【出版时间及名称】：2009年11月香港地产行业研究报告
        【作者】：野村证券
        【文件格式】：PDF
        【页数】：62
        【目录或简介】：

Contents
Asset value gap 3
Inventory and intervention 4
Inventory = launched and unsold + launch-ready pre-sale units 4
Inventory outlook: dependent on near-term demand/supply 5
Volumes: pre-sale activity trending lower 5
Interest rates underpinning demand – asset price implications 6
Yield compression – implications for asset prices and rents 7
Actual supply and supply expectations 8
Supply and demand outlook 9
Sales volumes: sustainability and stock implications 10
Sector performance and government intervention 16
MAS: further risks of intervention 17
Yield compression amid falling rents 18
Rents declining, yields compressed 18
Rents now down by up to 33% from peak 19
Capital values rebounded by 15.8-17.6% 20
Asset price cycle: forecast implications 21
Appendix – asset prices 23
Prices: questions remain over sustainability of sales volumes 23
Latest company views
Bukit Sembawang 25
CapitaLand 30
City Developments 40
Keppel Land 45
SC Global Developments 50
Singapore Land 54