Kick off meeting Private equity with Afores and other QIB`s

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Actinver
Sector and Regional Studies
March, 2015
Housing Sector in Mexico
CONFIDENTIAL AND FOR INTERNAL USE ONLY
1
Housing Sector in Mexico
Main issues
Sector performance
Construction
Page 3
Building
Page 4
Housing
Page 5
Housing financing
Public entities
Page 7
Private banking
Page 8
Housing supply
Page 9
Housing demand
Factors that influence housing supply
Page 10
New house demand
Page 11
New house demand by entity
Page 12
New house demand by region
Page 13
Second-hand house demand
Page 14
Housing market, house prices
Page 15
Housing supporting policy
New housing model
Page 16
Effects of new model, emerging companies
Page 17
Support programs from Infonavit, Fovissste y Fonhapo
Page 18
Housing leasing, FIBRAS, FII
Page 19
2015 expense cut will not negative effects in sector
Page 21
Sector expectations
Page 22
Business directory
Page 27
2
Construction sector performance
•
Recent sector performance
The construction sector's value began to recover in March 2014. From this month and the last available
data, November, sector increased 25.0%. Building value increased 16.5%, civil engineering works 34.9%
and specialized contruction works increased 17.0%.
3
Building sector performance
•
Building sector improved its performance during 2014, in line with the industrial activity and the construction
sector, after the sharp downturn during 2013 of the global economic environment and following the six year
cycle of public spending.
•
In accordance to INEGI figures of industrial activity, the building sub-sector index began its recovery during the
first months of 2014, and until December registered an annual growth rate of 10.9%, higher rate than
construction's 6.8% and above industrial activity with 2.97%.
4
Housing contribution to the economy
Housing sector performance
•
•
Housing sector contributed 5.9% of the GDP added value during 2012, the lowest rate of the past 5 years,
since 6.5% contributed in 2008.
In accordance to INEGI's latest report on housing satellite account published in February 2015, during 2012
the contribution by sub-sector of the housing account was as follows: self production and rental value
contributed 38.8% and 27.5%, respectively. Following, unit production category with 22.3%, financing 3.9%,
self construction with 3.8% and other categories 3.7%.
5
Housing sector performance
•
Housing contribution to the economy
Contribution of housing to GDP in 2012 was higher than other sectors such as agriculture (3.3%), education
(4.1%) and similar to transport, mailing and storage (6.3%).
•
In regard to labor, housing sector employed 3 million people directly and indirectly in 2012. Within the
housing employment category, 94.9% is employed in construction, 3.3% in real estate services, and the
outstanding in other categories, such as professional and financial services.
6
Housing financing
•
•
Public entities
Housing financing is generated through banks, sofoles, public housing entities with national and state
coverage, and other entities. In regard to the number of loans Infonavit is the leader.
In the past 14 years, housing financing reached its best level in 2008. Economic recession led to a lower
activity within the sector.
7
Housing financing
•
•
Commercial banking loans
The loan granted by private banking to the housing sector maintains an upward trend, the amount exercised
related to medium and residential housing is outstanding.
Loans related to low income housing represents 15.0% of total and their performance has been volatile during
the past years, in which one of the loan downturn factors has been bridge loans.
8
Housing supply
•
•
•
•
Housing sector redesigned a couple of years after the recession, absorbing the financial crisis impact of
housing developers, others are positioning themselves.
Housing supply generated recovery signs in 2014, after the slowdown registered during 2007 to 2013. Number
of houses registered during 2014 reached 412 thousand, higher than the 279 thousand registered in 2013.
The market left by some house developers is being overtaken by smaller companies, in a market that requires
higher quality, better price and better location.
The strategy to reach a healthier industry, could be focused on improvement of administrative processes,
diversification of financing sources and design of products in accordance of client needs by developers.
Location and price are additional factors in an internal competitive market.
9
Housing demand
Factors that influence housing supply
Economic and population growth dynamics generate higher housing demand. In 2014 around 4.1 million people
demanded a house.
Other factors include:
• Generate employment.
• Higher buying power, through salary increases and inflation control.
• Inflation control involves lower mortgage interest rates, which can generate better conditions in the mortgage
market with higher maturity loans, lower costs and fixed payments.
• Higher terms and rates progressively lower, support the improvement of the housing purchasing power.
• Which in turn, generate higher supply and demand of mortgage loan products, strengthening the sector.
