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SCCCF - Sunac China: High Gearing Remains A Concern Despite Efforts To Deleverage
Sunac China Holdings Ltd
Elevator Pitch
Despite being among the top five property developers in Mainland China in terms of contracted sales, Hong Kong-listed property developer Sunac China Holdings Limited (SCCCF) (SNCHY) [1918:HK] trades at 5.4 times consensus forward FY2019 P/E and 4.2 times consensus forward FY2020 P/E. In contrast, another top five property developer China Vanke (CHVKF) (CHVKY) (CVKEY) [2202:HK] is valued by the market in the high single-digits P/E at 6.7 times consensus forward FY2019 P/E. This disparity in valuations is largely attributable to Sunac China's high