1. No category

CHINA COMPASS | 24 OCT 2014
Property Observer - September Edition




Home prices across cities declined as inventory levels continue an upward trend
Milder contraction in new home prices but price fall sharper in second hand market
Home sales decrease slows to -10.3% y-o-y from -13.7%, commercial property sales pick up
New construction recovery continues, but land bank bought falls to -4.6% y-o-y
For the first time since 2011, home prices across the entire nation posted no monthly gain. Figures for new and existing
home prices declined across all cities, except for Xiamen which stayed flat. The root of the problem still stems from the
th
high and rising inventory levels. On Sep. 30 , PBOC revised mortgage discounts to as much as 30% from the previous
15% in order to attract more homebuyers. However, the impact of this is yet to be seen as banks are reportedly reluctant
to lend at such lower rates given unparalleled downshift in deposit costs. We believe the current correction is sharper but
will also be a shorter one than 2011’s.
The latest property data release reconciles with new lending figures in September that demand in the market is still weak.
There were RMB135 bn in mid-to-long term consumption loans, bringing the Q3 tally to RMB409 bn (-10% y-o-y). About
90% of these loans are mortgages. Both home sales by area and value still contracted by double digits albeit in a smaller
magnitude compared to July and August.
125.0
135.0
Tier 1
Tier 2
Tier 3
130.0
125.0
Tier 1
Tier 2
Tier 3
120.0
123.3
120.0
112.1
115.0
115.0
116.5
110.0
104.1
110.0
109.7
105.0
105.0
103.4
100.0
100.0
Jan. 1, 2010 = 100
95.0
Jan. 1, 2010 = 100
95.0
Sep-14
May-14
Jan-14
Sep-13
May-13
Jan-13
Existing Home Prices
Sep-12
May-12
Jan-12
Sep-11
May-11
Source: NBS, REORIENT
Jan-11
Sep-14
May-14
Jan-14
Sep-13
May-13
Jan-13
Sep-12
May-12
Jan-12
Sep-11
May-11
Jan-11
New Home Prices
Source: NBS, REORIENT
Tier 1 cities had the largest m-o-m drop mainly as they have not relaxed purchase curbs. New home prices saw smaller
contractions last month whereas prices fell faster in the existing home markets. Year-on-year price changes are
generally in the negative territory now. This should begin inducing those who had been waiting for a correction to buy or