10
Housing demand
•
•
•
•
New house demand
In accordance to SHF, of the housing demand a component is the formation of homes, in 2015 only 55.5% of the
people will demand a loan in lieu of their income and profession, adding 317,414, representing a decrease of 3.17% on
an annual basis.
In regard to housing backlog, 5.6% of homes will ask for a mortgage loan, representing 714,552 loans, with an annual
increase of 9.9%.
Housing mobility. It is expected that 93,252 families will ask for a loan for a house with better conditions in regard to
their actual house. Demand on this component will grow 4.2%.
For origination cures an estimate increase of 7.2% with 34,292 loans.
Demand of housing by component, 2015
Component
Formation of home
Housing deficit
Housing mobility
Origination cures
Total Demand
(Number homes and percentage)
2014
2015
329,556
317,414
650,325
714,522
89,500
93,252
32,000
34,292
1,101,381
1,159,480
%
-3.7%
9.9%
4.2%
7.2%
5.3%
Source: Conavi
•
During 2015 the number of loans for the acquisition of houses is expected to reach 615,109 with a 6.2% annual growth
rate. The total number of loans for house improvement will be 443,623 with a 7.2% annual growth rate for self
production of 100,748 with a 7.0% contraction.
Number of loans, 2015
Type of solution
Acquisition
Improvement
Self production
Loan Totals
Source: Conavi
•
•
•
•
2014
579,036
413,988
108,357
1,101,381
2015
615,109
443,623
100,748
1,159,480
%
6.2%
7.2%
-7.0%
5.3%
Concepts: Home formation: demographic bonus or increase of the population of working age proportion, generating a demand for new homes.
Housing deficit: houses in precarious state with additional house that requires improvement.
Housing mobility: Authorization to swap or sell a subsidized house with the prohibition to be sold in 5 years and a debt balance pending payment.
Origination cures: loans with problems when originally contracted and, appropriate changes are made.
11
Housing demand
Expected house demand by entity
Expected demand of housing by state, 2015, units
Acquisition Improvement Self production
Total 2015
% by state
Var 2015/2014
4,669
1,194
1,062
6,925
0.6%
4.1%
40,134
8,567
4,329
53,030
4.6%
5.2%
BCS
4,406
1,193
1,314
6,913
0.6%
3.6%
Campeche
7,325
2,087
1,930
11,342
1.0%
3.9%
Chiapas
38,294
12,589
9,062
59,945
5.2%
4.2%
Chihuahua
42,639
7,648
1,926
52,213
4.5%
5.8%
Coahuila
8,371
23,441
2,033
33,845
2.9%
6.0%
Colima
4,361
3,210
339
7,910
0.7%
5.9%
52,016
8,453
310
60,779
5.2%
6.3%
6,885
8,418
5,012
20,315
1.8%
3.0%
Guanajuato
20,443
24,007
4,606
49,056
4.2%
5.3%
Guerrero
12,143
25,592
2,434
40,169
3.5%
5.9%
Hidalgo
11,389
7,763
1,603
20,755
1.8%
5.4%
Jalisco
33,315
15,540
3,190
52,045
4.5%
5.6%
México
79,043
23,929
8,655
111,627
9.6%
5.3%
Michoacán
21,386
19,053
9,035
49,474
4.3%
3.9%
Morelos
10,490
5,047
841
16,378
1.4%
5.7%
Nayarit
4,392
5,886
1,266
11,544
1.0%
5.1%
Nuevo León
26,434
5,334
1,370
33,138
2.9%
5.8%
Oaxaca
15,013
43,855
6,923
65,791
5.7%
5.3%
Puebla
21,091
28,208
4,108
53,407
4.6%
5.6%
Querétaro
8,803
3,840
1,979
14,622
1.3%
4.5%
Quintana Roo
8,790
3,202
920
12,912
1.1%
5.4%
San Luis Potosí
7,721
13,366
3,254
24,341
2.1%
4.7%
Sinaloa
10,229
5,259
979
16,467
1.4%
5.6%
Sonora
18,727
9,914
2,663
31,304
2.7%
5.2%
Tabasco
15,945
23,703
4,328
43,976
3.8%
5.2%
Tamaulipas
19,548
12,361
1,276
33,185
2.9%
6.0%
5,860
2,715
299
8,874
0.8%
6.0%
45,308
75,237
10,468
131,013
11.3%
5.6%
5,028
2,784
514
8,326
0.7%
5.6%
Aguascalientes
BC
Distrito Federal
Durango
Tlaxcala
Veracruz
Yucatán
Zacatecas
Total
4,911
10,228
2,720
17,859
1.5%
4.5%
615,109
443,623
100,748
1,159,480
100.0%
5.3%
Source: CIDOC
12
Housing demand
New house demand by region
• The highest house demand is focused in six states within the country, mainly Veracruz (11.3%), Mexico (9.6%), Oaxaca
(5.7%), DF and Chiapas with 5.2%. By region, north and south single out with 3.2% and 25.2%, respectively.
