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雷达卡
Our China Property Conference, held last week, was attended by 13
Chinese property developers and more than 70 institutional investors.
The results of our survey on both developers and investors unveil what
they think about key questions, such as: “Has the China property
market become dangerously speculative?”, “What is your view on
supply/demand dynamics?” and “Which city has the highest potential
for housing price appreciation?”
■ Those who speedily acquired land in 1H09 look like winners. We
analyse major developers’ 1H09 land acquisitions and conclude that
intensified competition should continue to push up land costs,
especially in tier-one cities.
■ We believe the Chinese government is likely to use a series of small
changes in policy implementation (but not major new policies), and
each city’s level of enforcement may vary significantly. Therefore, we
believe companies with diversified national or multi-regional exposure
may be safer choices in the current environment.
■ Within our coverage, we maintain an OUTPERFORM rating on three
companies with multi-regional exposure: CR Land, E-House China
Holdings Ltd and Hopson.
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