upgrade.
NEW HOME PRICE DROP AT SLOWER PACE



Monthly new home prices contraction narrows, with T1 and T2 prices falling 1.1% m-o-m
Existing home prices in T1 lead further contraction -1.1% m-o-m, the fastest since January 2011
New home prices declines as compared to a year ago
% m-o-m
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
-0.5
-1.0
-1.5
% m-o-m
3.0
Tier 1
Tier 2
Tier 3
Tier 1
Tier 2
Tier 3
2.5
2.0
1.5
1.0
0.5
0.0
-0.5
-1.0
-1.1
-1.1
-1.5
Sep-14
May-14
Jan-14
Sep-13
May-13
Jan-13
Sep-12
May-12
Jan-12
Source: NBS, REORIENT
% y-o-y
Tier 1
Tier 2
Tier 3
20.0
Sep-11
Existing Home Prices
Source: NBS, REORIENT
% y-o-y
25.0
May-11
Jan-11
Sep-14
May-14
Jan-14
Sep-13
May-13
Jan-13
Sep-12
May-12
Jan-12
Sep-11
May-11
Jan-11
New Home Prices
-1.0
-1.0
-1.1
-1.0
15.0
10.0
5.0
-0.2
0.0
-1.2
-1.3
-5.0
Sep-14
May-14
Jan-14
Sep-13
Office
May-13
Existing Home Prices
Jan-13
Sep-12
May-12
Jan-12
Residential
Sep-11
Total
0.4
-0.7
-1.7
May-11
Source: NBS, REORIENT
Tier 1
Tier 2
Tier 3
Jan-11
Sep-14
May-14
Jan-14
Sep-13
May-13
Jan-13
sqm mn
Sep-12
May-12
Jan-12
Sep-11
May-11
Jan-11
New Home Prices
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
-2.0
-4.0
Source: NBS, REORIENT
Commerical Space
700
600
571
500
400
377
300
200
110
100
23
http://www.offshore-inc.com
0
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
J-F-14
Dec-13
Nov-13
Oct-13
Sep-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
J-F-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
J-F-12
Property Inventories For Sale
Source: NBS
PROPERTY SALES DECLINE RECOVERS FURTHER



Home sales contraction narrows to -10.3% y-o-y; unsold inventory rises to 3.84 (+0.12) months
Office sales growth falls to -21.2% y-o-y; unsold inventory rises to 9.13 (+0.30) months
Commercial property sales pick up to +3.5% y-o-y, unsold inventory grows to 13.69 months
Sqm mn
Unsold Inventory (mo)
Months
300
4.5
3.84
250
4.0
3.5
200
3.0
2.5
150
2.0
100
1.5
1.0
50
106
0
0.5
0.0
25
14
12
20
10
15
8
6
10
4
5
9.5
0
2
0
Monthly Residential Sales Value
RMB bn
2014
16
13.69
2013
30
2012
Months
2011
Unsold Inventory (mo)
100
80
60
40
20
0
-20
-10.3
-40
-60
-80
620
-100
2010
Sqm mn
Source: NBS
% y-o-y
Sales Growth
