汇丰银行-xx房地产-收缩的销售额并不令人失望-20170808-hsbc-chinarealestate：slowerjulycontractedsalesnotdisappointing.pdfVIP

Flashnote 8 August 2017   China Real Estate EQUITIES REAL ESTATE  Slower July contracted sales not disappointing China  Developers are reporting their July contracted sales, with Michelle Kwok* moderated momentum m-o-m but still growing on y-o-y basis Head of Real Estate Research, ASP The Hongkong and Shanghai Banking Corporation Limited michellekwok@.hk  This trend is within expectations; we expect 2H sales +852 2996 6918 execution to be fairly divergent among stocks we cover Albert Tam* Associate  Despite strong sector share price performance YTD, COLI, The Hongkong and Shanghai Banking Corporation Limited albert.p.h.tam@.hk CRL and Shimao are still trading at attractive valuations +852 2822 4395 Simon Sin*