【出版时间及名称】：2010年香港地产行业研究报告
        【作者】：摩根大通
        【文件格式】：PDF
        【页数】：109
        【目录或简介】：
Table of Contents
Investment summary.........................................................................................3
Sector strategy: We prefer pure plays and companies with large farmland portfolio....................................4
Valuations: NAV and P/BV bands ....................................................................9
Earnings and NAV estimate changes ............................................................13
Residential property: Asset reflation would continue in 2010 ....................14
Housing prices are liquidity-driven.............................................................................................................14
Can the price rally be sustained in 2010?....................................................................................................14
An increase in supply by MTRC and URA positive to market ...................................................................20
Urban planning of three new towns speeded up..........................................................................................21
Government intervention: Not likely to have a big impact .........................................................................22
Property prices and transactions have tapered off .......................................................................................23
Commercial property: Uptrend in rental could resume in 3Q10.................25
Office rents still edged down in 3Q09 but have shown signs of stabilization.............................................25
Central and Kowloon East rents seem most resilient ..................................................................................25
Be patient about a rental recovery...............................................................................................................26
Wait for clearer signs of a global economic recovery .................................................................................26
Central rental has a better upside ................................................................................................................27
Lower risks of cap rate expansion due to liquidity......................................................................................27
Office rental/capital value trends ................................................................................................................28
Hong Kong REITs: Stay selective ..................................................................29
Time to revisit REITs? ...............................................................................................................................29
High yields may not be sustainable.............................................................................................................30
Companies
Sun Hung Kai Properties............................................................................................................................ 36
Cheung Kong Holdings.............................................................................................................................. 40
Henderson Land Development.................................................................................................................... 44
Sino Land ................................................................................................................................................... 48
New World Development........................................................................................................................... 52
Kerry Properties ......................................................................................................................................... 56
Hang Lung Properties................................................................................................................................. 62
Hang Lung Group....................................................................................................................................... 66
Swire Pacific .............................................................................................................................................. 71
Wharf (Holdings) ....................................................................................................................................... 73
Hongkong Land.......................................................................................................................................... 79
Hysan Development Co.............................................................................................................................. 84
Great Eagle................................................................................................................................................. 88
Link REIT .................................................................................................................................................. 94
Champion REIT ......................................................................................................................................... 98
Fortune Real Estate Investment Trust ....................................................................................................... 103