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ung Kwan O Area 68A Tseung Kwan O Area 66C2 Tseung Kwan O Area 66D2 Lok Wo Sha So Kwun Wat, near Grandview Terrace
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R2 R2 R2 R2 R1 R/C R3 R3 R3 R3 R4
Estimated Earliest Site Available Date Oct 11 Oct 11 Oct 11 Oct 11 Nov 11 Mar 12 Mar 12 Mar 12 Mar 12 Mar 12 Mar 12
Government-initiated land tender HHIL 556 5-23 Lee Kung Street, Hung Hom HHIL 555 Junction of Bulkeley Street and Gillies Avenue South Tung Chung Area 55A Ex Tai Wo Hau industrial estate Total GFA available in FY11/12 Source: Lands Department, HKSAR Gov't, J.P. Morgan estimates.
Hung Hom Hung Hom Tung Chung Tsuen Wan
R1 R1 R1 R/C
13,993 6,189 300,000 150,000 470,182 5,183,996
9.00 9.00 5.00 5.00
125,937 55,703 1,500,000 750,000 2,431,640 13,745,906
800 800 800 800
157 70 1,875 938 3,040 16,026
Apr 11 Apr 11
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Lucia Kwong, CFA (852) 2800-8526 lucia.yk.kwong@jpmorgan.com
Asia Pacific Equity Research 25 February 2011
Analyst Certification: The research analyst(s) denoted by an “AC” on the cover of this report certifies (or, where multiple research analysts are primarily responsible for this report, the research analyst denoted by an “AC” on the cover or within the document individually certifies, with respect to each security or issuer that the research analyst covers in this research) that: (1) all of the views expressed in this report accurately reflect his or her personal views about any and all of the subject securities or issuers; and (2) no part of any of the research analyst’s compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed by the research analyst(s) in this report.
Important Disclosures Explanation of Equity Research Ratings and Analyst(s) Coverage Universe: J.P. Morgan uses the following rating system: Overweight [Over the next six to twelve months, we expect this stock will outperform the average total return of the stocks in the analyst’s (or the analyst’s team’s) coverage universe.] Neutral [Over the next six to twelve months, we expect this stock will perform in line with the average total return of the stocks in the analyst’s (or the analyst’s team’s) coverage universe.] Underweight [Over the next six to twelve months, we expect this stock will underperform the average total return of the stocks in the analyst’s (or the analyst’s team’s) coverage universe.] J.P. Morgan Cazenove’s UK Small/Mid-Cap dedicated research analysts use the same rating categories; however, each stock’s expected total return is compared to the expected total return of the FTSE All Share Index, not to those analysts’ coverage universe. A list of these analysts is available on request. The analyst or analyst’s team’s coverage universe is the sector and/or country shown on the cover of each publication. See below for the specific stocks in the certifying analyst(s) coverage universe.
Coverage Universe: Lucia Kwong, CFA: Agile Property Holdings Ltd (3383.HK), Beijing Capital Land (2868.HK), Cheung Kong Holdings (0001.HK), China Overseas Land & Investment (0688.HK), China Resources Land (1109.HK), China Vanke Company (200002.SZ), Franshion Properties (China) Ltd. (0817.HK), Glorious Property (0845.HK), Greentown China Holdings (3900.HK), Guangzhou R&F Properties (2777.HK), Henderson Land Development (0012.HK), Shanghai Forte Land (2337.HK), Shimao Property Holdings (0813.HK), Shui On Land Ltd (0272.HK), Sino-Ocean Land (3377.HK), Sun Hung Kai Properties (0016.HK) J.P. Morgan Equity Research Ratings Distribution, as of December 31, 2010 Overweight (buy) 46% 53% 43% 71% Neutral (hold) 42% 50% 49% 63% Underweight (sell) 12% 38% 8% 59%
J.P. Morgan Global Equity Research Coverage IB clients* JPMS Equity Research Coverage IB clients*
*Percentage of investment banking clients in each rating category. For purposes only of FINRA/NYSE ratings distribution rules, our Overweight rating falls into a buy rating category; our Neutral rating falls into a hold rating category; and our Underweight rating falls into a sell rating category.
Valuation and Risks: Please see the most recent company-specific research report for an analysis of valuation methodology and risks on any securities recommended herein. Research is available at qualified as research analysts under FINRA/NYSE rules, may not be associated persons of JPMS, and may not be subject to FINRA Rule 2711 and NYSE Rule 472 restrictions on communications with covered companies, public appearances, and trading securities held by a research analyst account.
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Lucia Kwong, CFA (852) 2800-8526 lucia.yk.kwong@jpmorgan.com
Asia Pacific Equity Research 25 February 2011
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