Country Garden Holdings Is a Large Developer With a Different Playbook
We initiate coverage of Country Garden with no-moat and stable moat trend ratings, along with a fair value estimate of HKD 9 per share. Country Garden is a large real estate developer in China with a focus on mass residential projects in lower-tier cities. For a real estate developer to achieve long-standing excess returns, a company must have access to non-market-based channels to acquire land bank, a proprietary development methodology to achieve fast asset turnover, or uniquely branded produc...Country Garden Holdings is an investment holding company. Through its subsidiaries, Co. is engaged in the property development, construction, fitting and decoration, property management and hotel operation. Co. provides a range of products including residential projects such as townhouses, condos, as well as car-parks and retail shops. Co. also develops and manages hotels within some of its projects, and operates independent hotels. As of Dec 31 2014, excluding Guangdong province, Co. had property development operations in a number of selected locations in 23 provinces/ municipalities/autonomous regions in China.
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