文档介绍：11902R~1(dtp).QXP 3/19/2007 3:08 PM Page 1
China Real Estate
March 2007
Anna H. Zhong Challenges of growth
Global Head of Real Estate Research
+ 852 2822 4337
******@.hk
Anna Zhong joined HSBC in August 2005. Prior to joining HSBC, Anna managed regional property funds for two years; she also worked as a
regional property and conglomerate analyst for six years, both positions based in Hong Kong. Anna has an MBA from Columbia University, an Challenges of growth
MS degree in Systems Engineering and BS degree puter Science from University of Maryland.
Venant Chiang
Real Estate Analyst, Asia-Pacific
+ 852 2822 4297
******@.hk
Venant joined HSBC in August 2005. Before this, Venant had worked in various roles in the financial industry, including a spell at the Securities
and mission of Hong Kong and portfolio management at a private hedge fund. Venant has a BA in Business Economics and a
Specialisation puting from University of California Los Angeles, UCLA.
China Real Estate We are bullish on the long-term growth prospects of China’s property market.
We believe economic expansion and the urbanisation trend will drive
development of the China property market for many years e.
At the same time, we believe a favourable industry backdrop does not ensure
automatic ess for all industry participants. We see changing government
policies and nationwide expansion as two key near-term challenges.
We differ from consensus in that we believe going national is not the only way
for China panies to grow. A strategy of aggressive expansion
entails high execution risks.
We panies that have proven track records and those that have found
their niches, geographically or product-wise. We see risks and challenges for
volume-panies that are on the cusp of nationwide expansion, as they
leave behind their local advantages and head into unproven territories.
We are Overweight Greentown China (), Hopson Development
(), and Sh