Morningstar | China's Special Purpose Bond Target Warrants Growth for the Infrastructure Sector in 2019
For 2019, Chinese local governments will be allowed to issue CNY 2.15 trillion special purpose bonds, increasing more than 50% from last year. Since these bonds are a key funding source for infrastructure projects, we think the jump in quota signals the central authority’s will to encourage government-driven infrastructure projects to stimulate GDP growth. While we anticipate infrastructure investment to rebound in 2019, much of that expectation has already baked into our valuation for no moat China Railway Construction. Therefore, we maintain our fair value estimate of HKD 11.50 (CNY 10.20) per share on the firm, as our long-term operating assumptions for the company are intact.China Railway Construction and its subsidiaries are engaged in the construction of infrastructure; the provision of survey, design and consultancy services; the design, research and development, production and sale of large track maintenance machineries and components for railway construction; the real estate development; and the provision of logistics services. Co.'s business covers the 32 provinces (cities), autonomous regions, Special Administrative Regions in China (excluding Taiwan) as well as 45 foreign countries and regions in the world.Hubei Wanjia Real Estate Development Limited40Other Business Operations
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