2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
2014
2013
2012
2011
2010
Monthly Residential Sales Area
RMB bn
Source: NBS
% y-o-y
Sales Growth
200
180
160
140
120
100
80
60
40
20
0
3.5
88
100
80
60
40
20
0
-20
-40
-60
-80
-100
2014
2013
2012
2011
2010
2014
2013
2012
2011
2010
Monthly Commercial Sales Area Source: NBS
Monthly Commercial Sales Value Source: NBS
Sqm mn
RMB bn
Unsold Inventory (mo)
Months
30
16
13.69
25
14
12
20
10
15
8
6
10
4
5
9.5
0
2
0
100
90
80
70
60
50
40
30
20
10
0
-21.2
29
Monthly Office Sales Value
100
80
60
40
20
0
-20
-40
-60
-80
-100
2014
2013
2012
2011
2010
2014
2013
2012
2011
2010
Monthly Commercial Sales Area Source: NBS
% y-o-y
Sales Growth
http://www.offshore-inc.com
Source: NBS
Note: Unsold Inventory (mo) = inventory measured against sales volume of last 12 months (LTM)
NEW CONSTRUCTION STARTS IMPROVE



New construction starts recover to -9.3% y-o-y; floor completions up to +7.2% y-o-y
Developer funding softer at +2.3% y-o-y; bank loans obtained fall to +11.8% y-o-y
Land premium paid pulls back to +11.5% y-o-y; land bank bought also falls to -4.6% y-o-y
Sqm mn
Growth
% y-t-d y-o-y
600
500
% y-t-d y-o-y
350
80
60
300
60
20
300
Growth
80
40
400
Sqm mn
40
250
7.2
200
0
-9.3
200
-20
-40
100
170
0
50
-80
0
-40
67
60
2,000
2014
80
2013
2,500
2012
% y-t-d y-o-y
Construction Completions
RMB bn
Growth
Source: NBS
% y-t-d y-o-y
600
80
60
500
40
1,500
2.3
20
0
1,000
-20
40
400
11.8
300
1081
0
-60
-80
-20
200
32
2014
-4.6
2013
% y-t-d y-o-y
-60
-80
2012
Source: NBS
100
90
80
70
60
50
40
30
20
10
0
Funding from Domestic Loans
RMB bn
Growth
Source: NBS
% y-t-d y-o-y
80
400
80
60
350
60
40
300
40
20
250
0
200
0
-20
150
-20
-40
100
-40
-60
50
-80
0
109
20
-60
-80
Land Premium Paid
Note: January data are released in conjunction with the February data point
2014
2013
2012
2011
Source: NBS
11.5
2010
2014
2013
2012
2011
2010
Land Bank Purchased
0
2011
Growth
162
2010
Sqm mn
-40
100
2014
2013
2012
2011
2010
Developer Funding Obtained
20
0
-40
500
-60
-80
2011
Source: NBS
Growth
-20
100
2010
RMB bn
0
150
-60
2014
2013
2012
2011
2010
New Construction Starts
20
http://www.offshore-inc.com
Source: NBS
REAL ESTATE INVESTMENT SLOWS TO MULTI-YEAR LOW

Real estate FAI reaches RMB978 bn in September; however, growth slows from +9.9% to +8.6% y-o-y