13
Housing demand
•
•
Second-hand house demand
Acquisition of second-hand housing is an alternative solution for family needs. It has increased in the past years.
Advantages of a second-hand house versus a new house is that it is located nearer to city centers, they have higher
urban infrastructure and services. An investment for remodeling must be required.
The acquisition of a second-hand house exceeded 138 thousand houses in 2010 and 177 thousand in 2013. Almost all
house financing entities grant loans for this segment.
14
Housing market
House prices
• House prices have had an upward trend since 2008, with volatile periods in accordance with economy performance. In
such period they have increased higher than 35.0%, in accordance to price index (including a guaranteed mortgage loan
for new house index) published by SHF.
• Prices both for new and second-hand houses have had a similar trend, being prices of the first segment outstanding.
House prices have had a higher performance in regard to consumer price rates of 35.4% and 33.2%, respectively. We
can observe a dynamic demand, as a basic investment incentive for developers.
15
New housing model
With this the new model intends to:
•
•
•
•
•
•
•
•
•
•
Boost housing in urban centers.
Vertical housing development.
Improve house quality both urban and rural, and its social environment to reduce house deficits.
Diversify quality house supply.
Generate better subsidy and loan schemes.
Financing and subsidies for houses in rent.
Second house loan.
Improvement without the need to leave the house sub account as guarantee.
Provide service to Fovissste workers through co-financing schemes with commercial banking and/or
development banking.
New financing scheme at fixed rate.
16
•
Effects of new model, emerging companies
GIven the announcement of the federal government in regard to house market new rules, several of the big
companies (GEO, URBI, Homex) have lost market, hence other companies are taking part in the market left
from the first, Sare and Ara have held.
Javer
Vinte
Cadu
Ruba
Sare
Ara
17
Support programs from Infonavit, Fovissste y Fonhapo
Support programs from Infonavit
• Arrendavit. Rent solution program for labor mobility.
• Interest of state and municipal employees. In 2013 Infonavit signed agreement with 6 states to provide
service to this population.
• Mejoravit. First loss guarantee scheme, without the need to leave the house sub account as guarantee.
• Second loan flexibility. Number of years to acquire a loan was reduced from 5 to 2 years and the time of first
maturity of first loan from one year to six months.
• Greenhouse mortgage. Loan with energy and water use efficiency. Involved in eco-technology programs.
• Mortgage with services. The accredited of the house unit authorizes Infonavit to use resources together with
the mortgage payment for services payments, such as property taxation and maintenance of common areas.
Support programs from Fovissste.
• Supported M. Credito for house improvement.
• Co-financing Program. Increase loan amount with the support of development banking or commercial
banking.
Support programs from FONHAPO
• Grants subsidies. Support house acquisition.
• Vivienda Digna. Addressed for low income people.
• Vivienda Rural. Federal government grants subsidies under poverty situation below the well-being line.
18
Housing leasing, Fibras
Housing leasing
• Currently, both government as well as developers are focused in the improvement of conditions to access
several house options, generating new schemes such as leasing market, self construction, purchase of
second-hand house, a second loan, and a higher coverage of non traditional segments.
•
SHF and Conavi have a pilot program seeking to boost three developers in Mexico City and surrounding
areas for the generation of house leasing projects. With a subsidy to provide services to workers with a rate
of 5 minimum wage salary and develop apartments between 55 and 60 m2
Fibras, an attractive market for institutional rent.
•
•
•
•
Fibras(REITS). Fibras could constitute a viable option to help access the market, with houses with
commercial services, centric and have access to roads and users continuous stay. Of the eight Fibras that
are negotiated in stock markets.
Fibra Danhos will develop a commercial development Vía Vallejo, which will include offices, hotels and in a
third stage develop vertical housing for leasing.
To date laws are not favoring the development of an institutional leasing market, but this change is expected
in 2017. The development of housing complexes for leasing by Fibras will be an attractive market for the
following years.
Fideicomiso Hipotecario (Fhipo) is the first trust dedicated to invest in residential mortgage portfolios.
