reports
- Damon Shen
- Jieqi Liu
CR Land (1109 HK): 2025: Earnings Beat Expectations; Upgrade 15th FYP ...
CR Land’s 2025 core net profit fell 11.6% yoy but beat expectations on better-than-expected DP margins and strong IP performance, while gearing edged up. Mall operations delivered robust SSSG, and REIT expansion progressed. Under its 15th FYP, the company is shifting DP toward quality development, strengthening core IP assets and scaling up asset-light management. We raise our earnings forecasts and lift our target price by 4.5% to HK$37.00. Maintain BUY.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Johnny Yum Chung Man
- Joyce Chu
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Tuesday, March 31, 2026
Top Stories Company Results | BYD Company (1211 HK/BUY/HK$105.80/Target: HK$130.00) 4Q25 net profit came in as expected at Rmb9,286m (-38.2% yoy/+18.7% qoq). We believe BYD’s earnings bottomed out in 4Q25-1Q26, and 2026-28 profit will be driven by new tech launches, overseas expansion and external battery sales. We raise our 2026-27 net profit forecasts by 58%/100% to Rmb45.41b/Rmb56.35b respectively, and introduce our 2028 net profit forecast of Rmb69.64b, implying a 29% three-year CAGR. Upg...
01109 CHINA RESOURCES LAND LIMITED
3993 CHINA MOLYBDENUM CO. LTD. CLASS H
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
000333 MIDEA GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
3692 HANSOH PHARMACEUTICAL GROUP
- Damon Shen
- Jieqi Liu
China Property: Channel Check On Shanghai’s Property Market.
The recent policy easing in Shanghai has lifted housing demand, with stronger sell-through for smaller units and a pickup in lower-priced secondary home transactions, supported by higher Housing Provident Fund loan quotas and demand from newly eligible non-local buyers. However, rising secondary listings and the launch of higher-quality new homes may continue to pressure secondary home prices. We maintain UNDERWEIGHT on the sector, with CR Land as our top pick.
- Adrian Loh Tzum Yung
- Arsit Pamaranont
- Audrey Celia
- Claire Wang Kelai
- Damon Shen
- Gigi Cheuk
- Jieqi Liu
- Johnny Yum Chung Man
- Joyce Chu
- Julia Pan Mengyao
- Kate Luang
- Keith Wee Teck Keong
- Kong Ho Meng
- Posmarito Pakpahan
- Tham Mun Hon
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, March 17, 2026
Greater China Economics | Economic Activity Economic activity in 2M26 broadly surprised to the upside. Industrial production accelerated to 6.3% yoy, while retail sales recovered to 2.8% yoy. FAI ytd rebounded to 1.8% yoy, beating expectations of a contraction, supported by strong infrastructure spending and a marked improvement in property FAI ytd to −11.1% yoy. However, it remains to be seen if the rebound is sustainable, as February’s PMI remained in contractionary territory at 49.0. Se...
