ed-JS / sa- AH Lower sales as expected Various Tier II cities, including Wuhan, Changsha, Xi’an etc., attract talent by offering residency and subsidies, and these policies would support housing demand in these cities in the long run Last week (24-30 July), GFA sold in 36 cities fell by 2% w-o-w. GFA sold in Tier I/II/III cities changed by 23%/-7%/-3% w-o-w. In July 2017, GFA sold in 36 cities dropped 20.6% y-o-y and 11.6% m-o-m. CRIC estimates that sales recorded by major listed developers would drop by c.20% m-o-m in July compared with 20% m-o-m increase in June ASP of key cities recovered by 4.2% w-o-w, with Tier I/II/III cities’ ASP changing by 3%/-2%/7% Inventory level of key cities remained at 43 weeks; sell- through rate of newly launched projects in Tier I & II cities improved to 86% Last week, COGO (81 HK) and Shimao (813 HK) recorded highest growth in southbound shareholding while China SCE (832 HK) and Evergrande (3333 HK) saw the largest declines in southbound shareholding HSI: 27,540 ANALYST Trista QIN +852 2863 8820 [email protected]Carol WU +852 2863 8841 [email protected]Danielle Wang, CFA +852 2820 4915 [email protected]Ken HE CFA, +86 21 6888 3375 [email protected]Weekly sales performance of major cities (Jul 24 – Jul 30) w-o-w YTD vs 2016 YTD vs 2015 Avg weekly GFA sold ↓ 2.3% ↓ 15.1% ↑ 0.6% ASP ↑ 4.2% ↑ 7.6% ↑ 18.0% Inventory (no. of weeks) ↑ 0.3 ↓ 0.8 ↓ 16.2 vs same period 2016 vs same period 2015 YTD GFA sold ↓ 15.4% ↑ 11.2% Inventory (no. of weeks of sales) of 16 cities* 0 10 20 30 40 50 60 70 80 90 100 Jan-11 Mar-12 Jun-13 Aug-14 Nov-15 Jan-17 Inventory (no. of weeks) 26 weeks rolling avg New launches in 10 major cities and sell-through rate 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0 5,000 10,000 15,000 20,000 25,000 32W12 50W12 14W13 32W13 50W13 18W14 35W14 2W15 19W15 36W15 1W16 18W16 35W16 52W16 17W17 Total units launched (LHS) Sell-through rate (RHS) 6 mths average sell-Through (RHS) Source: CREIS, Fang.com, DBS Vickers * Rolling 26 weeks inventory DBS Group Research . Equity 2 Aug 2017 China / Hong Kong China Property Weekly Digest (Issue No. 230) Refer to important disclosures at the end of this report
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ed-JS / sa- AH
Lower sales as expected
Various Tier II cities, including Wuhan, Changsha,
Xi’an etc., attract talent by offering residency and
subsidies, and these policies would support
housing demand in these cities in the long run Last week (24-30 July), GFA sold in 36 cities fell by
2% w-o-w. GFA sold in Tier I/II/III cities changed by
23%/-7%/-3% w-o-w. In July 2017, GFA sold in 36
cities dropped 20.6% y-o-y and 11.6% m-o-m. CRIC