19
Housing leasing, FII
•
Real estate investment funds (Fondos de inversión inmobiliarios, FII, name and acronym in Spanish).
Another business model for the future are the real estate investment funds, and currently without any
regulation. Fibra Hipotecaria (FibHios), is the only company in this kind of trend in the housing market. (it
purchases a mortgage loan portfolio from Infonavit, from the workers monthly deduction, and is paid via
payroll to the investor).
•
Another important feature of the new model consolidation will be small and medium company mergers, to
achieve scale economies, and strengthen their liquidity capacity, and be able to face house supply in urban
centers, were costs are higher than in the rural area.
20
Budget
2015 expense cut will not negative effects in sector
Due to the expense cut announced by the federal government this 2015 for MP124 billion, the housing sector
budget will not be affected, as Sedatu will be cut MP869 million, it will be related to the delay of the programs
Parque Centenario and Parque Espartanos, and an adjustment in current expenditures of MP169 million.
•
Resources related to housing will not be affected, from Sedatu, Infonavit , Fovissste and SHF. During 2015
husing sector has a budget of MP370 billion.
21
Outlook
•
•
Economy
Economy. We expect acceleration in the internal economy to continue in the following years, so the outlook
is favorable in the housing sector. Th support generated by the government, the new housing model, the
National Infrastructure Plan and structural reforms, will be the pillars of the sector.
National economy GDP would be growing 2.8% this year, in accordance to our estimate, above 2.1%
registered in 2014.
Macroeconomic projections, ACTINVER
México
2011
2012
2013
2014
2015
2016
2017
2018
3.82%
3.57%
3.98%
4.08%
3.50%
3.65%
3.80%
3.45%
MXN average
12.44
13.10
12.86
13.37
14.85
14.57
14.63
15.05
MXN closure
13.92
12.87
13.09
14.75
14.60
14.75
14.90
15.00
CETES 28
4.31%
3.91%
3.29%
2.70%
3.45%
4.30%
5.10%
5.10%
Objective TII
4.50%
4.50%
3.50%
3.00%
3.50%
4.25%
5.00%
5.25%
TIIE
4.80%
4.85%
3.79%
3.31%
3.80%
4.60%
5.40%
5.40%
M10 Bond
6.66%
5.17%
6.73%
5.82%
6.25%
7.00%
7.70%
8.00%
Udibono S10
2.46%
1.49%
2.54%
2.65%
3.00%
3.09%
3.18%
3.28%
GDP YoY
3.90%
3.93%
1.22%
2.12%
2.80%
3.59%
3.76%
3.93%
Construction GDP YoY
7.18%
2.08%
-8.69%
1.80%
3.20%
3.90%
4.00%
4.20%
Manufacturing GDP YoY
3.95%
4.00%
2.88%
3.70%
3.40%
3.40%
3.60%
3.80%
Inflation 12 months
22
Outlook
•
•
•
Housing
Sociedad Hipotecaria Federa expects in 2015 housing demand to record an increase of 5.3% at annual rate, addig up to
a total of 1,159,480 loans.
Changes announced this year by the government in regard to housing will be a an additional factor that will improve
housing demand for the following years.
We foresee a favorable performance of the sector in the following years, in which aggregate value could improve within
GDP participation and we see a budget cut in 2015 will have a minor effect within the sector.