00823 LINK REAL ESTATE INVESTMENT TRUST
AKRA PT AKR CORPORINDO TBK
1023 CIMB GROUP HOLDINGS BHD
01109 CHINA RESOURCES LAND LIMITED
2488 ALLIANCE BANK MALAYSIA BHD.
5681 PETRONAS DAGANGAN BHD.
1295 PUBLIC BANK BHD
ENRG ENERGI MEGA PERSADA
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
INKP PT INDAH KIAT PULP & PAPER TBK
1155 MALAYAN BANKING BHD.
3816 MISC BHD
KLN KINGBOARD LAMINATES HOLDINGS LIMITED
5243 VELESTO ENERGY
01478 Q TECHNOLOGY (GROUP) CO. LTD.
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
UZMA UZMA BHD
YNS YINSON HOLDINGS BHD
RHBBANK RHB BANK BHD
BAB BUMI ARMADA BERHAD
DLG DIALOG GROUP BHD
MMHE MALAYSIA MARINE AND HEAVY EN
AMM AMMB HOLDINGS BHD
HLBK HONG LEONG BANK BERHAD
DLUM DELEUM BERHAD
ABANK AFFIN BANK BHD
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
02423 KE HOLDINGS INC.
MDKA MERDEKA COPPER GOLD TBK PT
BIMB BANK ISLAM MALAYSIA BHD
ARCI IJ ARCHI INDONESIA (ARCI IJ)
AADI IJ ADARO ANDALAN INDONESIA
CAREIT CENTURION ACCOMMODATION REIT (CAREIT SP)
- Damon Shen
- Jieqi Liu
China Property: NPC Signals Policy Support, Property Sales Stay Subdue...
The 2026 NPC Government Work Report sets a supportive policy tone for the property sector, focusing on supply control, destocking and HPF reform. However, high-frequency data in early-Mar 26 remains weak partly due to the high base and we expect Tier 1-2 new-home sales to stay soft in 1Q26. We maintain UNDERWEIGHT on the sector but suggest keeping some exposure as a hedge against policy volatility; CR Land remains our top pick.
- Damon Shen
- Jieqi Liu
China Property: POEs’ Financing Channels Improve, But New Home Market ...
Seazen’s C-REIT application signals improving financing channels. Sector fundamentals remain weak, with 2M26 developers’ contract sales and major cities’ new-home data still under pressure, despite relatively resilient secondary transactions. Second-hand property prices modestly recovered mom in four Tier 1 cities. We maintain UNDERWEIGHT but see potential for incremental policy support after the March NPC. Our top pick is CR Land, trading at 0.65x 2026F P/B, 0.6SD below the mean and with a 4.3%...
- Adrian Loh Tzum Yung
- Alden Gabriel Lam
- Damon Shen
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jieqi Liu
- John Cheong Ming Chern
- Johnny Yum
- Kai Jie Tang
- Kong Ho Meng
- Malaysia Research Team
- Singapore Research Team
- Suryaputra Wijaksana
- Vincent Khoo Boo Aik
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, March 3, 2026
Greater China Sector Update | China Property Seazen’s C-REIT application signals improving financing channels. Sector fundamentals remain weak, with 2M26 developers’ contract sales and major cities’ new-home data still under pressure, despite relatively resilient secondary transactions. Second-hand property prices modestly recovered mom in four Tier 1 cities. We maintain UNDERWEIGHT but see potential policy after the March NPC. Our top pick is CR Land, trading at 0.65x 26PB, 0.6SD below mean...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
AKRA PT AKR CORPORINDO TBK
1023 CIMB GROUP HOLDINGS BHD
544 CSE GLOBAL LTD.
01109 CHINA RESOURCES LAND LIMITED
C09 CITY DEVELOPMENTS LIMITED
UNTR PT UNITED TRACTORS TBK
5681 PETRONAS DAGANGAN BHD.
BN2 VALUETRONICS HOLDINGS
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
558 UMS HOLDINGS LIMITED
INKP PT INDAH KIAT PULP & PAPER TBK
3816 MISC BHD
5347 TENAGA NASIONAL BHD
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
5243 VELESTO ENERGY
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
SATS SP SATS LTD.
UZMA UZMA BHD
YNS YINSON HOLDINGS BHD
GAM GAMUDA BHD
BAB BUMI ARMADA BERHAD
KPJ KPJ HEALTHCARE BERHAD
FNH FRASER & NEAVE HOLDINGS BHD
BURSA BURSA MALAYSIA BHD
DLG DIALOG GROUP BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
MMHE MALAYSIA MARINE AND HEAVY EN
SSG SHENG SIONG GROUP LTD
CAO CHINA AVIATION OIL SINGAPORE CORP LTD
DLUM DELEUM BERHAD
PROP PROPNEX LTD
FEH FOOD EMPIRE HOLDINGS LTD
HLA HONG LEONG ASIA LTD
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
PEKAT PEKAT GROUP BHD
BRMS IJ BUMI RESOURCES MINERALS
DEWA IJ DARMA HENWA (DEWA IJ)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
HUAGL HUATIONG GLOBAL (HUAGL SP)
- Damon Shen
- Jieqi Liu
China Property: Greater Feasibility Of State-Owned Capital Injections;...
