德意志银行-xx股票策略——需求为何以及如何恢复part5：房地产投资为何保持强劲？-20170602-deutschebank.pdfVIP

Deutsche Bank Markets Research Asia Strategy Date China China Equity 2 June 2017 Strategy Strategy Update Yuliang Chang, C FA Joseph Huo Why How Demand Recovers Part 5: Strategist Strategist (+852 ) 2203 6195 (+852 ) 2203 6251 Why might property FAI stay strong? yuliang.chang@ joseph.huo@ Why might property investment stay strong in the coming months? Housing affordability is at around 10-year highs Following our earlier discussions on China’s demand recovery, including Part 3.5 X Coverage: Household disposable income vs. mortgage payment Feb17 3: Embracing capex resurgence (published on 13 Mar) and Part 4: 3.2 Jan16 3.1x