_瑞士信贷-中国房地产政策展望-100810.pdfVIP

10 August 2010 Asia Pacific/China Equity Research Real Estate China Property Policy Outlook: 2 Research Analysts THEME Jinsong Du 852 2101 6589 jinsong.du@ Grey income: who benefits if the wealth gap Raymond Cheng, CFA narrows 852 2101 6945 raymond.cheng@ Ronney Cheung Figure 1: Grey income leads to a big swing in housing affordability in China 852 2101 7472 P/I x P/I x ronney.cheung@ 1313 Housing price to annual income ratioHousing price to annual income ratio 1212 1111 Asia Property Research Analysts 1010 Ernest Fong 99 Head of Asia Property Research 88 77 Anand Agarwal 66 India 55 44 Ray