estimates that sales recorded by major listed
developers would drop by c.20% m-o-m in July
compared with 20% m-o-m increase in June ASP of key cities recovered by 4.2% w-o-w, with Tier
I/II/III cities’ ASP changing by 3%/-2%/7% Inventory level of key cities remained at 43 weeks; sell-
through rate of newly launched projects in Tier I & II
2. Only Huizhou, Jiujiang, Nanchong, Zhoushan and Dongying are included in Tier III cities
China / Hong Kong
China Property Weekly Digest
Page 11
Share price performance and peer valuations
Valuation comparison
3-mthda i l y Ne t Di sc /
Mkt tra d ing 12-m EPS g th PE PE Yie ld Yie ld ROE ROE Ge a ring P/Bk NAV (Pre m)Pri c e Ca p va lue Re c om ta rge t 17F 18F 17F 18F 17F 18F 17F 18F 16A 16A to NAV
Compa ny Na me Code HK$ US$bn US$m HK$ % % x x % % % % % x HK$ %La rge c a pChina Overseas* 688 HK 26.5 37.2 68.3 BUY 26.15 (17) 8 8.9 8.2 3.4 3.7 14.0 13.8 7.3 1.2 26.0 (1.8)CR Land* 1109 HK 24.8 22.0 30.6 BUY 24.98 (2) 15 9.0 7.8 3.0 3.4 15.4 15.9 23.8 1.5 28.0 11.5China Vanke 'H'* 2202 HK 22.75 37.6 44.1 BUY 25.00 17 17 8.9 7.6 4.9 5.8 20.3 20.9 25.9 1.9 23.0 0.9Country Garden* 2007 HK 10.5 28.7 48.0 HOLD 6.75 16 32 14.3 10.7 2.2 2.9 19.0 21.8 48.7 2.9 9.3 (12.4)Evergrande* 3333 HK 21 35.2 124.7 HOLD 15.48 144 115 20.1 9.4 3.5 5.3 25.8 47.2 119.8 5.6 18.3 (14.8)Longfor* 960 HK 19.4 14.6 14.2 BUY 20.10 8 28 9.8 7.8 3.6 4.6 15.4 17.7 53.9 1.6 22.7 14.4Ave ra ge 28 36 11 .8 8 .6 3 .4 4 .3 18 .3 22 .9 46 .6 2 .5 (0 .4 )
M id c a pAgile Property* 3383 HK 9.03 4.5 14.3 HOLD 6.28 64 22 8.2 6.7 6.5 6.7 8.9 10.4 49.1 0.7 16.3 44.7BJ Cap Land 'H' 2868 HK 4.06 2.6 1.5 NR n.a. (20) 34 6.5 4.9 5.9 7.9 19.3 22.8 132.3 0.6 n.a. n.a.CIFI Holdings 884 HK 4.23 3.7 9.2 NR n.a. 29 22 6.7 5.5 5.2 6.2 22.1 22.8 50.4 1.6 n.a. n.a.Greentown 3900 HK 10.32 2.9 7.5 NR n.a. 25 4 10.2 9.7 2.0 1.9 7.5 6.3 58.1 0.8 19.9 48.0Guangzhou R&F 2777 HK 13.86 5.7 14.6 NR n.a. 11 13 5.1 4.6 8.2 8.8 16.1 16.7 159.9 0.9 19.0 27.1Hopson Dev 754 HK 7.52 2.1 0.6 NR n.a. (80) 10 21.8 19.8 1.4 1.5 n.a. n.a. 68.1 0.3 n.a. n.a.Kaisa Group 1638 HK 2.99 2.0 6.5 NR n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 332.6 1.0 n.a. n.a.KWG Property 1813 HK 5.68 2.3 9.2 NR n.a. (1) 13 4.3 3.8 8.4 9.4 15.1 14.9 66.8 0.6 10.8 47.3Logan Property 3380 HK 6.77 4.8 9.6 NR n.a. (11) 31 8.0 6.2 4.5 5.8 18.5 20.7 76.2 1.7 7.5 9.7Shimao Property* 813 HK 14.9 6.5 9.9 HOLD 11.20 (11) 10 8.2 7.5 6.5 7.1 10.0 10.5 50.7 0.8 28.5 47.8Sino-Ocean Land* 3377 HK 4.27 4.1 4.8 BUY 4.45 11 10 6.8 6.2 5.1 5.6 9.0 9.2 43.5 0.6 7.7 44.5Soho China* 410 HK 4.2 2.8 6.9 BUY 4.30 (57) (10) 48.2 53.5 0.0 0.0 1.2 1.1 31.7 0.5 7.2 41.4Sunac China 