标签:房地产市场研究,
本站提供巴克莱资本-中国房地产分析_英文版2012-06-14免费下载,http://www.jzr88.com
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.,大小:146 KB