巴克莱资本-中国房地产分析_英文版2012-06-14
- 名称:巴克莱资本-中国房地产分析_英文版2012-06-14
- 类型:房地产市场研究
- 大小:146 KB
- 更新时间:01-05 00:35:24
- 下载次数:4983次
- 语言:简体中文
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《巴克莱资本-中国房地产分析_英文版2012-06-14》下载简介
Without a return to property price appreciation via a significant policy reversal by the central government, developers’ over-investment in the inflationary boom
period has left them facing sub-cost of capital returns due to falling development
margins, low asset turns and highly leveraged balance sheets. To improve their
return on capital - and the multiples on which their shares are valued – developers
need to change their business models in our view. We believe this will not be easy in
the near term.
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