1918 HK 20.1 10.0 77.2 NR n.a. 1 110 24.0 11.4 1.4 2.2 14.5 16.0 121.5 2.9 16.9 (18.7)Yanlord Land*^ YLLG SP 1.785 2.5 3.3 BUY 2.25 (4) 16 6.6 5.6 2.6 2.8 11.7 12.3 16.3 0.8 3.2 43.3Yuexiu Property* 123 HK 1.45 2.3 5.8 HOLD 1.23 (14) 20 11.9 9.9 3.4 4.0 4.2 4.9 53.1 0.5 2.7 47.0Yuzhou Properties 1628 HK 4.46 2.2 4.8 NR n.a. 41 23 5.9 4.8 6.1 7.4 20.5 21.0 71.7 1.4 5.0 10.8Ave ra ge # 5 23 9 .6 7 .7 4 .8 5 .5 13 .2 14 .2 84 .1 1 .0 31 .2
Sma l l c a p
BJ North Star 'H' 588 HK 3.19 1.4 0.8 NR n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 92.3 0.5 n.a. n.a.C C Land 1224 HK 1.81 0.9 0.3 HOLD 2.06 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. (56.1) 0.4 2.8 34.6Central China* 832 HK 2.32 0.7 0.7 HOLD 1.80 106 13 5.9 5.2 5.1 5.7 12.4 12.8 45.4 0.8 5.0 53.3China SCE 1966 HK 3.81 1.7 5.5 NR n.a. (19) 53 6.7 4.4 4.5 6.6 18.2 23.8 96.7 1.3 n.a. n.a.China South City*^^ 1668 HK 1.7 1.7 4.4 FV 1.34 (83) 16 18.1 15.6 2.9 3.4 2.6 3.0 92.7 0.5 2.0 14.0COGO* 81 HK 4.45 1.3 3.6 BUY 3.47 36 32 7.3 5.5 0.0 0.0 10.8 12.6 97.8 0.8 7.2 38.1First Sponsor*^ FSG SP 1.36 0.6 0.1 NR 1.57 (38) 13 14.8 13.1 1.2 1.2 5.9 6.4 7.4 0.4 4.1 66.8Glorious Property 845 HK 0.88 0.9 0.4 NR n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 310.6 0.4 5.9 85.0Greenland 337 HK 2.83 1.0 1.8 BUY 4.97 29 16 4.7 4.1 2.7 4.9 17.4 18.4 120.6 0.8 5.7 50.6Hydoo Int'l 1396 HK 0.91 0.5 0.3 NR n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 65.6 0.6 n.a. n.a.Modern Land (China) 1107 HK 1.46 0.5 0.2 NR n.a. 11 12 3.7 3.3 7.2 8.3 18.6 20.0 114.9 0.7 n.a. n.a.Poly (Hong Kong) 119 HK 4.04 1.9 5.3 NR n.a. 445 43 33.7 23.6 0.2 0.8 1.5 2.5 108.4 0.6 7.1 43.4Powerlong 1238 HK 3.53 1.8 1.7 NR n.a. (14) 17 5.7 4.9 5.1 5.9 13.6 13.9 76.6 0.5 n.a. n.a.Renhe Commercia l 1387 HK 0.172 1.0 0.2 NR n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. (21.0) 0.9 2.7 93.7Shui On Land* 272 HK 1.94 2.0 2.9 HOLD 2.05 36 (49) 9.2 17.9 3.3 3.4 3.9 2.0 68.2 0.4 5.1 62.1SRE Group 1207 HK 0.182 0.5 0.1 NR n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 74.5 0.5 n.a. n.a.Sunshine 100 China 2608 HK 3.18 1.0 0.2 NR n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 290.1 1.1 n.a. n.a.Times Property 1233 HK 6.51 1.5 2.9 NR n.a. 8 38 4.6 3.3 7.0 9.4 22.6 24.8 73.4 1.1 n.a. n.a.Wuzhou Int'l 1369 HK 0.67 0.2 0.2 NR n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 209.2 0.8 n.a. n.a.Ying Li^ YINGLI SP 0.143 0.3 0.3 NR n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 81.6 0.4 0.9 84.5Zhong An 672 HK 2.48 0.9 2.9 NR n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 62.8 0.8 n.a. n.a.Ave ra ge 42 11 9 .9 9 .6 3 .4 4 .3 11 .3 11 .9 90 .5 0 .7 56 .4
