Retail developers
3 dossiers in the retail segment — who is building, what they have delivered, and where the risks sit.
Two decades and 30+ projects of continuous borey delivery with in-house construction — the segment's longest record. Scored below it because the company publishes no unit counts, sales data, or leadership detail, and is concentrated in oversupplied landed stock.
Deepest balance sheet in the borey market: a 1982-founded conglomerate with its own cement JV, bank, and mall portfolio behind every project. Delivering since 2017. Deductions for conglomerate opacity, undisclosed data, and borey oversupply exposure.
Completed and occupied — a rare de-risking fact. Le Condé BKK1 is move-in ready in BKK1 with Japanese management. Chinese developer + Sichuan Huaxi construction. Capped by single-tower track record.
One research note a week. Free of agency spin.
Markets, law, and risk — written for investors, not for a sales funnel. Free, and you can leave whenever you like.
Free weekly research. No spam, no sales calls. Unsubscribe anytime.