JPM中国房地产市场研究20104.pdf

Asia Pacific Credit Research 23 March 2010 Chinese Property Sector Update Assessing policy and asset inflation risks • The market is becoming increasingly concerned over asset inflation China building within China, the policy response by the government to Property address these concerns, and the implication for China’s property sector Daniel FanAC including the developers under our coverage universe. (852) 2800-8080 daniel.cc.fan@ • In our view, while asset prices have been rising rapidly in recent J.P. Morgan Securities (Asia Pacific) Limited months, they have not reached a point yet where there is a nationwide Warren Mar bubble ready to burst or which will prompt the government to take pre- (1-212) 834-4274 emptive measures that will likely harm sector fundamentals and warren.j.mar@ valuations. J.P. Morgan Securities Inc. • This said, policy measures to address specific parts of the market may Varun Ahuja (852) 2800 8030 have more of an impact on certain developers based on their va