Ave ra ge (Ove ra l l ) 22 21 10 .1 8 .5 4 .1 4 .9 13 .4 14 .9 82 .6 1 .0 35 .0~
1-Aug
^ Denominated in SGD for price
~ Simple average discount to NAV; Market cap weighted average NAV = 11% # Exclude Soho China
^^ FY16: 17F; FY17: FY18F; FY18: FY19F
Source: Thomson Reuters, *DBS Vickers
China / Hong Kong
China Property Weekly Digest
Page 12
PE valuations, 2008 to 2016 trough (based on earnings forecasts)
Ave ra ge (Ove ra l l ) 10 .1 8 .5 5 .7 6 .4 6 .2 3 .3 3 .7 6 .6 5 .3 5 .3 6 .7HSI Inde x HSI 9 .1 9 .0 10 .3 7 .8 8 .8 9 .4 9 .3 10 .4 8 .9
1-Aug
^ Denominated in SGD for price
# Exclude Soho China
^^ FY16: 17F; FY17: FY18F; FY18: FY19F
Source: Thomson Reuters, *DBS Vickers
China / Hong Kong
China Property Weekly Digest
Page 15
PE valuations, 2008 to 2016 peak (based on reported earnings)
3-mth da i l yM kt tra d ing FY17F FY18F
Pr i c e Ca p va lue PE PE Avg Pe a k Pe a k Pe a k Pe a k Pe a k Pe a k Pe a k Pe a k Pe a kCompa ny Na me Code HK$ US$bn US$m x x PE (x) 2008 2009 2010 2011 2012 2013 2014 2015 2016China Overseas* 688 HK 26.5 37.2 68.3 8.9 8.2 9.6 25.2 20.6 11.6 9.4 10.1 8.7 6.9 9.3 7.6CR Land* 1109 HK 24.8 22.0 30.6 9.0 7.8 11.4 35.6 21.6 14.5 10.2 11.5 9.3 7.8 10.9 8.4China Vanke 'H'* 2202 HK 22.75 37.6 44.1 8.9 7.6 8.8 n.a. n.a. n.a. n.a. n.a. 9.9 10.5 12.5 10.9Country Garden* 2007 HK 10.5 28.7 48.0 14.3 10.7 13.9 86.8 25.3 10.6 9.0 8.2 9.5 7.2 8.6 7.1Evergrande* 3333 HK 21 35.2 124.7 20.1 9.4 5.3 n.a. 52.1 7.0 6.6 6.3 4.5 3.9 9.9 15.9Longfor* 960 HK 19.4 14.6 14.2 9.8 7.8 6.4 n.a. 14.8 11.7 9.2 10.2 8.7 6.3 8.3 7.0Ave ra ge 11.8 8 .6 49 .2 26 .9 11 .1 8 .9 9 .3 8 .4 7 .1 9 .9 9 .5
NAV d i s c o u n t / (p re miu m) (% ) PE (x) PB (x)
* Share price denominated in RMB
^ Share price denominated in SGD
** Exclude Soho China
~ 2010-YTD
Source: Thomson Reuters, DBS Vickers
China / Hong Kong
China Property Weekly Digest
Page 18
DBSVHK recommendations are based an Absolute Total Return* Rating system, defined as follows:
STRONG BUY (>20% total return over the next 3 months, with identifiable share price catalysts within this time frame)
BUY (>15% total return over the next 12 months for small caps, >10% for large caps)
HOLD (-10% to +15% total return over the next 12 months for small caps, -10% to +10% for large caps)
FULLY VALUED (negative total return i.e. > -10% over the next 12 months)
SELL (negative total return of > -20% over the next 3 months, with identifiable catalysts within this time frame)
* Share price appreciation + dividends Completed Date: 2 Aug 2017 08:45:36 (HKT) Dissemination Date: 2 Aug 2017 10:09:32 (HKT)
Sources for all charts and tables are DBS Vickers unless otherwise specified.
