共83页，可惜没有目录提供，下面是报告的第一段。

Discounted valuation presents buying
opportunities: We believe 2011 is going to be another
challenging year for developers – but current valuations
suggest the negatives we could foresee for the next 12
months may be in the price already. The group is now
trading at an average discount of 48% to our forward
NAV estimates, or 1 SD below the historical average
discount of 25%. In our view, a 2008-type capitulation in
stock prices is unlikely to recur against a completely
different macro backdrop. Considering the generally
limited downside risk from here, we see buying
opportunities for selected Chinese property stocks.