【出版时间及名称】：2009年12月中国地产行业研究报告
        【作者】：高盛
        【文件格式】：PDF
        【页数】：46
        【目录或简介】：
Table of contents
Our key changes in tables 2
Stock picks: Still prefer solid margin trend, not yet priced in 9
Industry outlook: We expect robust household income growth in 2010 to bring affordability to a healthier level than now 12
Industry outlook: We expect supply to grow but unlikely to significantly outpace demand 14
Developers: Cashed-up balance sheets reduce the possibility of price cuts 19
Policy outlook: Current policy stimuli to be removed; tightening likely should property prices surge further 20
Guangzhou R&F Properties (2777.HK): Buy (on Conviction List) 23
Shimao Property (0813.HK): Buy (on Conviction list) 25
China Resources Land (1109.HK): Sell (on Conviction list) 27
Poly Real Estate Group (600048.SS): Buy 29
Agile Property Holding (3383.HK): Buy 31
Shenzhen Investment (0604.HK): Neutral 34
Huafa Industrial (600325.SS): Neutral 37
Appendixes 40
Disclosures 45
The prices in the body of this report are based on the market close of December 1, 2009.