Yuzhou property: Investor tastes have changed

Ye Guojing "In a narrow window of time, more than 10 mainland real estate companies queued up for listing in Hong Kong, and almost every investment fund manager's desk was piled with prospectuses from mainland housing companies. ' Which home equity should we invest in? ' This is a question that every fund manager often asks. "Yesterday morning, Fujian Yu Chau Real Estate (01628.　　HK) Marketing Director Chen Saihong in an interview with CBN reporters so as to describe the intensity of the listing financing. October 14, as Yu Chau property Management, Chen Saihong in Hong Kong to participate in the company's listed investors to promote luncheon. During that time, the group launched Roadshow in Hong Kong, Singapore, London and the United States of America, Boston and New York. From one station to the next, her deepest feeling was that the tastes of foreign investors had changed and become harsh and picky.　　In the Wall Street Roadshow, the company's founder Lin Longhan for days and nights. Difficult to escape "break" fate November 2, Yu Chau real Estate in Hong Kong listing. and Hengsheng Real Estate (00845.　　HK) and other housing stocks similar fate, Yu Chau real estate listed on the first day also did not escape the fate of the IPO price. The first day of the listing, the opening price of HK $2.45, compared with the share price of 2.7 Hong Kong dollar lower 9.3%, the lowest has been to 2.42 Hong Kong dollars, the final closed at HK $2.68, a small decline of 0.741%.　　The prospectus shows that the price of Yu Chau property is HK $2.7, corresponding to the 5.5 times-fold earnings ratio, a total of more than 2 billion Hong Kong dollars raised. With many adverse effects such as "break" and "underestimate value" of new shares in Hong Kong, the overall price-earnings ratio of new shares is low. Hengsheng property price of the corresponding price-earnings ratio of 10 times times, Yu Chau real estate prices corresponding to the P/E ratio is only 5.5 times times, and to recruit a lower limit of 2.7 Hong Kong dollar pricing.　　The scale of financing has shrunk by HK $ more than 1 billion, compared with earlier expected financing. Although the "Money route" is not flat, many property developers are still firmly on their way to Hong Kong. Chen Saihong said these companies "Mingchi, undeterred" reasons, on the one hand, hope to be able to obtain a "listing licence" to pave the road for future expansion, on the other hand, the property developers are optimistic about the Chinese property market in the long term, if not listed, will be marginalized.　　Even if the discount, timing is not appropriate, will not give up the road to the market. Investors "new taste" by the financial crisis and the mainland property market downturn last year, the international capital of the mainland housing enterprises from the current period of the pursuit of direct access to a strict selection period.　　Their taste has changed markedly. Li Liewei, senior Nomura Securities real estate analyst, said publicly that overseas investors are more rational about IPOs in mainland China than before the financial crisis. "Investors are aware that it is problematic to use land reserves to value businesses, not just the amount of land, but also the location and quality of the land." "The current land reserve of Yu Chau is 3.5 million square meters, of which nearly 1.6 million square meters are concentrated in Xiamen, and the mainland real estate companies that have recently listed for financing belong to small and medium property companies." Chen Saihong said theyIn the course of the road show, the funds are no longer "on the land amount of heroes", but more concerned about the specific land of the city, the quality of land can bring high growth. Adequate land reserves are no longer "a magic weapon of one night's popularity."