Aspen Crest is offering 30% second mortgages + The sweeteners are cutting into interest in the secondhand market + Some who were selling, are now putting flats to rent instead + About 1,000 (10,000?) new flats are going to come on the market, leaving secondhand cold + Two developments comprising 2,000 units will hit the market this week + Henderson has raised the commissions it will pay from 3% to 4% Alfred Lau of Bocom says: "We may see a turning point in the last quarter of this year."

Property markets continue to thrive despite slower economic growth PHILIPPINES : 2Q 2015 The Philippine economy was not able to sustain the momentum of its stellar fourth quarter 2014 performance, with the economy only growing by 5.2% during the first quarter of 2015. Lower exports and a decline in public construction have suppressed growth that otherwise would have been propelled by public construction, retail trade and real estate. Due to the slower growth, economists have lowered their end-2015 growth forecasts to around 6%. . . . A further tightening in real estate lending by the banking sector was observed during the second quarter, after the Bangko Sentral ng Pilipinas (BSP) began to implement stricter measures in 2014. Nevertheless, lending to the property sector continued to grow, posting a 26% rise as of March 2015 compared to the same period the previous year. Bank exposure in the property market has risen to Php1.092 trillion, with a majority being lent to real estate developers (62.2%) and the rest to home buyers (37.8%). . . . Residential vacancies in Makati CBD further improved as only one project was completed in the district, falling to 7.6% overall and to 3.9% for premium condos. .... Both Fort Bonifacio and Ortigas Center may see increases to their condo stock of almost 20% each by the end of 2015 compared to previous year levels, making it more competitive for investors to lease out their units... The lack of new completions coupled with strong take-up puts upward pressure on rental rates. RENTALS : Makati, Bonifacio, Rockwell to Q4 - 2013 Qtr /Yr. : Mak-Mid. QonQtr : YronYr / Lo - Makati - H / L-Bonfacio-H / L-Rockwell- H / 4Q /2014 : 0,838 : +0.96% : +4.10% / 0,575 - 1,100 / 0,640 - 1,045 / 0,750 - 1,055 : 1Q /2015 : 0,848 : +1.19% : +4.69% / 0,578 - 1,118 / 0,660 - 1,050 / 0,755 - 1,080 : 2Q /2015 : 0,862 : +1.65% : + 5.12% / 0,590 - 1,135 / 0,670 - 1,070 / 0,770 - 1,100 : Capital value growth for prime residential condominiums was the strongest in Rockwell Center, where prices rose by 3.0% to Php158,600 in the second quarter as it was supported by lower vacancies and strong rental growth. Meanwhile, capital value growth slowed in Makati and Fort Bonifacio after posting rapid rises in the previous quarters due to land value appreciation during those periods. PROPERTY, 3BR - Capital Values : ( per Sq. Meter ) Qtr /Yr. : Mak-Mid. QonQtr : YronYr / Low - Makati - H / Low -Bonfacio- H / Low -Rockwell- H / 4Q /2007 : 095,000 : +1.0E% : + 5.0E% : 85,000 - 105,000 : 4Q /2013 : 134,908 : +2.17% : +14.38% : 90,675 - 179,140 : 102,230 - 161,290 : 109,315 - 168,220 : 4Q /2014 : 144,500 : +1.23% : + 7.11% : 100,000- 189,000 : 110,000 - 180,000 : 117,000 - 180,000 : 1Q /2015 : 147,350 : +1.97% : + 7.92% : 102,500- 192,200 : 113,000 - 179,500 : 119,000 - 189,000 : 2Q /2015 : 149,000 : + 1.11% : + 7.91% : 104,000- 194,000 : 120,000 - 191,000 : 119,000 - 198,000 : Qtr / Yr. : Mak-Mid. QonQtr : Yr.onYr. / Low - Makati - H / Low -Bonfacio- H / Low -Rockwell- H / > more: http://www.colliers.com/-/media/files/marketing%20reports/phil_knowledge_2q2015b.pdf

The Dollar has broken out against the Peso USD in PHP ... update I could see it getting to 48-49, and perhaps higher, if it breaks the nearby resistance at PHP.47

Buzz Aldrin Developing Plan to Colonize Mars Wall Street Journal - ‎33 minutes ago Buzz Aldrin, the second man to walk on the moon, is teaming up with the Florida Institute of Technology to develop a 'master plan' to colonize Mars within 25 years. . . . This transcript has been automatically generated and may not be 100% accurate. ... the ... Florida State Route acknowledged ... to build a master planned to call nine minus thirteen twenty five years ... the signing ceremony at the University on Thursday ... eighty five euro Mr Martin said he hopes his master plan is accepted by NASA in the country ... reports the Associated Press ... Mr Holland revisions using my assessment is preliminary step ... to its fast times ... he's pushing Parmar settlement by about twenty forty ... this is already working on a spacecraft in rockets astronauts to Aspley the the twenty third of its ... in nineteen eighty five was daunting began to devise a plan for missions to market Millie and Aunt Tamara cycling or ... a spacecraft system of perpetual cycling ... and why it's ... he is refine the concept over the years and continues to research on an ... the buzz Aldrin states this kid is set to open the spot where he will serve as a research professor Aeronautics as well as the senior faculty advisor for the is she ... Buzz Aldrin joins university, developing 'master plan' for Mars settlement Fox News

"Has the commodities crash and deflationary impact extended the 18 years house price cycle a bit further for HK?" Peak : 1997 + 18 = 2015 Low - : 2003 + 14 = 2017 I still think a 2015-2017 window for the peak makes sense