Table of contents
Share price performance ..............................................................................................3
Our key calls ................................................................................................................3
Trading ideas................................................................................................................7
Major corporate actions.........................................................11
Land acquisition.........................................................................................................11
National macro and industry movements ............................13
Shanghai and Hangzhou........................................................16
Shanghai ....................................................................................................................17
Hangzhou...................................................................................................................18
Beijing/Tianjin.........................................................................20
Beijing........................................................................................................................21
Tianjin........................................................................................................................22
Guangzhou..............................................................................23
Shenzhen ................................................................................26
Chongqing and Chengdu.......................................................28