摘要如下：
China: Real Estate Developers
Developers have turned more cautious than in December
On February 9-10, we visited company headquarters of leading developers,
including Evergrande/Vanke/Gemdale/KWG in Guangzhou and Shenzhen.
Compared to our Dec 2011 industry checks, developers have overall turned
more cautious.
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Many faces of the Chinese consumer
Diffusion of the Chinese consumer: One size does not fit all
Is there a typical or average Chinese consumer? Increasingly, we find the
answer is no. While this should hardly be surprising for a country where tax
payers represent only 2% of the population, we believe the market does not
differentiate between the different groups enough. In this report, we discuss
what we see as the 4 core consumer groups that drive bulk of the sales of
companies we cover, but exhibit divergent behavior: 1) Mass Market; 2) Core
Middle; 3) Aspirational Luxury Consumer; and 4) Movers and Shakers. We
believe such a quartiling of the Chinese consumer will show quartiles 1 and 3
doing well, whereas 2 and 4 are more cautious (but still growing).