Projection of expected loans by solution, 2015
Infonavit
Fovissste
Banking
Other entities
Total
Acquisition
Improvement
Self Production
380,000
280,000
0
660,000
56.9%
50,000
20,000
0
70,000
6.0%
130,000
80,000
40,748
250,748
21.6%
55,109
63,623
60,000
178,732
15.4%
615,109
443,623
100,748
1,159,480
100.0%
Source: SHF
Total Composition
23
Outlook
Housing projection to 2030
Projection of occupied housing units to 2030 by federal entity
House units in 2030, thousand
Increase of house units %
Contribution to growth (% 2012-2030)
House units in
2012, thousands
3,973
Low scenario
High scenario
Low scenario
High scenario
Low scenario
High scenario
5,969
6,164
50.2%
55.1%
19.8%
19.1%
Distrito Federal
2,594
2,733
2,884
5.4%
11.2%
1.4%
2.5%
Veracruz
2,221
2,673
2,748
20.4%
23.7%
4.5%
4.6%
Jalisco
1,902
2,642
2,726
38.9%
43.3%
7.3%
7.3%
Puebla
1,481
1,974
2,037
33.3%
37.5%
4.9%
4.8%
Guanajuato
1,330
1,762
1,818
32.5%
36.7%
4.3%
4.3%
Nuevo León
1,322
1,818
1,877
37.5%
42.0%
4.9%
4.9%
Chiapas
1,185
1,674
1,737
41.3%
46.6%
4.9%
4.8%
Michoacán
1,129
1,426
1,468
26.3%
30.0%
2.9%
3.0%
Chihuahua
1,080
1,306
1,345
20.9%
24.5%
2.2%
2.3%
Oaxaca
1,019
1,218
1,254
19.5%
23.1%
2.0%
2.0%
Tamaulipas
965
1,293
1,331
34.0%
37.9%
3.2%
3.2%
Baja California
961
1,342
1,385
39.6%
44.1%
3.8%
3.7%
Guerrero
902
1,072
1,105
18.8%
22.5%
1.7%
1.8%
Sonora
809
1,054
1,087
30.3%
34.4%
2.4%
2.4%
Coahuila
792
1,046
1,079
32.1%
36.2%
2.5%
2.5%
Sinaloa
779
995
1,025
27.7%
31.6%
2.1%
2.1%
Hidalgo
724
983
1,012
35.8%
39.8%
2.6%
2.5%
San Luis Potosí
685
873
900
27.4%
31.4%
1.9%
1.9%
Tabasco
607
820
847
35.1%
39.5%
2.1%
2.1%
Yucatán
530
737
760
39.1%
43.4%
2.1%
2.0%
Morelos
500
674
693
34.8%
38.6%
1.7%
1.7%
Querétaro
488
720
743
47.5%
52.3%
2.3%
2.2%
Durango
430
584
603
35.8%
40.2%
1.5%
1.5%
Zacatecas
407
500
515
22.9%
26.5%
0.9%
0.9%
Quintana Roo
397
700
726
76.3%
82.9%
3.0%
2.9%
Nayarit
318
457
472
43.7%
48.4%
1.4%
1.3%
Aguascalientes
315
445
460
41.3%
46.0%
1.3%
1.3%
Tlaxcala
286
420
435
46.9%
52.1%
1.3%
1.3%
Campeche
236
329
340
39.4%
44.1%
0.9%
0.9%
Baja California Sur
208
342
354
64.4%
70.2%
1.3%
1.3%
Colima
195
284
293
45.6%
50.3%
0.9%
0.9%
30,770
40,864
42,219
Estado de México
Total
Source: Conavi
24
Outlook
Housing projection to 2030
Projection of occupied housing units to 2030 by federal entity
Expected house units in 2030 Increase of house units
House units in 2012, thousands
Intermediate scenario
Contribution to growth (2012-2030))
Estado de México
397.0
713.0
79.6%
3.0%
Distrito Federal
208.0
348.0
67.3%
1.3%
Veracruz
3,973.0
6,066.5
52.7%
19.5%
Jalisco
488.0
731.5
49.9%
2.3%
Puebla
286.0
427.5
49.5%
1.3%
Guanajuato
195.0
288.5
47.9%
0.9%
Nuevo León
318.0
464.5
46.1%
1.4%
1,185.0
1,705.5
43.9%
4.9%
Michoacán
315.0
452.5
43.7%
1.3%
Chihuahua
961.0
1,363.5
41.9%
3.8%
Oaxaca
236.0
334.5
41.7%
0.9%
Tamaulipas
530.0
748.5
41.2%
2.1%
Baja California
1,902.0
2,684.0
41.1%
7.3%
Guerrero
1,322.0
1,847.5
39.8%
4.9%
Sonora
430.0
593.5
38.0%
1.5%
Coahuila
724.0
997.5
37.8%
2.6%
Sinaloa
607.0
833.5
37.3%
2.1%
Hidalgo
500.0
683.5
36.7%
1.7%
San Luis Potosí
965.0
1,312.0
36.0%
3.2%
Tabasco
1,481.0
2,005.5
35.4%
4.9%
Yucatán
1,330.0
1,790.0
34.6%
4.3%
Morelos
792.0
1,062.5
34.2%
2.5%
Querétaro
809.0
1,070.5
32.3%
2.4%
Durango
779.0
1,010.0
29.7%
2.1%
Zacatecas
685.0
886.5
29.4%
1.9%
1,129.0
1,447.0
28.2%
3.0%
407.0
507.5
24.7%
0.9%
Aguascalientes
1,080.0
1,325.5
22.7%
2.3%
Tlaxcala
2,221.0
2,710.5
22.0%
4.6%
Campeche
1,019.0
1,236.0
21.3%
2.0%
Chiapas
Quintana Roo
Nayarit
Baja California Sur
902.0
1,088.5
20.7%
1.8%
Colima
2,594.0
2,808.5
8.3%
2.0%
Total
30,770.0
41,541.5
25
Outlook
View
•
The new model within the housing sector brings opportunities to new medium to greater size companies for the
development of vertical units in urban centers, although this represents high costs, companies should be merging in
order to be able to execute the co-investment projects.
