Table of Contents
Snapshot of valuations 3
Stage I Easing: Focus on first-time homebuyers, limited impact 5
Earlier-than-expected Stage II Easing presents upside risk 8
Stage III Easing...unlikely 10
Valuation: Share rally has only partially priced in earlier-than-expected Stage II Easing scenario 11
Better risk/reward for Evergrande, CRL, Agile, Longfor, Fantasia and Sunac 17
Appendix 18
Disclosure Appendix 19
The prices in the body of this report are based on the market close of February 10, 2012.
The author would like to thank Olivia Xiao for her contribution to this report.