Industry　China Property　DB－中国房地产　14页
Date　　24 June 2013Industry Update
Average P/B of listed developers about 78% higher than historical low
COLI’s current P/B is among the closest to a historical low level
P/B of high-gearing developers still well above historical troughs
State Council researcher warned banks on their past lending practices
Our top Sell is Sunac; we prefer the liquid big-cap leaders
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