•
New housing projects in urban centers will be of lower scale in regard to housing units built prior to the new model.
•
Gaining ground medium and residential housing construction vs. affordable housing.
•
Financing from banking for medium and residential housing is at a growing rhythm, opposite to low income housing.
•
Investment opportunities in housing market would be focused in the short and long term in Fibras, in which its leasing
market would have opportunity to favorable returns. Government support would be important in this aspect.
•
Second-hand housing market would be another important niche, in which government boost would be relevant to
support lower mobility of workers, and would also be focused in urban centers.
•
Low mortgage interest rate, price increase and favorable outlook on demand, are an incentive for housing generation
developers, mostly medium and residential, in which the loan of commercial banking has an upward trend.
•
Many aspects must be resolved in regard to low income housing, sub sector that underwent the mortgage crisis and
the commercial banking has decelerated loans after 2011.
26
Affordable Housing
Infonavit Directory
E-mail
Company
E-mail
Avac Construcciones, S.A. de C.V.
[email protected]
Construcciones G.P.C.A., S.A. de C.V.
[email protected]
Constructora Bovedas, S.A. de C.V.
[email protected]
Construcciones y Servicios Zafe, S.A. de C.V.
[email protected]
Inmobiliaria y Arrendadora Vicarar, S.A. de C.V.
[email protected]
Constructora Promotora e Ingeniería, S.A. de C.V.
[email protected];[email protected]
Constructora y Desarrolladora Medrano, S.A. de C.V.
[email protected]
Orma Viguetas y Construcciones, S.A. de C.V.
[email protected]; [email protected]; [email protected]
Constructora y Edificadora Río Sabinas, S.A. de C.V.
[email protected]
Santa Fe Desarrollos Urbanos, S.A. de C.V.
Corporativo de Desarrollo y Construcción, S.A. de C.V.
[email protected]
Vivendum de México, S.A. de C.V.
[email protected]
Davisa Desarrollos Inmobiliarios, S.A. de C.V.
Desarrollos Inmobiliarios de la Laguna, S.A. de C.V.
Company
Agua sc a lie nte s
Ba ja Ca lifornia
CYD Desarrollos Urbanos, S.A. de C.V.
[email protected]; [email protected]; [email protected]; [email protected] Desarrollos Inmobiliarios Laguna, S.A. de C.V.
Desarrollos y Construcciones Cucapah, S.A. de C.V.
Grupo Bosco, S.A. de C.V.
GEO Baja California, S.A. de C.V.
[email protected]; [email protected]; [email protected]
Grupo Enlace Inmobiliario, S.A. de C.V.
[email protected] [email protected]
Impulsora Estrella, S.A. de C.V.
Grupo Inmobiliario Miccasa, S.A. de C.V.
[email protected]; [email protected];
Ingeniería y Obras, S.A. de C.V.
[email protected]
Grupo Manter, S.A. de C.V.
[email protected]
Inmobiliaria y Construcciones la Paz, S.A. de C.V.
[email protected]; cf- [email protected]
Metro Habitat, S.A. de C.V.
[email protected]
Metrocasas, S.A. de C.V.
[email protected]
Organización Acorors, S.A. de C.V.
Osa Menor Urbanizadora, S.A. de C.V.
[email protected]
Inmobiliaria y Fraccionadora Cadena, S.A. de C.V.
Servicios Técnicos y Desarrollos Inmobiliarios, S.A. de C.V.
Su Casa Desarrollo Inmobiliario, S.A. de C.V.
[email protected]
Chia pa s
[email protected]
Grupo Constructor Peje de Oro, S.A. de C.V.
[email protected];[email protected];
SIESA Edificaciones, S.A. de C.V.
Consorcio Viva, S.A. de C.V.
Urbanizaciones y Cosntrucciones Rurales, S.A. de C.V.