GENERAL DISCLOSURE/DISCLAIMER This report is prepared by DBS Vickers (Hong Kong) Limited (“DBSV HK”). This report is solely intended for the clients of DBS Bank Ltd., DBS Bank (Hong Kong) Limited (DBS HK), DBSV HK, and DBS Vickers Securities (Singapore) Pte Ltd. (“DBSVS”), its respective connected and associated corporations and affiliates only and no part of this document may be (i) copied, photocopied or duplicated in any form or by any means or (ii) redistributed without the prior written consent of DBSV HK. The research set out in this report is based on information obtained from sources believed to be reliable, but we (which collectively refers to DBS Bank Ltd., DBS HK, DBSV HK, DBSVS, its respective connected and associated corporations, affiliates and their respective directors, officers, employees and agents (collectively, the “DBS Group”) have not conducted due diligence on any of the companies, verified any information or sources or taken into account any other factors which we may consider to be relevant or appropriate in preparing the research. Accordingly, we do not make any representation or warranty as to the accuracy, completeness or correctness of the research set out in this report. Opinions expressed are subject to change without notice. This research is prepared for general circulation. Any recommendation contained in this document does not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. This document is for the information of addressees only and is not to be taken in substitution for the exercise of judgement by addressees, who should obtain separate independent legal or financial advice. The DBS Group accepts no liability whatsoever for any direct, indirect and/or consequential loss (including any claims for loss of profit) arising from any use of and/or reliance upon this document and/or further communication given in relation to this document. This document is not to be construed as an offer or a solicitation of an offer to buy or sell any securities. The DBS Group, along with its affiliates and/or persons associated with any of them may from time to time have interests in the securities mentioned in this document. The DBS Group, may have positions in, and may effect transactions in securities mentioned herein and may also perform or seek to perform broking, investment banking and other banking services for these companies. Any valuations, opinions, estimates, forecasts, ratings or risk assessments herein constitutes a judgment as of the date of this report, and there can be no assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, ratings or risk assessments. The information in this document is subject to change without notice, its accuracy is not guaranteed, it may be incomplete or condensed, it may not contain all material information concerning the company (or companies) referred to in this report and the DBS Group is under no obligation to update the information in this report. This publication has not been reviewed or authorized by any regulatory authority in Singapore, Hong Kong or elsewhere. There is no planned schedule or frequency for updating research publication relating to any issuer. The valuations, opinions, estimates, forecasts, ratings or risk assessments described in this report were based upon a number of estimates and assumptions and are inherently subject to significant uncertainties and contingencies. It can be expected that one or more of the estimates on which the valuations, opinions, estimates, forecasts, ratings or risk assessments were based will not materialize or will vary significantly from actual results. Therefore, the inclusion of the valuations, opinions, estimates, forecasts, ratings or risk assessments described herein IS NOT TO BE RELIED UPON as a representation and/or warranty by the DBS Group (and/or any persons associated with the aforesaid entities), that: (a) such valuations, opinions, estimates, forecasts, ratings or risk assessments or their underlying assumptions will be achieved, and (b) there is any assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, ratings or risk
assessments stated therein. Please contact the primary analyst for valuation methodologies and assumptions associated with the covered companies or price targets. Any assumptions made in this report that refers to commodities, are for the purposes of making forecasts for the company (or companies) mentioned herein. They are not to be construed as recommendations to trade in the physical commodity or in the futures contract relating to the commodity referred to in this report. DBSVUSA, a US-registered broker-dealer, does not have its own investment banking or research department, has not participated in any public offering of securities as a manager or co-manager or in any other investment banking transaction in the past twelve months and does not engage in market-making.