Recent equity placements proposals by Zhuhai Huafa Properties and Seazen signal improving equity financing conditions for mainland developers. Expected losses in 2025 will lower BPS for SOE/quasi-SOE developers, increasing the likelihood of state-owned capital injections amid industry consolidation. Jan 26 property sales data shows improved yoy performances in both the primary and secondary markets, partly due to a low base in Jan 25 which was impacted by the Spring Festival. Maintain UNDERWEIGH...
- Damon Shen
- Jieqi Liu
China Property: New-home Sales Remain Weak In Jan 26; Top Pick: CR Lan...
CRIC data shows top 100 developers’ contracted sales fell 24.7% YoY in Jan 26, while new-home sales in 28 major cities declined 36% yoy. Second-hand transactions in three Tier 1 cities rose 1% yoy. Maintain an UNDERWEIGHT but deepening industry downturn leads to rising possibility of policy support, supporting selective exposure. CR Land remains our top pick, with P/B at 1SD below five-year mean, and PE and yield near five year average.
- Audrey Celia
- Benjaphol Suthwanish
- Damon Shen
- Gigi Cheuk
- Jieqi Liu
- Johnny Yum
- Jonathan Koh
- Joyce Chu
- Kate Luang
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Krit Tanarattananon
- Roy Chen Chengzhi
- Suryaputra Wijaksana
- Thailand Research Team
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, February 03, 2026
Greater China Sector Update | China Property CRIC data show that the top 100 developers’ contracted sales fell 24.7% yoy in Jan 26, while new-home sales in 28 major cities declined 36% yoy. Second-hand transactions in three Tier 1 cities rose 1% yoy. Maintain UNDERWEIGHT but deepening industry downturn leads to rising possibility of policy support, supporting selective exposure. CR Land remains our top pick, with P/B at 1SD below the five-year mean, and PE and yield near the five-year average....
KTC KRUNGTHAI CARD PCL
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
FCT FRASERS CENTREPOINT TRUST
01109 CHINA RESOURCES LAND LIMITED
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
KLBF PT KALBE FARMA TBK
JPFA JAPFA COMFEED INDONESIA
AMRT SUMBER ALFARIA TRIJAYA TBK PT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
MYOR MAYORA INDAH
C6L SINGAPORE AIRLINES LTD.
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
BBCA PT BANK CENTRAL ASIA TBK
PTTEP PTT EXPLORATION & PRODUCTION PLC
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
Q5T FAR EAST HOSPITALITY TRUST
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
PREIT PARKWAYLIFE REAL ESTATE
WPRTS MAPLETREE INDUSTRIAL TRUST
06088 WESTPORTS HOLDINGS BHD
ICBP FIT HON TENG LIMITED
RATCH INDOFOOD CBP SUKSES MAKMUR T
UHU RATCH GROUP PUBLIC CO. LTD.
CRPU UNITED HAMPSHIRE US REIT
CICT SASSEUR REIT (S CHIP)
SCGP CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP SCG PACKAGING PCL
OXMU LENDLEASE GLOBAL COMMERCIAL REIT
HMN PRIME US REIT
CLCT ASCOTT RESIDENCE TRUST
KORE CAPITALAND CHINA TRUST
BBNI KEPPEL PACIFIC OAK US REIT
GOTO BANK NEGARA INDONESIA PERSER
CMRY GOJEK TOKOPEDIA TBK PT
MXNU PT CISARUA MOUNTAIN DAIRY TBK
CLAR ELITE COMMERCIAL REIT MGNT PTE LTD
DCRU CAPITALAND ASCENDAS REIT
DIGITAL CORE REIT MANAGEMENT PTE. LTD.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Julia Pan Mengyao
- Ken Lee
- Sunny Chen
Greater China Daily: Friday, 30 January 2026
Top Stories Sector Update | Automobile Chinese EVs are gaining share in the global auto market, due to China’s integrated supply chain dominance and favourable trade policies. Established incumbents like BYD are facing increasing competition from fellow Chinese auto OEMs and some western brands like VW. Lower-export OEMs (Geely, XPeng) hold greater upside than high-export leaders (BYD, GWM). China’s EV export hub status benefits suppliers as foreign OEMs leverage local production. Maintain MARKE...