RMB bn
Property FAI
% y-o-y
Growth
2,500
40
35
2,000
30
25
1,500
20
15
8.6
1,000
10
5
500
0
978
0
-10
Sep-14
Jun-14
Mar-14
Nov-13
Aug-13
May-13
J-F-13
Oct-12
Jul-12
Apr-12
Dec-11
Sep-11
Jun-11
Mar-11
Nov-10
Aug-10
May-10
Property FAI

-5
Source: NBS
Area under construction keeps increasing to 6.73 bn sq m, y-o-y growth remains flat at +11.5%
sqm mn
Total
Residential
Office
Commerical Space
8,000
6732
7,000
6,000
4790
5,000
4,000
3,000
2,000
867
1,000
274
0
Sep-14
Apr-14
Oct-13
May-13
Nov-12
Jun-12
Dec-11
Jul-11
J-F-11
Aug-10
Mar-10
Area Under Construction
Source: NBS
http://www.offshore-inc.com
PRICE DECLINES PLAGUE MORE CITIES

New home prices fall across all 70 cities except Xiamen which remains unchanged
Up
Flat
Down
70
60
50
40
30
20
10
0
Sep-14
Jul-14
May-14

Mar-14
Jan-14
Nov-13
Sep-13
Jul-13
May-13
Mar-13
Jan-13
Nov-12
Sep-12
Jul-12
May-12
Mar-12
Jan-12
Nov-11
Sep-11
Jul-11
May-11
Mar-11
Jan-11
No. of Cities on Monthly Change in New Home Prices
Source: NBS
Existing home prices tumbled across the nation for the first time since January 2011
Up
Flat
Down
70
60
50
40
30
20
10
0
Sep-14
Jul-14
May-14
Mar-14
Jan-14
Nov-13
Sep-13
Jul-13
May-13
Mar-13
Jan-13
Nov-12
Sep-12
Jul-12
May-12
Mar-12
Jan-12
Nov-11
Sep-11
Jul-11
May-11
Mar-11
Jan-11
No. of Cities on Monthly Change in Existing Home Prices
Source: NBS
Appendix
Categorization of 70 Chinese Cities by REORIENT
Tier 1
Beijing, Guangzhou, Shanghai, Shenzhen
Tier 2
Changchun, Changsha, Chengdu, Chongqing, Dalian, Fuzhou,
Hangzhou, Harbin, Hefei, Jinan, Nanchang, Nanjing, Ningbo, Qingdao,
Shenyang, Taiyuan, Tianjin, Wuhan, Xi`an, Xiamen, Zhengzhou
Tier 3
Anqing, Baotou, Beihai, Bengbu, Changde, Dali, Dandong, Ganzhou, Guilin,
Guiyang, Haikou, Huhhot, Huizhou, Jilin, Jinhua, Jining, Jinzhou, Jiujiang,http://www.offshore-inc.com
Kunming, Lanzhou, Luoyang, Luzhou, Mudanjiang, Nanchong,
Nanning, Pingdingshan, Qinhuangdao, Quanzhou, Sanya, Shaoguan,
Shijiazhuang, Tangshan, Urumqi, Wenzhou, Wuxi, Xianyang, Xining, Xuzhou,
Yangzhou, Yantai, Yichang, Yinchuan, Yueyang, Zhanjiang, Zunyi
New Home Price Change % m-o-m
Cities
Jul-14 Aug-14 Sep-14
Shenzhen
-0.6
-1.1
-0.9
Beijing
-1.3
-1.2
-0.9
Shanghai
-1.4
-1.3
-1.1
Guangzhou
-1.3
-1.3
