地方融资平台告急,地产调控政策将纠偏（Local financing platform emergency, real estate regulatory policy will rectify）.doc

地方融资平台告急,地产调控政策将纠偏（Local financing platform emergency, real estate regulatory policy will rectify） [Table_KeyInfo] Securities Research Report - dynamic report / music industry Real estate [Table_IndustryInfo] On the real estate industry Cautious recommendation (maintain rating) July 1, 2011 [Table_Title] Local financing platform in an emergency, estate policy rectification Securities analyst: Yan Fang 0755Fangyan@ A securities investment consulting qualification certificate encoding: S0980510120001 Securities analyst: District Shui 0755Ourm@ A securities investment consulting qualification certificate encoding: S0980510120051 Contacts： Huangdaoli 0755Huangdl@ Matter： [Table_Summary] In June 30th, the real estate sector rose higher, the sector rose 1.88%, outperforming the Shanghai and Shenzhen 300 index in 0.42%, the Commission in 23 industries ranked second. Comment: The real estate sector. The first half of the increase in the first row, we confirmed the 2011 year strategy in the prospective judgment The first half of the year, the real estate sector rose 3.93% in all industries (SFC classification) in the first row gains, outperforming the broader market (Shanghai and Shenzhen 300) 4.1 percentage points The point is, there are three absolute return one plate, even if the stock price inelastic Vanke A, in the first half of the year also have positive returns. Strong in the first half of the real estate stocks Potential performance, fully confirms the 2011 Annual strategy we issued in December 15, 2010: into the attack, retreat in judgment. . the regulation of real estate -- has caused land leasing fell sharply, the local government financing platform risk Under the strict control policy, leading the company defense mentality increasingly strong, Vanke, Hengda, the leading enterprises such as the amount of sales / purchase amount ratio Rapid ascent: Vanke 2010 sales / purchase amounted to 1.3, while the 1-4 months of this year soared t