城镇化+农业现代化=强劲需求.pdf

Deutsche Bank Markets Research Asia Industry Date China China Property 9 August 2013 Property Property Industry Update Tony Tsang Jason Ching, CFA Urbanization + agriculture Research Analyst Research Analyst (+852) 2203 6256 (+852) 2203 6205 modernization = stronger demand tony.tsang@ jason.ching@ We are turning more positive on end-user demand in China property market Top picks There have recently been some concerns about an economic slowdown in COLI (0688.HK),HKD23.00 Buy China. In our view, the slower reported economic indicators reflect more the China Ovs Grand Oceans Buy new leaders strong determination for economic reform and the higher quality (0081.HK),HKD9.22 of China’s economic numbers. The central governments push for urbanization, China Resources Land Buy agricultural modernization, industrialization and informatization should drive (1109.HK),HKD21.70 continued solid, yet more sustainable and higher-quality economic growth in China State Construction Buy China. This should help release first-time housing demand from the 670mn (3311.HK),HKD12.38 farmers and 160mn migrant farme