Near term pricing power 4
Sector valuation still attractive 8
Company Profiles 15
China Overseas Land & Investment 17
China Resources Land 25
Guangzhou R&F Properties 33
KWG Properties 41
Renhe Commercial 47
Shimao Property 51
Shui On Land 57
Soho China 63
Appendix 67
Disclosure appendix 77
Disclaimer 80