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Location Type Site Area (sf) Plot Ratio (X) 0.40 1.00 0.90 0.90 2.10 0.75 0.40 0.20 0.40 1.22 0.75 0.75 0.75 0.75 2.03 0.40 0.40 4.16 1.00 1.50 1.50 1.54 1.50 1.50 0.40 1.00 1.20 1.20 3.86 7.50 8.90 1.13 Residenti al GFA (sf) 101,526 65,401 41,172 12,962 231,672 4,966 32,787 3,731 10,264 36,780 9,223 14,372 36,845 41,979 49,406 31,904 32,464 1,031,461 50,375 96,068 88,479 142,385 130,458 318,073 13,662 120,470 45,854 26,479 2,821,220 435,292 153,515 237,021 180,700 1,006,528 Newly added sites KIL 11227 Junction of Sheung Lok Street and Sheung Shing Street, former Homantin Estate Redevelopment Ph 2 and 7 sites Junction of Fat Kwong Street and Sheung Foo Street, former Homantin Estate Redevelopment Ph 3 site Kwun Fat Street, Siu Lam Ex-Perowne Barracks North site, Area 48, Castle Peak Road Homantin R2 223,997 5.00 1,119,984 750 Unit size (sf) 2,000 1,100 1,100 1,100 1,100 1,100 2,000 2,000 1,100 1,100 1,100 1,100 1,100 900 1,100 2,000 2,000 750 1,100 1,100 1,100 1,100 1,100 1,100 2,000 1,100 1,100 1,100 750 650 950 1,100 Est. No. of units Estimated Earliest Site Available Date Apr 11 Apr 11 Apr 11 Apr 11 Apr 11 Apr 11 Apr 11 Apr 11 Apr 11 Apr 11 Apr 11 Apr 11 Apr 11 Apr 11 Apr 11 Apr 11 Apr 11 Apr 11 Apr 11 Apr 11 Apr 11 Apr 11 Apr 11 Apr 11 Apr 11 Apr 11 Apr 11 Apr 11 Apr 11 Apr 11 Apr 11 Apr 11
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Ngau Tam Mei, off San Tam Road Ping Kwai Road, Ping Shan Near 110 Repulse Bay Road Near 35 South Bay Road 8-12 Deep Water Bay Drive, Shouson Hill Hoi Fung Path Pik Sha Road, Silverstrand, Clear Water Bay Kap Pin Long Junction of Pak Shek Wo San Tsuen Road and Clear Water Bay Road 62 Begonia Road, Yau Yat Chuen Tong Tung Wan, Peng Chau (Site A) Tung Wan, Peng Chau (Site B) Peng Chau Lot 678 in DD Peng Chau Mui Wo Cheung Sha Site 406, Lantau Cheung Sha Site 407, Lantau Shatin Area 56A, Kau To (Site A) Shatin Area 56A, Kau To (Site B5) Shatin Area 56A, Kau To (Site B6) Shatin Area 56A, Kau To (Site B7) Shatin Area 56A, Kau To (Site B1) Shatin Area 56A, Kau To (Site B2) Shatin Area 56A, Kau To (Site B3&4) Area 52, Fu Tei, Tuen Mun Tan Kwai Tsuen, Hung Shui Kiu, Area 55, So Kwun Wat Castle Peak Road, Tai Lam Chung
Yuen Long Yuen Long Southern Southern South Southern Sai Kung Sai Kung Sai Kung Shek Kip Mei Peng Chau Peng Chau Peng Chau Peng Chau Lantau Lantau Lantau Shatin Shatin Shatin Shatin Shatin Shatin Shatin Tuen Mun Yuen Long Tuen Mun Tuen Mun Mid Level Hung Hom North Point Mid Level
R4 R3 R3 R3 R3 R3 R4 R4 R3 R3 R3 R3 R3 R/C R3 R4 R4 R2 R3 R3 R3 R3 R3 R3 R4 R3 R3 R3 R2 R1 R/C R3
252,736 65,401 45,747 14,402 110,319 6,620 81,967 18,654 25,661 30,247 12,292 19,160 49,126 55,972 24,326 79,760 81,160 248,172 50,375 64,045 58,986 92,462 86,972 212,049 34,154 120,470 38,212 22,066 2,001,515 112,892 20,473 84,895 160,382
51 59 37 12 211 5 16 2 9 33 8 13 33 47 45 16 16 1,375 46 87 80 129 119 289 7 110 42 24 2,922 580 236 249 164 1,230 1,493
Government-initiated land auctions IL 8949 21, 23 and 25 Borrett Road, MidLevels West KIL 11184 Ex-Ko Shan Road Customs & Excise Service Married Quarters IL 8920 Ex-Government Supplies Depot, Oil Street IL 8963 Former Lingnan College Site, Stubbs Road
Jul 11
KIL 11228 TMTL 436 TMTL 423
Homantin Tuen Mun Tuen Mun
R2 R4 R3
77,403 96,660 720,858
4.00 0.40 1.50
309,613 38,664 1,081,288
750 2,000 1,100
413 19 983
Jul 11 Aug 11 Oct 11
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Lucia Kwong, CFA (852) 2800-8526 lucia.yk.kwong@jpmorgan.com
Asia Pacific Equity Research 25 February 2011
Lot No.
