Shimao Property's Operation Turning Around, but Lagging Behind Peers
We initiate coverage of Shimao Property with no-moat and stable moat trend ratings, along with a fair value estimate of HKD 21 per share. Shimao Property is a large real estate developer in China, with a focus on residential development projects and hotels, while its 59%-owned subsidiary Shanghai Shimao focuses on commercial projects.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 d...
Shimao Property Holdings is an investment holding company. Through its subsidiaries, Co. is principally engaged in property development, investment and hotel operation in the People's Republic of China. Co. develops commercial properties through its 64.12% owned subsidiary Shanghai Shimao Co., Ltd. As of Dec 31 2014, Co. had 104 projects in 41 cities in the country.
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