-1.4
Tier 1
-1.2
-1.2
-1.1
Xiamen
0.2
0.2
0.0
Ningbo
-1.4
-0.7
-0.5
Jinan
-1.2
-1.3
-0.7
Zhengzhou
0.0
-0.5
-0.9
Tianjin
-0.9
-1.1
-0.9
Nanjing
-1.1
-1.3
-0.9
Wuhan
-1.8
-1.7
-0.9
Harbin
-0.8
-0.9
-1.0
Xi`an
-0.7
-1.4
-1.0
Dalian
-1.3
-1.6
-1.0
Taiyuan
-1.6
-1.1
-1.1
Chengdu
-1.1
-1.2
-1.1
Changsha
-1.5
-1.6
-1.1
Hefei
-0.8
-0.7
-1.2
Nanchang
-1.0
-1.4
-1.2
Shenyang
-1.7
-1.7
-1.2
Hangzhou
-2.5
-2.1
-1.2
Changchun
-0.7
-0.8
-1.3
Qingdao
-1.2
-1.1
-1.4
Fuzhou
-1.5
-1.2
-1.8
Chongqing
-0.9
-1.3
-1.8
Tier 2
-1.1
-1.2
-1.1
Sanya
-2.4
-0.5
-0.4
Mudanjiang
0.0
-1.0
-0.4
Lanzhou
-0.6
-0.3
-0.5
Yinchuan
-0.9
-1.6
-0.5
Wenzhou
0.0
0.0
-0.6
Wuxi
-0.6
-0.8
-0.6
Pingdingshan -1.2
-0.8
-0.6
Dali
0.1
-1.2
-0.6
Guiyang
-0.5
-1.5
-0.6
Yichang
-1.0
-0.9
-0.7
Tangshan
-0.2
-1.0
-0.7
Changde
-1.1
-1.0
-0.7
Zunyi
-0.8
-1.1
-0.7
Urumqi
-0.6
-1.4
-0.7
Jinhua
-0.9
-1.7
-0.7
Luoyang
-0.8
-1.0
-0.8
Xianyang
-1.2
-1.1
-0.8
Xuzhou
-0.1
-1.5
-0.8
Yangzhou
-1.8
-1.5
-0.8
Baotou
-1.2
-1.7
-0.8
Jining
-0.4
-0.9
-0.9
Yueyang
-0.9
-1.2
-0.9
Haikou
-0.8
-0.5
-1.0
Yantai
-0.8
-1.6
-1.0
Qinhuangdao
-0.8
-1.0
-1.1
Shijiazhuang
-0.8
-1.2
-1.1
Kunming
-1.0
-1.2
-1.1
Xining
0.0
-1.3
-1.1
Shaoguan
-1.7
-1.3
-1.1
Beihai
-0.5
-1.4
-1.1
Nanchong
-1.1
-1.3
-1.2
Huizhou
-0.8
-1.7
-1.2
Huhhot
-1.0
-1.7
-1.2
Jiujiang
-0.8
-0.9
-1.3
Jinzhou
-0.2
-1.2
-1.3
Zhanjiang
-0.7
-1.6
-1.3
Anqing
-0.8
-1.1
-1.4
Quanzhou
-1.3
-1.1
-1.4
Nanning
-1.3
-1.2
-1.4
Jilin
-0.5
-0.7
-1.6
Ganzhou
-1.1
-1.2
-1.6
Dandong
-0.5
-0.8
-1.7
Bengbu
-0.6
-0.9
-1.9
Guilin
-1.3
-1.4
-1.9
Luzhou
-1.8
-1.4
-1.9
Tier 3
-0.8
-1.1
-1.0
Existing Home Price Change % m-o-m
Cities
Jul-14 Aug-14 Sep-14
Shenzhen
-0.6
-0.5
-0.7
Shanghai
-0.9
-0.7
-0.8
Guangzhou
-1.1
-1.4
-1.3
Beijing
-0.8
-0.9
-1.4
Tier 1
-0.9
-0.9
-1.1
Xiamen
0.0
0.0
-0.5
Hangzhou
-1.1
-0.6
-0.7
Hefei
-0.9
0.1
-0.8
Shenyang
-1.5
-0.7
-0.8
Zhengzhou
-0.1
-0.6
-0.9
Jinan
-1.0
-0.6
-0.9
Harbin
0.0
-0.7
-0.9
Fuzhou
-1.0
-0.7
-0.9
Dalian
-1.3
-0.8
-0.9
Nanjing
-0.9
-0.7
-1.0
Qingdao
-0.9
-0.8
-1.0
Wuhan
-1.1
-0.8
-1.0
Ningbo
-1.0
-0.9
-1.0
Xi`an
-0.9
-1.2
-1.0
Taiyuan
-1.2
-0.6
-1.1
Changsha
-1.3
-0.6
-1.1
Chengdu
-1.2
-0.9
-1.1
Tianjin
-0.9
-1.0
-1.1
Changchun
-0.4
-0.9
-1.2
Nanchang
-0.8
-0.9
-1.2
Chongqing
-0.8
-0.9
-1.2
Tier 2
