Upgrading China Resources Land FVE on Strong Year-to-Date Contract Sales
We are upgrading our fair value estimate for China Resources Land as a result of the company's strong sales for the year to date. The strong performance was driven by healthy growth in both sales volume and average selling prices. As the upper-tier cities are mostly seeing capped prices and lower sales volume under the effect of government policy and low inventory level, this represents very good performance, given the company's large exposure to these cities. We change our fair value estimate t...China Resources Land is an investment holding company. Through its subsidiaries, Co. is engaged in the development and sales of developed properties, property investments and management, hotel operations and the provision of construction, decoration and other property development related services in the People's Republic of China. As of Dec 31 2014, Co. operated in four segments: sale of developed properties, property investments and management, hotel operations, and construction, decoration services and others.
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