China / Hong Kong
China Property Weekly Digest
Page 19
ANALYST CERTIFICATION The research analyst(s) primarily responsible for the content of this research report, in part or in whole, certifies that the views about the companies and their securities expressed in this report accurately reflect his/her personal views. The analyst(s) also certifies that no part of his/her compensation was, is, or will be, directly or indirectly, related to specific recommendations or views expressed in the report. The research analyst (s) primarily responsible for the content of this research report, in part or in whole, certifies that he or his associate1 does not serve as an officer of the issuer or the new listing applicant (which includes in the case of a real estate investment trust, an officer of the management company of the real estate investment trust; and in the case of any other entity, an officer or its equivalent counterparty of the entity who is responsible for the management of the issuer or the new listing applicant) and the research analyst(s) primarily responsible for the content of this research report or his associate does not have financial interests2 in relation to an issuer or a new listing applicant that the analyst reviews. DBS Group has procedures in place to eliminate, avoid and manage any potential conflicts of interests that may arise in connection with the production of research reports. The research analyst(s) responsible for this report operates as part of a separate and independent team to the investment banking function of the DBS Group and procedures are in place to ensure that confidential information held by either the research or investment banking function is handled appropriately. There is no direct link of DBS Group's compensation to any specific investment banking function of the DBS Group. COMPANY-SPECIFIC / REGULATORY DISCLOSURES 1. DBS Bank Ltd, DBS HK, DBSVS, DBSV HK or their subsidiaries and/or other affiliates have proprietary positions in China Overseas Land
& Investment Limited (688 HK), China Resources Land Limited (1109 HK), China Vanke Company Limited 'H' (2202 HK) and Sino-Ocean Land Holdings Limited (3377 HK) recommended in this report as of 28 Jul 2017. DBS Bank Ltd, DBS HK, DBSVS, DBSV HK or their subsidiaries and/or other affiliates have proprietary positions in Yanlord Land Group Limited (YLLG SP) and Ying Li International Real Estate Limited (YINGLI SP) recommended in this report as of 30 Jun 2017.
2. Neither DBS Bank Ltd, DBS HK nor DBSV HK market makes in equity securities of the issuer(s) or company(ies) mentioned in this Research Report.
3. Compensation for investment banking services: DBS Bank Ltd, DBS HK, DBSVS, DBSV HK, their subsidiaries and/or other affiliates of DBSVUSA have received compensation, within the past 12 months for investment banking services from Yanlord Land Group Limited (YLLG SP), Yuexiu Property Company Limited (123 HK), Central China Real Estate Limited (832 HK), China South City Holdings Limited (1668 HK) and China Overseas Grand Oceans Group (81 HK) as of 30 Jun 2017.
4. DBS Bank Ltd, DBS HK, DBSVS, DBSV HK, their subsidiaries and/or other affiliates of DBSVUSA have managed or co-managed a public offering of securities for Yanlord Land Group Limited (YLLG SP), Yuexiu Property Company Limited (123 HK), China South City Holdings Limited (1668 HK) and China Overseas Grand Oceans Group (81 HK) in the past 12 months, as of 30 Jun 2017. DBSVUSA does not have its own investment banking or research department, nor has it participated in any public offering of securities as a manager or co-manager or in any other investment banking transaction in the past twelve months. Any US persons wishing to obtain further information, including any clarification on disclosures in this disclaimer, or to effect a transaction in any security discussed in this document should contact DBSVUSA exclusively.
5. Disclosure of previous investment recommendation produced: DBS Bank Ltd, DBSVS, DBSVHK, their subsidiaries and/or other affiliates of DBSVUSA may have published other investment recommendations in respect of the same securities / instruments recommended in this research report during the preceding 12 months. Please contact the primary analyst listed in the first page of this report to view previous investment recommendations published by DBS Bank Ltd, DBSVHK, their subsidiaries and/or other affiliates of DBSVUSA in the preceding 12 months.
1 An associate is defined as (i) the spouse, or any minor child (natural or adopted) or minor step-child, of the analyst; (ii) the trustee of a trust of
which the analyst, his spouse, minor child (natural or adopted) or minor step-child, is a beneficiary or discretionary object; or (iii) another person accustomed or obliged to act in accordance with the directions or instructions of the analyst.
2 Financial interest is defined as interests that are commonly known financial interest, such as investment in the securities in respect of an issuer or a new listing applicant, or financial accommodation arrangement between the issuer or the new listing applicant and the firm or analysis. This term does not include commercial lending conducted at arm's length, or investments in any collective investment scheme other than an issuer or new listing applicant notwithstanding the fact that the scheme has investments in securities in respect of an issuer or a new listing applicant.
China / Hong Kong
China Property Weekly Digest
Page 20
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General This report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation.
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Distribution of this report is intended only for “wholesale investors” within the meaning of the CA.
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Wong Ming Tek, Executive Director, ADBSR
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China Property Weekly Digest
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