-0.9
-0.7
-1.0
Wenzhou
-1.1
-0.6
-0.5
Jilin
-0.6
-0.8
-0.5
Sanya
-0.6
-0.4
-0.6
Yangzhou
0.0
-0.7
-0.6
Wuxi
-0.7
-0.9
-0.6
Tangshan
0.0
-0.1
-0.7
Dali
-0.6
-0.3
-0.7
Xuzhou
-0.3
-0.9
-0.7
Jiujiang
-0.6
-0.9
-0.7
Yichang
-0.9
-0.9
-0.7
Jining
-0.8
-1.0
-0.7
Jinzhou
-0.8
-1.0
-0.7
Zunyi
-0.6
0.0
-0.8
Guiyang
-0.4
-0.3
-0.8
Changde
-0.5
-0.8
-0.8
Huhhot
-0.7
-0.8
-0.8
Anqing
-0.5
-1.0
-0.8
Qinhuangdao -1.2
-1.1
-0.8
Zhanjiang
-0.7
-0.7
-0.9
Luzhou
-1.0
-0.7
-0.9
Luoyang
-0.9
-1.0
-0.9
Pingdingshan -1.1
-1.1
-0.9
Quanzhou
-1.1
-1.2
-0.9
Urumqi
-0.4
-0.1
-1.0
Xining
0.1
-0.6
-1.0
Shijiazhuang
-0.2
-0.6
-1.0
Haikou
-0.6
-0.8
-1.0
Guilin
-0.8
-0.8
-1.0
Dandong
-0.7
-1.0
-1.0
Huizhou
-1.3
-1.0
-1.0
Yueyang
-0.7
-1.1
-1.0
Yantai
-1.0
-1.2
-1.0
Baotou
-1.3
-0.6
-1.1
Lanzhou
-0.4
-0.8
-1.1
Kunming
-1.2
-1.0
-1.1
Bengbu
-0.8
-1.3
-1.1
Beihai
-0.8
-1.3
-1.1
http://www.offshore-inc.com
Ganzhou
-1.1
-1.3
-1.1
Nanchong
-0.7
-1.0
-1.2
Xianyang
-0.9
-1.1
-1.2
Jinhua
-0.9
-1.0
-1.3
Yinchuan
-0.4
-1.1
-1.3
Shaoguan
-1.2
-0.6
-1.7
Nanning
-0.9
-1.2
-2.0
Mudanjiang
-0.9
-1.4
-2.0
Tier 3
-0.7
-0.8
-1.0
New Home Price Change % y-o-y
Cities
Jul-14 Aug-14 Sep-14
Beijing
4.9
2.6
0.4
Shenzhen
5.1
2.6
0.3
Guangzhou
5.3
2.1
-0.6
Shanghai
4.8
1.7
-0.9
Tier 1
5.0
2.3
-0.2
Xiamen
7.2
6.4
4.9
Hefei
4.4
3.0
1.2
Zhengzhou
3.2
1.9
0.7
Nanjing
4.5
2.2
0.2
Harbin
3.2
1.5
0.0
Xi`an
4.0
1.5
-0.2
Changchun
3.2
1.3
-0.7
Tianjin
2.3
0.7
-0.8
Taiyuan
3.5
1.4
-1.0
Dalian
2.3
0.3
-1.2
Jinan
2.3
0.0
-1.3
Chengdu
2.2
0.1
-1.5
Fuzhou
3.0
1.2
-1.6
Qingdao
2.7
0.3
-1.6
Wuhan
2.4
-0.3
-1.6
Changsha
2.3
-0.3
-2.0
Nanchang
2.0
0.0
-2.1
Chongqing
2.5
0.3
-2.4
Ningbo
0.0
-1.4
-2.8
Shenyang
0.8
-1.6
-3.8
Hangzhou
-2.5
-5.6
-7.9
Tier 2
2.6
0.6
-1.2
Xining
5.4
2.9
1.5
Guiyang
3.5
2.0
0.5
Yinchuan
4.7
1.6
0.4
Dali
3.6
1.3
0.3
Huhhot
4.2
1.8
0.0
Jining
3.1
1.0
-0.1
Urumqi
4.2
1.7
-0.2
Zunyi
3.1
0.8
-0.2
Sanya
1.6
0.5
-0.2
Beihai
4.2
1.8
-0.4
Shijiazhuang
3.7
1.5
-0.4
Mudanjiang
1.7
0.4
-0.5
Zhanjiang
4.5
1.9
-0.6
Yantai
4.0
1.2
-0.6
Huizhou
3.7
1.1
-0.8
Yangzhou
2.5
0.4
-0.8
Changde
2.5
0.3
-0.8
Jinzhou
4.0
1.3
-0.9
Pingdingshan
3.1
1.1
-0.9
Luoyang
2.6
0.9
-1.0
Kunming
2.7
0.6
-1.0
Lanzhou
1.3
-0.2
-1.0
Yueyang
3.3
1.3
-1.2
Dandong
2.6
1.1
-1.3
Jiujiang
1.4
-0.1
