Table of Contents
Executive summary ........................................................................... 3
Recent property rally......................................................................... 4
Too good to be true........................................................................... 7
HK residential: a “V + U” shaped price trend ................................. 9
HK office: The worst-performing sector ........................................ 17
HK retail: Mainland visitors help .................................................... 20
Stock recommendations................................................................. 22
NAV and earnings revision ............................................................. 25
Cheung Kong Hldgs......................................................................... 28
Henderson Land Dev. Co................................................................. 32
SHK Properties Ltd .......................................................................... 36
New World Dev................................................................................ 40
Sino Land Co.................................................................................... 44
Hang Lung Properties...................................................................... 48
Kerry Prop ........................................................................................ 52
Hongkong Land Holdings Ltd......................................................... 56
Hysan Development ........................................................................ 60
Great Eagle Hldgs............................................................................ 64
Chinese Estates................................................................................ 68