文档介绍：(10月12日)(9月27日)(9月25日)(9月24日)(9月19日)(9月18日)(9月17日)(9月13日)(8月31日)(8月29日)(8月28日)(8月20日)(8月17日)AsiaPacificEquityResearch05November2007ChinaPropertyMonthlyOctoberUpdate:Thesectorissettotake-offagain•Markethasfelttheimpactofmortgagetighteningmeasure:PropertyPrimarysaleshavedroppedby45%inShenzhen,25%inRaymondNgai,CFAACShanghaiand20%paredtoa(852)2800-.******@‘wait-and-see’afterasignificantLuciaKwong,CFAsurgeinpricesytdandtheannouncementofmortgagetightening(852)2800-@•NofurtherpropertymeasuresexpectedasmarkethascooledMatthewChow,CFAoff:Itisgoodtoseethatthemarkethascooledoffabit,relieving(852)2800-.******@’texpectanypropertymeasuresbeforetheHongyanZhunextNPCmeetinginMarch2008althoughfurtherinterestrate(86-21)6160-.******@,CFA(852)2800-8524•ExpectgoodperformanceforChinapropertystocks:.******@underperformedinOctoberduetoconcernsofpolicymeasures,Figure1:Chinadevelopers’indexwebelieveChinapropertystocksaresettorallyagaintowardsthe300endoftheyearwithstrongearningsgrowthandundemanding250valuationespeciallyforlaggardslikeHopsonandGreentown200whicharetradingon13xFY08PEandsingle-&&F’sA--02Nov-03Nov-04Nov-05Nov-06Nov-07Figure2:Chinaproperty:ValuationsummarySource:-Nov-07capCurrentNAVFY07EFY08EFY07EFY06RatingCode(HK$)(US$MM)(HK$)(%)(X)(X)(%)(X),%%"B"OW200