
WevisitedvariousprojectsinShenzhendevelopedbyCOLI,CRLand,KaisaandVankelastFriday.Generally,theShenzhenpropertymarketwasstrongin2013withoverallASPrisingby20%YoYYTD.Moreover,ASPinBao’andistrictsawevenhighergrowthonproximitytoQianhai.AsASPgrowthYTDisalreadyabovetheunderlyingdisposalincomegrowth,weexpectthelocalgovernmenttostrictlyenforceadministrativemeasuresinthec...