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<Research>JPM Ratings, TPs on CN Developers/ Property Managers (Table)
Recommend
19
Positive
36
Negative
13
Shares | Ratings | Target prices (HKD)
State-owned Enterprises
CHINA RES LAND (01109.HK) | Overweight | 35
CHINA OVERSEAS (00688.HK) | Overweight | 16.5
CHINA JINMAO (00817.HK) | Overweight | 1.75

Private Enterprises
CHINA VANKE (02202.HK) | Underweight | 2.7
LONGFOR GROUP (00960.HK) | Overweight | 14
SEAZEN (01030.HK) | Neutral | 2.3

Related NewsJPM Predicts CN May Introduce Measures to Reduce Home Buying Costs; Top Picks CHINA RES LAND/ CHINA RES MIXC/ Others
Private Enterprises with Financial Concerns
COUNTRY GARDEN (02007.HK) | Underweight | 0.4
SUNAC (01918.HK) | Underweight | 1
SHIMAO GROUP (00813.HK) | Underweight | 0.25

*****************************
Property Managers
CHINA RES MIXC (01209.HK) | Overweight | 44.5
CHINA OVS PPT (02669.HK) | Overweight | 7
POLY PPT SER (06049.HK) | Overweight | 41.5
GREENTOWN SER (02869.HK) | Overweight | 5.5

Property Managers with Private Enterprise Background
CG SERVICES (06098.HK) | Neutral | 6.4
A-LIVING (03319.HK) | Underweight | 2.4
SUNAC SERVICES (01516.HK) | Underweight | 1.2

Related NewsJPM: Mortgage Subsidies Alone Insufficient to Turn CN Property Mkt Around; No Investor Overreactions Observed

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