•  Our recent property tour to the west of China revealed that
housing demand will continue to be driven by rapid
urbanization and relocation
•  End-users account for more than 80% of the market, so it
faces less risk from policy change
•  Commercial property market is still at the early stage of
development; more upside for the retail sector
•  We favour developers with strong western China exposure,
such as CR Land (1109 HK), Shui On Land (272 HK), and
COLI (688 HK)