发帖
雷达卡
巴克莱资本-中国房地产分析20页 14 June 2012
CHINA PROPERTY
Shareholder value – don’t bank on it
Without a return to property price appreciation via a significant policy reversal by the central government, developers’ over-investment in the inflationary boom period has left them facing sub-cost of capital returns due to falling development margins, low asset turns and highly leveraged balance sheets. To improve their return on capital - and the multiples on which their shares are valued – developers need to change their business models in our view. We believe this will not be easy in the near term.
China_Property_Shareholder_value_-_dont_bank_on_it.pdf
(146.83 KB, 需要: 1 个论坛币)
京公网安备 11010802022788号
