HSBC 汇丰：瑞安房产深度报告　　 11.3M大小

(１４３页)-11.09.2006 英文 HSBC Global Research

National developer with an economic franchise built upon an internationally recognised brand, differentiated business
model, and proven track record in China

Contents

Summary 4
Valuations 8
Valuation comparisons 8
NAV valuation details 12
Financial forecasts 16
A famous brand 27
The new China 27
Shui On Group – creator of Xintiandi 31
Shui On Land – a new chapter 33
A different model 37
SOL’s business model 37
Differentiating features 38
The virtuous cycle 40
A sustainable business model 42
A valuable franchise 58
Overview 58
SOL’s economic franchise 59
Advantage in land acquisition 63
Advantage in financing 68
A developing market 72
Legacies of the past 72
Beyond liquidity 72
Emerging industry trends 73
Selective growth 73
Increasing competition 77
Better regulation 79
Implications for developers 81
A tightening environment 82
Regulation is nothing new 82
Analysis 83
Demand and supply side measures 87
Revisiting SOL from a demand perspective 89
Revisiting SOL from a supply perspective 93
The challenge of the measures 94
A key challenge 95
Execution 95
Competition 97
Other risks 97
Six distinctive projects 102
Six projects 102
Prime land bank 104
Diverse exposure 106
Multi-phase developments 109
Premium products 111
Shanghai Taipingqiao (TPQ) 112
Shanghai Rui Hong Xin Cheng (RHXC) 116
Shanghai Knowledge and Innovation Community (KIC) 120
Chongqing Tiandi (CQTD) 124
Wuhan Hankou Tiandi (HKTD) 128
Hangzhou Xihu Tiandi (XHTD) 132
Potential new projects 135
SOL’s projects 136
Disclosure appendix 139
Disclaimer 142