DBS星展证券2013年房地产行业展望报告，2012年11月19日发布

全英文，共82页。目录如下：

Table of Contents
Investment summary 3
Stable growth in national market 4
Margins are stabilizing 7
Sales volume to drive earnings growth 11
Sector profit growth will outpace HSI 13
Operating environment better than 2011 14
Investment strategy 19
Key Risks 25
Stock Profiles 28
Appendix: Peers Valuation 58
Appendix: Property price to annualized

disposable income 61
Appendix: Property market, selected cities 62
Appendix: Developers’ funding activities 66
Appendix: Discount to NAV trend 71
Appendix: PE and PB charts 74