-1.3
Haikou
0.3
-0.2
-1.3
Tangshan
0.6
-0.7
-1.3
Guilin
2.8
0.4
-1.4
Xuzhou
2.5
0.1
-1.4
Nanning
2.4
0.4
-1.5
Jilin
2.0
0.5
-1.7
Yichang
2.0
-0.2
-1.7
Nanchong
1.6
-0.4
-1.8
Xianyang
1.1
-0.8
-1.9
Quanzhou
2.0
0.5
-2.1
Wuxi
0.0
-1.0
-2.1
Ganzhou
2.0
0.1
-2.3
Anqing
1.5
-0.3
-2.3
Qinhuangdao
1.6
-0.5
-2.3
Baotou
0.5
-1.2
-2.4
Bengbu
1.5
0.0
-2.6
Luzhou
3.5
1.0
-2.8
Jinhua
0.8
-1.9
-3.4
Shaoguan
-1.7
-3.5
-4.9
Wenzhou
-4.9
-4.9
-5.1
Tier 3
2.3
0.3
-1.3
Existing Home Price Change % y-o-y
Cities
Jul-14 Aug-14 Sep-14
Shenzhen
7.4
5.2
3.1
Guangzhou
5.2
2.7
1.0
Shanghai
3.2
1.7
-0.1
Beijing
2.4
0.4
-2.4
Tier 1
4.6
2.5
0.4
Xiamen
5.7
5.2
4.3
Zhengzhou
6.4
5.2
3.5
Hefei
4.3
4.1
2.3
Harbin
3.6
2.4
0.6
Changsha
2.6
1.7
0.3
Nanjing
3.0
1.7
0.1
Tianjin
2.8
1.6
0.0
Shenyang
2.1
0.8
-0.8
Fuzhou
2.2
0.8
-0.9
Taiyuan
1.2
0.5
-1.0
Nanchang
2.2
0.9
-1.1
Wuhan
2.4
0.7
-1.1
Chongqing
1.1
0.1
-1.3
Changchun
1.7
0.3
-1.4
Chengdu
0.9
-0.3
-1.7
Jinan
0.5
-0.5
-1.8
Ningbo
-0.5
-1.6
-2.5
Xi`an
0.0
-1.3
-2.6
Qingdao
-0.2
-1.4
-2.6
Dalian
-0.9
-1.6
-2.7
Hangzhou
-2.5
-3.3
-4.6
Tier 2
1.8
0.8
-0.7
Urumqi
3.3
2.8
1.4
Luoyang
3.6
2.5
1.2
Guiyang
4.7
3.7
1.1
Yinchuan
4.7
2.9
0.9
Zunyi
1.7
1.6
0.9
Shijiazhuang
2.3
1.9
0.4
Luzhou
2.9
1.8
0.3
Huizhou
2.9
1.6
0.2
Bengbu
2.7
1.1
0.1
Xining
2.1
1.2
-0.2
Pingdingshan 2.3
0.9
-0.3
Yangzhou
1.7
0.5
-0.4
Sanya
0.9
0.4
-0.4
Yichang
1.8
0.5
-0.6
Zhanjiang
1.8
0.7
-0.8
Tangshan
0.0
-0.1
-0.9
Nanchong
2.3
0.9
-1.0
Yueyang
1.9
0.5
-1.0
Changde
1.7
0.3
-1.0
Lanzhou
1.1
0.5
-1.1
Jiujiang
0.5
-0.7
-1.2
Kunming
1.4
0.0
-1.4
Yantai
1.3
-0.1
-1.5
Xianyang
1.6
-0.2
-1.5
Huhhot
0.1
-0.6
-1.8
Dandong
0.9
-0.5
-1.9
Quanzhou
0.8
-0.7
-1.9
Wuxi
0.2
-0.9
-1.9
Beihai
1.1
-0.6
-2.0
Xuzhou
0.0
-1.2
-2.1
Guilin
0.4
-0.8
-2.3
Baotou
0.0
-0.9
-2.3
Dali
-0.8
-1.3
-2.3
Jinzhou
-0.1
-1.3
-2.4
Jining
-0.4
-1.4
-2.4
Haikou
-1.0
-1.7
-2.6
Jilin
-1.2
-2.0
-2.6
http://www.offshore-inc.com
Nanning
0.6
-0.5
-3.0
Anqing
-0.7
-2.0
-3.0
Jinhua
-0.5
-1.9
-3.8
Shaoguan
0.2
-1.9
-3.9
Ganzhou
-1.6
-3.0
-4.2
Qinhuangdao -2.6
-3.9
-4.7
Mudanjiang
-4.6
-5.7
-7.7
Wenzhou
-10.2
-10.5
-10.4
Tier 3
0.7
-0.4
-1.7
ANALYST
VICTOR KWAN
Research Analyst
T +852 2843 1464
vkwan@reorientgroup.com
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