1、 December 13, 2010 Asia Property Weekly Equity ResearchA glance at the Asia property markets Key news and updates HK: 18 primary residential units were sold in the week to Dec 12 (vs. 19 the previous week). Secondary market prices were up 0.7% wow. China: 12 of 15 cities with data available saw volu
2、mes down (median -7%). 8 of 14 cities with data available saw prices down (median -2%). HK: The Planning Department said it was not convinced Henderson should be allowed to renew the Nam Sang Wai development right, which expires on Dec 18. (SCMP, Dec 10). Japan: The vacancy rate for Tokyo office spa
3、ce rose to 9.04% in November from 8.85% in October. (Miki Shoji, Dec 9). SG: HDB said the median cash-over-valuation, has continued to come down in Nov. (Channel NewsAsia, Dec 6). China: The govt is likely to invest more than Rmb1.3tn to build up to 10 million affordable homes in 2011. (The Standard
4、, Dec 6). India: DLF has sold 150 plots, garnering more than Rs 5 bn, in a township project at Gurgaon. (The Economic Times, Dec 3). Upcoming events US: FOMC rate decision (Dec 14); JP: BOJ Tankan, condo sales (Dec 15); SG: Home sales, retail sales (Dec 15); India: Central bank policy meeting (Dec 1
5、4). Goldman Sachs Asia residential price index Sources: Datastream, Goldman Sachs Research estimates. Anthony Wu +852-2978-0634 Goldman Sachs (Asia) L.L.C. The Goldman Sachs Group, Inc. does and seeks to do business with companies covered in its research reports. As a result, investors should be aw
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8、10Asia developer share price index vs. GS Asia residential price index (unweighted) Asia property sector share price index (unweighted, LHS)GS Asia residential price index (unweighted, RHS)4060801001201401601800100200300400500600700Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-1
9、0Asia property sector share price index (mkt-cap weighted, LHS)GS Asia residential price index (GDP weighted, RHS)Asia developer share price index vs. GS Asia residential price index (weighted) Performance (Market-cap weighted)Underlying Dividend % +/-Sub-sector Price performance (%) P/E (x) Yield (
10、%) Fwd. NAV1-wk 1mo 3mo 6mo FY10E FY10EChina (off-shore) (0) (6) 2 18 12.4 2.2 (47)China (on-shore) (4) (12) (2) 4 10.1 1.3 (53)HK Developers (2) (8) 8 25 18.1 2.2 (32)HK Investors 2 0 22 44 17.4 2.5 (26)India Developers (7) (25) (18) (0) 12.4 2.2 (47)Japan Developers 0 (2) 12 14 33.4 1.2 (6)Japan R
11、EITs 1 5 18 20 24.9 4.2 (1)Singapore Developers 1 (5) 3 16 19.2 2.4 (25)Singapore REITs (0) (3) (1) 14 19.0 5.6 (0)MSCI AeJ Real Estate (0) (6) 6 23MSCI Asia Real Estate (0) (5) 7 20Top / Bottom 5 performers of the weekAbsolute Perf. (%) Absolute Perf. (%)Stock 1-wk 1-mo Stock 1-wk 1-moIFM 16.4 (13.
12、5) Indiabulls Real Estate (10.3) (36.8)City Developments 5.6 (5.0) Housing Dev. stocks not so assigned are deemed Neutral. Such assignments equate to Buy, Hold and Sell for the purposes of the above disclosure required by NASD/NYSE rules. See Ratings, Coverage groups and views and related definition
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