156页，英文，非常详细的行业分析


目录：

Executive Summary .............................................................................................................. 3
A new pattern of property policy............................................................................................. 6
New national five measures – Here let the curtain fall ............................................................. 6
New era, new leadership, new frame of governing................................................................... 7
Lower uncertainty to boost valuation ..................................................................................... 12
New urbanization – the way to sustainable growth ................................................................. 15
‘Top down’ urbanization – hit a brick wall ............................................................................... 15
‘Bottom up’ urbanization – a profound way respecting changes ............................................... 18
Quality private developers benefit most .................................................................................. 19
Core competence is changing ................................................................................................. 20
No one can back yesterday - decelerating industry growth ....................................................... 20
From Barbarism to Civilization ................................................................................................ 22
Strategy – I think, therefore I am ........................................................................................... 23
Execution – Number is telling .................................................................................................. 26
Corporate Governance – A trade-off to be outstanding ............................................................. 30
Financing – Show me the money ............................................................................................. 32
Land bank – Planting the promise of spring .............................................................................. 36
Background – Some are destined to succeed ............................................................................ 40
Which valuation is attractive .................................................................................................. 41
Valuation method .................................................................................................................. 41
How to decide discount to NAV ................................................................................................ 41
Ratings and valuations ............................................................................................................ 42
Summary of financials ............................................................................................................. 45
Company initiation .................................................................................................................. 51