德银-中国-房地产行业-2018年市场放缓中盘整加速-20180201-44页

DeutscheBankMarketsResearchAsiaChinaPropertyPropertyIndustryChinaPropertyDate1February2018RecommendationChangeAcceleratingconsolidationamidslowermarketin2018Acceleratingconsolidationamidslowerphysicalmarket________________________________________________________________________________________________________________DeutscheBankAG/HongKongDeutscheBankdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Thus,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.DISCLOSURESANDANALYSTCERTIFICATIONSARELOCATEDINAPPENDIX1.MCI(P)083/04/2017.JeffreyGao,CFAResearchAnalyst(+852)22036256jeffrey.gao@db.comJasonChing,CFAResearchAnalyst(+852)22036205jason.ching@db.comStephenCheung,C