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家有萌娃~
月亮越来越圆,好事越来越近。中秋快乐🙂
秋日质感金黄色调 | 落叶 | 海报 🌟玩法推荐🌟 点击右下角使用配方→导入图片→点击图层可自由改动滤镜贴纸文字→保存到美图秀秀和评论区✅快来一起get吧~
一个人怎么拍? 楼梯间拍照真是太🉑️了!#自拍姿势#
Time to revisit China's property developers, Evergrande real estate loses credit. 1. Darkest before the dawn? ① We think deteriorating property data could mean less policy tightening and we anticipate margin stabilisation in 2021E-23E. ② Balance-sheet pressures are foremost on investors’ minds and remain a source of downside risk; however. ③ With sector valuations at historically low levels, we note that when the MSCI China Real Estate's P/BV has previously dipped to -1SD below its average, six out of seven times the sector generated positive 23%/33% returns within the next six/12 months. 2. Market deterioration could be good news for share prices. ① A study of previous cycles suggests policies tend to be relaxed when property sales (value)/starts/investment decline by 20%/25%/0%, and the percentage of failed land auctions reaches 16%—and we expect them to reach those levels in the next few months. ② We think the recent new land auction policy (a land price cap premium of15%) is an early positive sign that providing profit margin for developers may enable smoother deleveraging. 3. Off-balance-sheet debt analysis; study of defaulted developers. ① We may be early in calling the cycle—hence balance-sheet analysis is important to gauge downside risk. ② We believe the reasons are: 1) reduced credit supply, 2) declining margins due to new-home price caps, 3) hidden debt, 4) slower sales, 5) landbank concentration, and 6) more partnerships at project level—ie, weaker execution. ③ Warning signs include: 1) a sharp slowdown in land acquisition, 2) management turnover, 3) project or asset disposals, 4) a slowdown in contract sales, and 5) share pledges from controlling shareholders. 4. Historically low valuations. The MSCI China Real Estate Index is trading at 0.7x 12-month forward P/BV and 4.8x 12-month forward PE, -1.4SD and -1.5SD below its respective 10-year averages.
旅途中也别忘了看看窗外的风景呀~☺️
玛丽珍鞋安利:🥿 艾米兔和桃桃君蝴蝶结🉑️拆卸 绝绝子[奸笑][玫瑰]
可以帮忙修的纯欲点?
P高级感一点 @MT小助手 注:图源网络
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无语😑热度呢?🤐
花不贵。下次见面我送你
欧美与温柔之间徘徊的一天……
我喜欢你的名字,喜欢你笑的样子,喜欢看你看不惯我又干不掉我的样子。好吧,我直白一点。我喜欢你。如果说天上人间有什么值得我歌颂,那是因为遇见了你,才会变得如此与众不同。 心甘情愿为你卸下自由的羽翼,不再放任自由飞翔,陪你红尘来去,所有的荣辱悲欢,都愿与你分享承担。我希望我们永远在一起不论严寒酷暑春夏秋冬;我们要谱写爱的传奇爱的不老。若你问我,我有多爱你,我无法回答,因为你得先告诉我,你的一生有多长。