[email protected];
Promotores Industriales de Vivienda de Chiapas, S.A. de C.V.
[email protected]
Colima
Chihua hua
Constructora YVA, S.A. de C.V.
[email protected]
Darcon´s, S.A. de C.V.
[email protected]
Desarrollos Alianzas, S.A. de C.V.
[email protected]
Desarrollos Inmobiliarios Elhoim, S.A. de C.V.
[email protected]
DYM Ingenieros Constructores, S.A. de C.V.
Desarrolladora San Ricardo, S.A. de C.V.
corsa6@hotmail com [email protected];[email protected]
Promotora e Inmobiliaria Tecomense, S.A. de C.V.
Seal Bienes Raices, S.A. de C.V.
[email protected]; [email protected]
DF
Construcciones Brakosa, S.A. de C.V.
Desarrollos Inmobiliarios Sadasi, S.A. de C.V.
[email protected]
Inmobiliaria Diarel, S.A. de C.V.
Fraccionadora Independiente, S.A. de C.V.
Promotora Habitacional de Veracruz, S.A. de C.V.
Fraccionadora Orviz, S.A. de C.V.
[email protected]
Promotora Tarimbaro, S.A. de C.V.
Geyser, S.A. de C.V.
[email protected]
Viveica, S.A. de C.V.
Grupo Roma de Juarez, S.A. de C.V.
Dura ngo
Inmobiliaria Ruba, S.A. de C.V.
Grupo Inmobiliario Radica, S.A. de C.V.
Proyectos Inmobiliarios Condac, S.A. de C.V.
Promotora Habitacional del Guadiana, S.A. de C.V.
[email protected]
Casas Ruba, S.A. de C.V.
Proveedora Nacional de Vivienda, S.A. de C.V.
RG Obras, S.A. de C.V.
desarrollos@sol- laguna.com; gruiz@sol- laguna.com
Constructora de Vivienda Tehuacan, S.A. de C.V.
[email protected]
Valgo Construcciones, S.A. de C.V.
[email protected]; [email protected],
Constructora Chavar, S.A. de C.V.
Construcción y Diseño, S.A. de C.V.
[email protected]
Bartel Constructora e Inmobiliaria, S.A. de C.V.
Proyectos, Construcción y Conservación, S.A. de C.V.
[email protected]
Constructora e Inmobiliaria Floper, S.A. de C.V.
Pulte México División Norte, S. de R.L de C.V.
Desarrollos y Promociones del Centro, S.A. de C.V.
Gentilis Inmobiliaria y Constructora, S.A. de C.V.
Grupo Constructor Vipase S.A. de C.V.
[email protected]
Grupo VDP, S.A. de C.V.
Residencial Villamagna, S.A. de C.V.
[email protected]
Vivienda del Rincon, S.A. de C.V.
[email protected]
Gua na jua to
Coa huila
ALO Servicios Habitacionales e Inmobiliarios, S.A. de C.V.
[email protected]
CACSA Promotora, S.A. de C.V.
Casas Hogareñas, S.A. de C.V.
[email protected]
Casas Pic, S.A. de C.V.
Compañía Multicasas Milenio, S.A. de C.V.
[email protected]
Consorcio Constructor Saltillo, S.A. de C.V.
Gue rre ro
GEO Guerrero, S.A. de C.V.
27
Affordable Housing
Company
Infonavit Directory
E-mail
Company
E-mail
Constructora Río Yaqui, S.A. de C.V.
Y uc a tá n
[email protected]
Crece Promociones Inmobiliarios, S.A. de C.V.
Arivac de México, S.A. de C.V.
Derex Desarrollo Residencial, S.A. de C.V.
Desarrolladora del Nuevo Milenio, S.A. de C.V.
Devisa, S.A. de C.V.
[email protected]
Edificadora PI- BO, S.A. de C.V.
Espacio Desarrollos Urbanos, S.A. de C.V.
S onora
Casas Diseño y Construcción, S. de R.L. de C.V.
Cocoma, S. de R.L. de C.V.
Comercializadora Hogares del Sureste, S.A. de C.V.
Construcciones Lomas Campestre, S.A. de C.V.
Desarrollos Siglo XXl, S.A. de C.V.
[email protected]
Grupo Constructor Lumina, S.A. de C.V.
J. Servando
[email protected]
Residencial Villa California, S.A. de C.V.
[email protected]
Industrias Curator, S.A. de C.V.
Viveconsa, S.A. de C.V.
