Elevator Pitch
I maintain my "Neutral" rating on Hong Kong-listed Yuexiu Property Company Limited (YUEXF) (GUAZY) [123:HK]. Yuexiu Property's FY2020 contracted sales target of RMB80.2 billion was below expectations, implying only a +11% YoY growth this year versus a +24.8% YoY growth for FY2019. Yuexiu Property's exposure to Wuhan, the epicenter of the coronavirus outbreak is also noteworthy, with the Central China region accounting for approximately 11.7% of the company's salable resources for FY2020.
This is an update of my initiation article on Yuexiu Property published on August 23, 2019. Yuexiu