In China’s liquidity-inspired rally, the latest beneficiaries are shares in Hong-Kong listed Chinese residential property developers. After lagging most mainland brethren over the first quarter, the sector is catching up, rising an average of two-fifths so far this quarter. State-owned blue-chip and institutional favourite China Overseas Land and Investment, up nearly one-third, is at a record high. Trading at 2 times historic book value, it no longer looks cheap versus its five-year average of 2.1 times. Peer China Resources Land, up a similar magnitude, already trades above its five-year average.
在中國此輪由流動性引發(fā)的漲勢行情中，最新的受益者是在香港上市的中國住宅房地產(chǎn)開發(fā)商。在第一季度落后于多數(shù)內(nèi)地同行之后，該板塊正迎頭趕上，本季度迄今平均上漲了五分之二。機構(gòu)青睞的國有藍籌股——中國海外發(fā)展(China Overseas Land and Investment)的股價上漲了近三分之一，目前已位于記錄高點。該股目前的交易價格是歷史賬面價值的2倍，相比起其2.1倍的5年平均水平，看起來不再便宜。同行華潤置地(China Resources Land)漲幅相當(dāng)，目前的股價已經(jīng)高于5年平均水平。