[email protected]
Promotora Carmar, S.A. de C.V.
[email protected]
Ta ba sc o
Rogerio de Jesus
[email protected]
Oscape Construcciones, S.A. de C.V.
[email protected]
Za c a te c a s
Vive Pomoca, S.A. de C.V.
Grupo Constructor Plata, S.A. de C.V.
Ta ma ulipa s
Arquitectura Contemporanea y Construcciones, S.A. de C.V.
Bienes e Inmuebles Tres Picos, S.A. de C.V.
Construcciones Aryve, S.A. de C.V.
Construccioens Tercer Milenium, S.A. de C.V.
Constructora López Figueroa, S.A. de C.V.
Infraestructura del Valle, S.A. de C.V.
[email protected]
Ingeniería Especializada y Asociados, S.A. de C.V.
[email protected]
Inmobiliaria Morris, S.A. de C.V.
[email protected]
Inmobiliarios Mexicanos, S.A. de C.V.
Procovisa, S.A. de C.V.
[email protected];[email protected];
Sauteña Edificadora y Asociados, S.A. de C.V.
VIP Desarrollo Urbano, S.A. de C.V.
[email protected]
Viviendas y Proyectos, S.A. de C.V.
Tla xc a la
[email protected]
Constructora Tlaxcallan, S. de R.L. de C.V.
Vietlax, S.A. de C.V.
V e ra c ruz
[email protected]
Constructora e Inmobiliaria Sosa Zamudio, S.A. de C.V.
Constructora el Greco, S.A. de C.V.
[email protected]
Constructora ITSA, S.A. de C.V.
[email protected]
Constructora Kef, S.A. de C.V.
GEO Veracruz, S.A. de C.V.
Inmobiliaria y Constructora Ponti, S.A. de C.V.
Promotora Vivienda de Veracruz, S.A. de C.V.
RM de Coatzacoalcos, S.A. de C.V.
[email protected]
Roma Stronger, S.A. de C.V.
[email protected]
Urbanizadora Medellín, S.A. de C.V.
Vivienda Veracruzana, S.A. de C.V.
[email protected]
28
[email protected]; [email protected]
Affordable Housing
Housing Building Companies
Other companys
29
Equity, Economic, Quantitative and Fixed Income Research Departments
Equity Research
Gustavo Terán Durazo, CFA
Senior Analysts
Head of EquityResearch
(52) 55 1103-6600 x1193
[email protected]
Martín Lara
Telecommunications, Media and Financials
(52) 55 1103-6600x1840
[email protected]
Carlos Hermosillo Bernal
Consumption
(52) 55 1103-6600 x4134
[email protected]
Pablo Duarte de León
FIBRAs (REITs)
(52) 55 1103-6600 x4334
[email protected]
Ramón Ortiz Reyes
Cement, Construction and Concessions
(52) 55 1103-6600 x1835
[email protected]
Energy, Conglomerates, Industrial and Mining
(52) 55 1103-6600 x4127
[email protected]
Telecommunications, Media and Financials
(52) 55 1103-6600x1693
jponce@actinver,com.mx
FIBRAs (REITs)
(52) 55 1103-6600x4130
[email protected]
Energy, Conglomerates, Industrial and Mining
(52) 55 1103-6600x1836
[email protected]
Consumption
(52) 55 1103-6600x1394
[email protected]
Federico Robinson Bours
Carrillo
Junior Analysts
Juan Ponce
Ana Cecilia González
Rodríguez
Enrique Octavio Camargo
Delgado
José Antonio Cebeira González
Economic and Quantitative Research
Ismael Capistrán Bolio
Head of Economic and Quantitative
Research
Jaime Ascencio Aguirre
Economy and Markets
Santiago Hernández Morales
Quantitative Research
Roberto Ramírez Ramírez
Análisis Cuantitativo
Roberto Galván González
Technical Research
(52) 55 1103-6600 x1487
(52) 55 1103-6600 x793325
(52) 55 1103-6600 x4133
(52) 55 1103-6600x1672
(52) 55 1103 -66000 x5039
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
Fixed Income Research
Araceli Espinosa Elguea
Head of Fixed Income Research
(52) 55 1103 -66000 x6641
[email protected]
Jesús Viveros Hernández
(52) 55 1103 -66000 x6649
[email protected]
(52) 55 1103-6600 x4132
[email protected]
Mauricio Arellano Sampson
30

Kick off meeting Private equity with Afores and other QIB`s

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