汇丰银行-xx房地产-china real estate phoenix citiesexhibit strengthened pricing power-20170718-hsbc.pdfVIP

18 July 2017   China Real Estate EQUITIES REAL ESTATE “Phoenix cities” exhibit strengthened pricing power China The NBS released the latest June home price data this Michelle Kwok* Head of Real Estate Research, ASP morning, with a broadly stabilised ASP trend in tier 1 cities The Hongkong and Shanghai Banking Corporation Limited michellekwok@.hk  However, lower tier cities’ ASP continued to outperform that of +852 2996 6918 top tier cities, with notable strength in our “phoenix cities” Albert Tam* Associate The Hongkong and Shanghai Banking Corporation Limited  Shimao and COLI, both Buy, have the most upside to our target albert.p.h.tam@.hk +852 2822 4395 prices; our conviction stock is Longfor (Buy) Simon Sin* Associate