渣打银行中国建筑基础设施行业研究报告20103.pdf

| Sector Focus | A compilation of previously published reports on construction and infrastructure activity in Asia and the Middle East – 22 March 2010 Construction and infrastructure Synopsis: Overview China China – Policy and property p.2 China – Prices have yet to be tested p.7 China – Bubbly land, Part 1 p.10 China – Bubbly land, Part 2 p.15 China’s property market – A vibrant but volatile year ahead p.22 China – Where is all the welfare housing? p.27 China real-estate sector – Is policy tightening a concern? p.33 China – Is fixed asset investment data fixed? p.37 Overview China – If you build it, they will  Infrastructure and construction projects have been a key feature of finance it, Part 1 p.43 government stimulus packages across the world. China – If you build it, they will finance it, Part 2 p.47  China’s policy initiatives were first introduced in response to the crisis, and they have led global construction activity. Asia Hong Kong – No property bubble  This has provided a significant boost to demand for raw materials, p.52 especially base metals and steel. South Korea – Housing-market  Fears that policy developments in China will curb project activity are update p.56 overdone, in our view, but we do believe there are land price bubbles in some of China’s bigger cities. MENA Saudi Arabia – 2010 budget p.61  The Middle East is also a source of widespread infrastructure activity,