Elevator Pitch
Hong Kong-listed Mainland China property developer China Aoyuan Group Ltd (CAOYF)(3883:HK) has 2H2019 and FY2020 revenue, secured by RMB139 billion in unbooked sales. China Aoyuan's contracted sales for the first eight months of 2019 was RMB67.96 billion, representing a 28% YoY increase, or 60% of its full-year FY2019 contracted sales target of RMB114 billion. Going forward, the company's diversified land banking strategy, relying on a mix of M&A, urban redevelopment projects and synergies with its non-property businesses, should put it in a good position to secure future land bank.
But the