恒基地产（00012.HK）：Acquiring two Kai Tak development sites from HNA for HK$16 bn

机构：高盛高华证券

评级： Neutral 

目标价:51.2港币

Chinese land market purchases have slowed since mid-2017... 

Southbound flows to the land market accounted for over half of residential landn purchases during c.2016 to 1H2017 . If one were to look at the land bidders (including government, URA and MTRC tenders), c.26%/30% of attributable GFA was won by Chinese companies in March FY16 and March FY17 , versus 35%/15% for the six key local developers over the two periods. 

However, in March FY18, the ratio dropped significantly to only c.8% by Chinesen companies, while that for the six key local developers rose to 65%. 

HNA Group acquired four land sites in the Kai Tak area between November 2016n and March 2017 through government land tenders, at a total land cost of c.HK$27.2 bn and a GFA of 2.0 mn sq ft.