- Damon Shen
- Jieqi Liu
China Property: 2025 Results Preview; Second-Hand Home Transactions Sh...
In 2025, CR Land and COLI saw 15-20% yoy profit declines and Longfor’s core profit may turn from positive to negative due to weak DP margins. For 2026, the outlook remains constrained, though as it is the first year of the 15th Five-Year Plan, SOEs are expected to have clearer growth targets. In Jan 26, new-home sales in 28 major cities fell 40% yoy, while second-hand transactions in three Tier 1 cities declined 4% yoy. Maintain UNDERWEIGHT, but we see a rising possibility of policy support.
- Damon Shen
- Jieqi Liu
China Property: Sales Remain Weak In Dec 25 While Property Investment ...
The NBS published industry data for Dec 25, which revealed weak industry fundamentals. Demand remains under pressure in Jan 26, with both new-home sales and secondary-home transactions continuing to post yoy declines even with the low base in Jan 25. We expect sales growth in 1Q26 to remain negative yoy, due to the high base since Feb 25 and weak demand. Policy uncertainty and weak policy implementation continue to be key concerns, and we remain UNDERWEIGHT on China’s property sector.
- Damon Shen
- Jieqi Liu
China Resources Land (1109 HK): 2025 Preview: Expect Core Earnings To ...
We expect CR Land’s 2025 core net profit to decline 18.8% yoy due to lower property development margins and delayed REIT listing gains. Strong shopping mall momentum should support an 11% yoy retail rental growth, while net gearing is expected to decline hoh. We cut our 2025/26/27 earnings forecasts by 14.6%/11.4%/10.7% and lower our SOTP-based target price to HK$35.40. Maintain BUY.
- Carol Dou Xiao Qin
- Damon Shen
- Ejann Hiew
- Greater China Research Team
- Jieqi Liu
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
Greater China Daily: Friday, January 16, 2026
Top Stories Economics | Money Supply December’s monetary data was mixed. M1 growth slowed further to 3.8% yoy, slightly below expectations, while M2 growth improved to 8.5% yoy on stronger time deposits growth. On a positive note, new bank loans rebounded to Rmb0.91t, mainly driven by corporate and government borrowing, and new TSF also beat forecasts. However, outstanding bank loan growth stayed at a year-low of 6.4% yoy and TSF growth eased to 8.3% yoy, underscoring still-fragile credit deman...
- Damon Shen
- Jieqi Liu
China Property: Sales Remain Weak in Jan 26; Land Investments Still Co...
Demand remained under pressure in Jan 26, with both new-home sales and secondary-home transactions continuing to post sharp yoy declines. Land market activity weakened notably towards the end of 2025, while capital and demand were further concentrated in a small number of strong Tier 1-2 cities, underscoring persistent divergence across regions amid still-soft market sentiment. We remain UNDERWEIGHT on China’s property sector, and expect high policy volatility and weak policy implementation in 1...
- Benjaphol Suthwanish
- Damon Shen
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Jo Yee Ng
- Julia Pan Mengyao
- Kenny Yong Hui Lim
- Lester Siew
- Ming San Soong
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, January 13, 2026
Greater China Sector Update | China Property Demand remained under pressure in Jan 26, with both new-home sales and secondary-home transactions continuing to post sharp yoy declines. Land market activity weakened notably toward the end of 2025, while capital and demand were further concentrated in a small number of strong Tier 1-2 cities, underscoring persistent divergence across regions amid still-soft market sentiment. We remain UNDERWEIGHT on China’s property sector, and expect high polic...
