Table of Contents
INVESTMENT SUMMARY .........................................3
Tightening Measures Likely to Remain through 1H11 .....3
Supply Increase...................................................................3
Tight Monetary Policy to Pile More Pressure on
Property Prices....................................................................3
Affordability in Most Cities Likely to Stay Healthy ...........4
Short-term Pain, Long-term Gain.......................................4
Stock Pick Criteria...............................................................4
SMOOTHER SAILING IN 2H11 .................................6
Supply Rise = Pricing Pressure .........................................6
Effect of Tight Monetary Policy on Property Sector
= Pricing Pressure..............................................................9
Improving Affordability and High CPI = Property
Demand Remains Strong..................................................12
Short-term Pain, Long-term Gain.....................................14
COMPANY UPDATE
Agile Property ................................................................... 17
Poly (Hong Kong) ............................................................. 26
APPENDIX I. CONTRACTED SALES OF LISTED PROPERTY
DEVELOPERS......................................................36
APPENDIX II. LAND BANK BREAKDOWN..................37
APPENDIX III. RESTRICTION ON NUMBER OF HOME
PURCHASES BY CITY ...........................................38
APPENDIX IV. SALES PERFORMANCES BY CITY ........39
APPENDIX V. CENTALINE’S VIEW ...........................42
APPENDIX VI. STATISTICAL ANALYSIS....................48
LISTED COMPANIES IN THIS REPORT ......................54