Projects
Location
Type
Site Area (sf) 144,236 46,715 54,142 88,910 32,830 315,382 401,493 139,931 161,459 187,292 20,990 2,712,298
Plot Ratio (X) 5.50 5.00 5.00 5.50 7.00 5.00 1.50 1.50 1.50 1.50 0.40
Residenti al GFA (sf) 793,299 233,577 270,712 489,004 229,809 1,576,911 602,240 209,896 242,188 280,938 8,396 7,486,518
Unit size (sf) 750 750 750 750 650 800 1,100 1,100 1,100 1,100 2,000
Est. No. of units 1,058 311 361 652 354 1,971 547 191 220 255 4 8,833
TKOTL 113 TKOTL 114 TKOTL 115 TKOTL 119 AplIL 135 IL 9027 TKOTL 95 TKOTL 117 TKOTL 118 STTL 574 TMTL 495
Tseung Kwan O Area 66A Tseung Kwan O Area 66C1 Tseung Kwan O Area 66D1 Tseung Kwan O Area 66B2 Junction of Ap Lei Chau Drive and Ap Lei Chau Praya Road Eastern part of ex-North Point Estate Tseung Kwan O Area 68A Tseung Kwan O Area 66C2 Tseung Kwan O Area 66D2 Lok Wo Sha So Kwun Wat, near Grandview Terrace
Tseung Kwan O Tseung Kwan O Tseung Kwan O Tseung Kwan O Ap Lei Chau North Point Tseung Kwan O Tseung Kwan O Tseung Kwan O Ma On Shan Tuen Mun
R2 R2 R2 R2 R1 R/C R3 R3 R3 R3 R4
Estimated Earliest Site Available Date Oct 11 Oct 11 Oct 11 Oct 11 Nov 11 Mar 12 Mar 12 Mar 12 Mar 12 Mar 12 Mar 12
Government-initiated land tender HHIL 556 5-23 Lee Kung Street, Hung Hom HHIL 555 Junction of Bulkeley Street and Gillies Avenue South Tung Chung Area 55A Ex Tai Wo Hau industrial estate Total GFA available in FY11/12
Source: Lands Department, HKSAR Gov't, J.P. Morgan estimates.
Hung Hom Hung Hom Tung Chung Tsuen Wan
R1 R1 R1 R/C
13,993 6,189 300,000 150,000 470,182 5,183,996
9.00 9.00 5.00 5.00
125,937 55,703 1,500,000 750,000 2,431,640 13,745,906
800 800 800 800
157 70 1,875 938 3,040 16,026
Apr 11 Apr 11
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Lucia Kwong, CFA (852) 2800-8526 lucia.yk.kwong@jpmorgan.com
Asia Pacific Equity Research 25 February 2011
Analyst Certification: The research analyst(s) denoted by an “AC” on the cover of this report certifies (or, where multiple research analysts are primarily responsible for this report, the research analyst denoted by an “AC” on the cover or within the document individually certifies, with respect to each security or issuer that the research analyst covers in this research) that: (1) all of the views expressed in this report accurately reflect his or her personal views about any and all of the subject securities or issuers; and (2) no part of any of the research analyst’s compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed by the research analyst(s) in this report.
