for a long time real estate network

The author of the report: Mr Li Lei wrote: For the date-10-3

October can be a band around the policy of one month. The Government is not just around the frequent introduction of positive measures to support the development of the local real estate market, the Ministry of Finance has issued an emergency hand, "10:00" designed to safeguard the stability of the real estate market. In addition, the turmoil in financial markets, the central bank also make a prompt decision this month to lower the benchmark interest rate twice in a row.

Relevant policies and the introduction of intensive efforts exceeded our forecast in September. The main reason is the external economic situation is not optimistic about the country from the original "security control of a" gradual shift "to guarantee stable economic growth." The next phase has begun to shift the focus of the promotion of investment growth, reducing the cost of capital. Under such a background, the real estate control policy begins to relax. We believe that the current national real estate deal that is the attitude of do not want to grow too fast, do not want to fall too.

Although the emergence of this month in a row to cut interest rates," the Ministry of Finance 10:00 "for the real estate industry has been good news, but the industry has not really coming of inflection point. We believe that at least 3-4 times the industry rate cut could usher in a turning point. Is expected as early as 2009 in the second half of the market can be a real improvement. In the short term, we continue to maintain the industry's "cautious recommendation" rating, he also thought that the existence of short-term trading and investment opportunities.

As of October 29, the layout of an integrated national representative category of listed companies, the average earnings ratio is 11.3 times that of static and dynamic at 7.42 times earnings; geographical representation of the residential development of the category of listed companies for more than two times the figure for the 7.90 and 5.36 times; Business Park on behalf of the class of the high valuation of the company, still 18.39 times earnings for the dynamic at 13.40 times earnings; rapid growth in the lowest category of the current, static-earnings ratio of 7.6 times earnings in the dynamic 5.06 times.

At present, most of the high-quality real estate underestimated the value of the shares in a range that once the market begins to be brisk, the market is likely to continue to play a vanguard of the rebound. May be appropriate to participate in some of the excellent performance of fallen too far, the blue-chip stocks. Riverside concern of the Group (002,244), Finance Street (000402).

(Qilu Securities)