汇丰银行-xx房地产-china real estate：phoenix cities the spotlight in rental market push-20170724-hsbc.pdfVIP

24 July 2017   China Real Estate EQUITIES REAL ESTATE Phoenix cities the spotlight in rental market push CHINA  The government targets twelve cities in its latest push towards Michelle Kwok* the rental market, half of which are in the phoenix cities Head of Real Estate Research, Asia Pacific The Hongkong and Shanghai Banking Corporation Limited michellekwok@.hk Demographic trends and our sense on tenants’ profile imply +852 2996 6918 little impact to home purchase demand Albert Tam* Associate  Our thesis on the phoenix cities is unchanged – migration- The Hongkong and Shanghai Banking Corporation Limited albert.p.h.tam@.hk driven housing demand to drive future home price trends +852 2822 4395 Simon Sin*