Table of Contents
Executive summary ........................................................................... 3
Recommendation summary ............................................................. 4
Developers – De-rating due to lack of growth potential ................ 5
HK residential – overdrawing future upside ................................. 11
HK office & retail – low cap rate unsustainable............................ 20
Top Buys & Sells.............................................................................. 24
NAV and earnings revision ............................................................. 27
Cheung Kong Hldgs......................................................................... 30
Henderson Land Dev. Co................................................................. 34
SHK Properties Ltd .......................................................................... 38
New World Dev................................................................................ 42
Sino Land Co.................................................................................... 46
Hang Lung Properties...................................................................... 50
Kerry Prop ........................................................................................ 54
Hongkong Land Holdings................................................................ 58
Hysan Development ........................................................................ 62
Great Eagle Hldgs............................................................................ 66
Chinese Estates................................................................................ 72