文档介绍：15 February 2006
Asian Daily
China Property Sector-----------------------------------------------------------------------------------------
Easy to enter, difficult to execute
Karena Fung / Research Analyst / 852 2101 6956 / karena.******@credit-
Victor Kwok / Research Analyst / 852 2101 6437 / victor.******@credit-
● China real estate market seems to have caught investors and bn. However, most Singaporean developers have been
panies’ imagination of insatiable demand, yet it is avoiding investing in Shanghai and nearby cities, except Allgreen
easy to be in but difficult to be essful. Properties (, S$, OUTPERFORM, TP S$) took a
● Hong Kong and Singapore panies have branched 16% stake in Kerry’s Pudong investment.
out to secondary cities, although the former continue to invest in Note that not only have Hong Kong developers started investing in
Shanghai despite the slowdown in the city. second-tier cities, like Chengdu, Tianjin, Xi’an, the Singaporean
● In terms of asset class, most developers build mix-use projects, players have been expanding beyond the large cities, probably citing
as property management has been their forte, whereas Cheung the first-mover advantage in the petitive markets.
Kong, Keppel Land focus mainly on residential and Hang Lung
Residential or nonresidential? Most Hong Kong developers excel in