Business
We target to generate uncorrelated returns by primarily investing in real estate related high-yield special situation investments in Greater China.
We target to generate uncorrelated returns by primarily investing in real estate related high-yield special situation investments in Greater China.
Private Equity Investments
✔ Target companies with elements of sustainable development, including ESG (Environmental, Social, and Governance) factors, research and development capabilities, and a wide range of applications.
✔ Technological innovation is the primary screening criterion.
✔ Leveraging industry insights and technical support from our partners.
股权产业投资
✔ 追求有庞大本土替代空间的科技行业：医疗健康，新能源、新材料及能源管理等
✔ 公司具备可持续发展要素：ESG，研发平台，广泛的应用场景
✔ 技术创新作为第一筛选标准
✔ 依托合作伙伴的行业洞察及技术支持
私募债投资
✔ 通过全球关系网络（金融机构，房地产企业，财务顾问，专业机构等）寻找被传统标准化融资渠道限制的企业需求
✔ 持续维护的借款人池为我们提供稳定投资项目
✔ 通过一事一议的严谨风控措施降低投资风险
✔ 回收投资成本大于获取投资收益作为投资的基石
✔ 抵押物通常为具备流动性及可预测现金流的不动产
绿色能源基础设施投资
✔ 顺应全球ESG及低碳可持续发展趋势
✔ 与光伏、储能、综合能源、充电桩等绿色产业领域内知名企业/上市公司合作，根据行业不同的投资需求进行绿色基础设施投资
✔ 充分发挥合作方在客户资源、行业资源、专业技术等方面的优势，整合行业资源，挖掘优质项目，有效降低投资项目运营成本，提升项目投资效率及盈利能力
✔ 集中可预期稳定现金流的绿色基础设施投资，减小投资风险
私募债
据资金需求者的需求灵活地提供债务融资工具，同时要求以可产生预计现金流的不动产作为抵押物
投资机会
对银行贷款的监管限制不断增加，迫使借款人从其他渠道寻求融资，从而导致市场对私募债的需求上升。
由于中国自2017年以来对影子银行的打击以及巴塞尔协议的限制，市场上债务融资需求不断增加。我们持续看到私募债需求的进一步增长，并且有信心稳定、持续的进行新投资。
投资方式
我们主要专注于投资于不同行业的私募债。投资决策的作出可能是时间敏感（目标为1- 3年的贷款期限）或事件驱动的（若我们认为风险被错误评估，价值被低估）。
下行保护 – 我们接受优质和高流动性的土地和房产作为下行保护的主要抵押资产。房地产市场对促进GDP增长具有关键作用，因此可能是大中华区最安全的资产类别之一。过去十年，土地和房产价格持续上涨。
不良资产
聚焦于大中华地区内基本面良好但被低估的债务和股权，以持有贷款以控制底层资产的思路主动识别资产价值和机会
投资机会
高杠杆以及去杠杆化的推动，为获取控制权的不良投资创造了机会。中国的不良贷款池从2018年的1.4万亿美元增加到2019年的1.5万亿美元。到2020年，由于全球疫情和去杠杆化，这一数字持续增长。新规对房地产行业的融资进行监管和限制（“三条红线”和去杠杆举措），我们预计房地产行业相关的不良资产将进一步增长。
房地产不良资产的底层资产可以是多种多样的：商业综合体、写字楼、土地、公寓、工厂等。2018年以来，不良资产的回收大多是通过出售房地产抵押资产或通过破产清算进行回收，成为中国最具价值的资产类别。
投资方式
单一项目投资原则。
“持有贷款”策略 – 购买拥有较大收购折扣率的不良债权（通常约50%），协商以获得有吸引力的固定回报+权益分成，或在借款人违约时控制债务底层资产的所有权。
Urban Renewal
Acquisition opportunities to transform industrial assets into residential/commercial developments
Opportunities
Urban renewal is a national reconstruction initiative aiming to improve city appearance, namely transforming industrial lands to commercial/residential land at lower cost. The area of completed renewal reached 320 square kilometers in 2019 in Greater Bay Area (GBA) only. This initiative has already attracted more than 60% Top 100 developers to expand their land banks by this approach.
The demand for residential land in the GBA, the gradual maturity of urbanization initiatives, and the flexible land policy granted to Shenzhen have activated a huge secondary land market, creating development opportunities for a large number of undervalued land.
Many mid-small cap developers are struggling with liquidity but may happen to hold very promising land banks for urban renewal purpose. Moreover, factories within the new zoning areas will be relocated to give way to commercial and residential real estate development.
Investment Approach
We look for deals where the zoning has been changed from industrial to residential/commercial and all redevelopment requirements set out by the local government have been met.
We seek to work with major real estate developers and secure them as end buyers upon reaching urban renewal milestones when we make the investments.
Normally a 2X valuation uplift from a factory to a commercial, and a 3X from factory to residential land.
