内容摘要：China’seconomycontinuedtocoolin2014andavarietyoffactorsarelikelytofurtherconstraineconomicgrowthinthecomingyears.ThisslowerexpansionfuelsincreasingconcernregardingothermeasuresofeconomichealthinChina,suchasemployment,householdincome,consumerspending,fiscalrevenue,andfinancialsystemstability.

内容摘要：ContentsExecutive Summary;Economic Overview;InvestmentOffices;Industrial;Retail;Residential;Definitions

内容摘要：Beijing's economy maintains steady growth. As the domestic and international economic climate has gradually improved, Beijing has experienced steady expansion. According to the Beijing Statistics Bureau, the Chinese capital's GDP reached RMB1.95 trillion in 2013, reflecting a 7.7% growth rate year-on-year.

内容摘要：U.S. Recovery: Weakest on Record The U.S. economic recovery officially beganin June 2009. It has been the slowest recovery on record, by far. In the 13 quarterssince the recovery began, U.S. GDP has increased a total of 7.2%, or an average of2.2% per year. By comparison, over the eight previous recoveries, from 1954 through2001, the average increase in GDP after 13 quarters was 15.4% or 4.7% per year.

内容摘要：The regional economy continues to enjoy broad-based growth in both domestic and external sectors. Stronger domestic conditions are feeding through to employment growth in a number of countries including Hong Kong, Singapore, South Korea and Australia, while in China, urban employment increased by around 5 million in 1H10.On the other hand, labour market conditions remain weak in Japan, where a quarter of a million jobs have been lost in the first half of this year. On the external front, world trade volumes have continued tostrengthen, and in May were just 3% below the peak level reached in April 2008, according to CPB Netherlands Bureau for Economic Policy Analysis.

内容摘要：Demand for commercial property in Asia continued to grow in the first quarter of 2010as the improving economic environment encouraged companies to revive expansionaryplans and actively search for new premises. Numerous occupiers in the office sector tookadvantage of the lengthy downward correction in rents - which has lasted over a yearin most markets - to upgrade their premises to Grade A facilities while a rise in leasingactivity was recorded in key shopping districts in major Asian cities as retailers, particularlyfast fashion and F&B chains, displayed a renewed willingness to expand. In the industrialsector, a jump in demand for industrial property drove increases in rents in several majorcities across China, while buyers and investors in the luxury residential sector exhibiteda more cautious stance following a shift in real estate policy settings implemented byvarious governments looking to clamp down on speculative activity and rein in the rapidescalation of capital values.

内容摘要：We believe total bank deposits are a more straightforward and intuitive indicator of a country’seconomic prowess. Bank deposits can be readily translated into purchasing power and make forhighly transparent statistics. Instead of being compiled by statistical agencies through sampling,bank deposit figures are closely monitored by commercial banks and regularly submitted toregulators for independent auditing. Generally speaking, total bank deposits—the size of whichis proportional to trade surplus, net capital inflows and bank credit—provide a good gauge of acountry’s economic strength.

内容摘要：Property market fundamentals continue to improve across Asia Pacific, underpinned by stronger economic conditions andbusiness confidence. Take up of space is strengthening and more markets have moved to the upturn phase of the rental cycle.Capital values started to recover earlier than rentals and are now increasing in most markets.

内容摘要：中国银行现状分析2012 英文分析 China’s banks have been recording double-digit profit growth for muchof the past decade. We believe this is about to change, even under ourbaseline scenario of a soft landing in economic activity.Profit growth averaged 27% from 2007 to 2010, reaching a record 39% in 201

内容摘要：The first quarter of 2009 saw a deterioration in economic performance for many of the countries in A

内容摘要：Stocks within the China property sector have fallen by around 20% from their peaks partlybecause of market concerns over the tightening of government economic policy and theslowdown of property sales volumes. The sector NAV was lowered from a 2% premium or18x FY10E PER at its peak in March 2009 to a 24% discount and 13x FY10E PER now.

内容摘要：Lowering target prices to reflect near-term tightening riskWe lower our 12-month target prices across our coverage group by 0%-32% after increasing our target price discounts to NAV by 0-20 percentagepoints (to within a range of 10%-40% from our prior 0%-30% range). Thisreflects our concern of greater uncertainty arising from recent governmentmacro tightening. Although we believe its purpose is to slow, rather thanreverse, China’s economic recovery, we believe the tightening could affectthe pace of developers selling properties or realizing their land bank valuein the near-term and could therefore weigh on share price performance.

内容摘要：We are bullish on the long-term growth prospects of China’s property market.We believe economic expansion and the urbanisation trend will drivedevelopment of the China property market for many years to come.

内容摘要：Consumer sentiment in Asia continued to improve in the first quarter on the back of increased job security and the acceleration of the economic recovery. The Lunar New Year holiday also helped boost retail sales during the period. Retailers showed a greater willingness to commit to new shops for business expansion and increased leasing activity was recorded in key shopping