Important Disclosures
Explanation of Equity Research Ratings and Analyst(s) Coverage Universe: J.P. Morgan uses the following rating system: Overweight [Over the next six to twelve months, we expect this stock will outperform the average total return of the stocks in the analyst’s (or the analyst’s team’s) coverage universe.] Neutral [Over the next six to twelve months, we expect this stock will perform in line with the average total return of the stocks in the analyst’s (or the analyst’s team’s) coverage universe.] Underweight [Over the next six to twelve months, we expect this stock will underperform the average total return of the stocks in the analyst’s (or the analyst’s team’s) coverage universe.] J.P. Morgan Cazenove’s UK Small/Mid-Cap dedicated research analysts use the same rating categories; however, each stock’s expected total return is compared to the expected total return of the FTSE All Share Index, not to those analysts’ coverage universe. A list of these analysts is available on request. The analyst or analyst’s team’s coverage universe is the sector and/or country shown on the cover of each publication. See below for the specific stocks in the certifying analyst(s) coverage universe.
Coverage Universe: Lucia Kwong, CFA: Agile Property Holdings Ltd (3383.HK), Beijing Capital Land (2868.HK), Cheung Kong Holdings (0001.HK), China Overseas Land & Investment (0688.HK), China Resources Land (1109.HK), China Vanke Company (200002.SZ), Franshion Properties (China) Ltd. (0817.HK), Glorious Property (0845.HK), Greentown China Holdings (3900.HK), Guangzhou R&F Properties (2777.HK), Henderson Land Development (0012.HK), Shanghai Forte Land (2337.HK), Shimao Property Holdings (0813.HK), Shui On Land Ltd (0272.HK), Sino-Ocean Land (3377.HK), Sun Hung Kai Properties (0016.HK)
J.P. Morgan Equity Research Ratings Distribution, as of December 31, 2010 Overweight (buy) 46% 53% 43% 71% Neutral (hold) 42% 50% 49% 63% Underweight (sell) 12% 38% 8% 59%
J.P. Morgan Global Equity Research Coverage IB clients* JPMS Equity Research Coverage IB clients*
*Percentage of investment banking clients in each rating category. For purposes only of FINRA/NYSE ratings distribution rules, our Overweight rating falls into a buy rating category; our Neutral rating falls into a hold rating category; and our Underweight rating falls into a sell rating category.
Valuation and Risks: Please see the most recent company-specific research report for an analysis of valuation methodology and risks on any securities recommended herein. Research is available at qualified as research analysts under FINRA/NYSE rules, may not be associated persons of JPMS, and may not be subject to FINRA Rule 2711 and NYSE Rule 472 restrictions on communications with covered companies, public appearances, and trading securities held by a research analyst account.
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Lucia Kwong, CFA (852) 2800-8526 lucia.yk.kwong@jpmorgan.com
Asia Pacific Equity Research 25 February 2011
Other Disclosures
J.P. Morgan ("JPM") is the global brand name for J.P. Morgan Securities LLC ("JPMS") and its affiliates worldwide. J.P. Morgan Cazenove is a marketing name for the U.K. investment banking businesses and EMEA cash equities and equity research businesses of JPMorgan Chase & Co. and its subsidiaries. Options related research: If the information contained herein regards options related research, such information is available only to persons who have received the proper option risk disclosure documents. For a copy of the Option Clearing Corporation’s Characteristics and Risks of Standardized Options, please contact your J.P. Morgan Representative or visit the OCC’s website at publications/risks/riskstoc.pdf. Legal Entities Disclosures U.S.: JPMS is a member of NYSE, FINRA and SIPC. J.P. Morgan Futures Inc. is a member of the NFA. JPMorgan Chase Bank, N.A. is a member of FDIC and is authorized and regulated in the UK by the Financial Services Authority. U.K.: J.P. Morgan Securities Ltd
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