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1、DeutscheBankMarketsResearchAsiaCorporateCreditDateChinaRealEstate3October2017KarenKwan,MBAResearchAnalystAsiaCredit(+65)64235387karen.kwan@db.comChinapropertytriptakeawaysPostcardsfromShanghai,WuxiandUrumqiThisreportrecapskeytakeawaysfromoursitevisitstopropertyprojec
2、tsinTier-1cityShanghai,Tier-2cityWuxi,andTier-3cityUrumqi(capitalofXinjiangUyghurAutonomousRegion)lastweek.WevisitedprojectsofestablisheddevelopersincludingLongfor,Evergrande,ChinaOverseasandSunac,butalsothosefromrelativelynewHYissuerslikeGuorui,Ronshine,andXinhuZhon
3、gbao.Overall,weexpectgoodpropertysalesinSeptandOctseason,assell-throughratioshouldremainhighandweenterahighpropertysalesseason;furthermore,companiesunderourcoverageshouldcontinuetofetchYoYcontractsalesgrowthabovethatofthenationwidefigure.Shimaowasoneofthefirsttoannou
4、nceSeptcontractsales.ItpostedastrongSeptcontractsalesfigureofRMB10.2bn,up57%YoY.Pleaserefertothefollowingpagesforpicturesofsomeprojectswevisited.TheprojectqualityofGuoruiandRonshinelooksdecenttous,thoughGuorui’sChongmingIslandprojectlocationisinamoreremoteareaofChong
5、ming.WeconsiderthedesignandlayoutsofXinhuZhongbao’sShanghaiprojectwevisitedtobewell-thoughtout.DevelopersgenerallyhavenotbeenallowedtoraiseresidentialpricesthisyearunderstrictpresalepermitpolicyinShanghaiandWuxibasedonourvisitsBasedonourvisitsofvariousresidentialprop
6、ertyprojectsinShanghaiandWuxi,Chinesedevelopersaregenerallynotallowedtoraisepropertypricessofarthisyear,asgovernmentshavebeenstrictinkeepingpricesrelativelystableandgenerallyonlyapprovedpresalepermitswithroughlystableprices.Already,wenoticesomesecondaryhomes’ASPsare1
7、0-15%higherthansomenearbyprimaryASPs,whichhavefacilitatedhighsell-throughratiosintheprimarymarket.AccordingtoSunshine100’slocalsalesinWuxi,itwouldtakeabout3-4monthsforonlineregistrationsofsomehomepurchasestocomplete,henceitwouldtaketimetoturnsubscriptionsalesintocont
8、ractsales.Havingsaidthat,therealtestforpresalepermitprices,inourview,wouldbewhensomeluxuryorhigh-endprojects(soldatlandkingpricesin