01109 CHINA RESOURCES LAND LIMITED
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
JPFA JAPFA COMFEED INDONESIA
INKP PT INDAH KIAT PULP & PAPER TBK
BBCA PT BANK CENTRAL ASIA TBK
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
SOP SARAWAK OIL PALMS BERHAD
KIML KIM LOONG RESOURCES BHD
IJM IJM CORP BHD
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
FUTU FUTU HOLDINGS ADS
SWB SUNWAY BHD
GENP GENTING PLANTATIONS BHD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
HEAL MEDIKALOKA HERMINA
09988 ALIBABA GROUP HOLDING LTD.
SCGP SCG PACKAGING PCL
CMRY PT CISARUA MOUNTAIN DAIRY TBK
MDKA MERDEKA COPPER GOLD TBK PT
SDG SD GUTHRIE BHD
DEWA IJ DARMA HENWA (DEWA IJ)
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
ASL SP ASL MARINE (ASL SP)
- Damon Shen
- Jieqi Liu
China Property: Key Party Media Qiushi Emphasises Government’s Commitm...
Qiushi published an article on 1 Jan 26, emphasising the government's renewed commitment to stabilise the property market, suggesting a higher likelihood of stronger policy support in 1H26; however, implementation risks remain, in our view. Demand stayed weak in Dec 25, with new-home sales in 28 cities down 37% yoy and second-hand home prices in three Tier 1 cities down by 24% yoy. We maintain UNDERWEIGHT on China’s property sector and expect a continued consolidation toward SOEs. We keep CR Lan...
- Andrew Agita Buntoro
- Chong Lee Len
- Colin Lee
- Damon Shen
- Ejann Hiew
- Greater China Research Team
- Jieqi Liu
- Johnny Yum Chung Man
- Jonathan Koh
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Philip Wong
- Suryaputra Wijaksana
- Thailand Research Team
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, January 06, 2026
Greater China Strategy | Alpha Picks: January Conviction Calls Chinese equities remained in consolidation through December, with the HSI and MSCI China down 0.9% mom and 1.5% mom, respectively, despite last week’s window dressing narrowing losses. Policy signals from the Economic Work Conference broadly met expectations. Looking ahead, we are constructive on 1Q26, supported by a favourable global liquidity cycle and potential macro supportive measures in China. We retain most of our December...
KTC KRUNGTHAI CARD PCL
KKP KIATNAKIN BANK
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
01109 CHINA RESOURCES LAND LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
TISCO TISCO FINANCIAL GROUP
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
TMB TMB BANK PUBLIC COMPANY LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
PTTEP PTT EXPLORATION & PRODUCTION PLC
ERAA ERAJAYA SWASEMBADA
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
000333 MIDEA GROUP CO. LTD. CLASS A
PDD PINDUODUO INC. SPONSORED ADR CLASS A
RATCH RATCH GROUP PUBLIC CO. LTD.
KTB KONTOOR BRANDS
09999 NETEASE INC
SCGP SCG PACKAGING PCL
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
2269 WUXI BIOLOGICS (CAYMAN) INC.
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
06160 BEIGENE LTD.
09888 BAIDU INC
SCB SCB X PUBLIC COMPANY LIMITED
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
CDB CELCOMDIGI BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
ECOSHOP MK ECO-SHOP MARKETING BHD
002371 CH NAURA TECHNOLOGY GROUP CO LTD
- Damon Shen
- Jieqi Liu
China Property: Latest Pre-CEWC Politburo Meeting Sidesteps Supports F...
At the latest pre-CEWC Politburo meeting, not a word about property policy and urbanisation was mentioned. This points to a much lower possibility of strong stimulus for the property industry in the near term. Demand stayed weak in Dec 25, with new-home sales in 28 cities down 55% yoy and second-hand home prices in most cities falling. We maintain UNDERWEIGHT on China’s property sector, with CR Land as our top pick for its consistent earnings outperformance.
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