The host published the following research reports on the property sector recently. Please write to the author if you would like a copy of these reports.*

Caution Prevails

"... we retain our negative stance on the residential property market ...The basis for our negative view stems from three key issues : (1) the forecast uneven distribution of property supply may create a short - term oversupply of housing in the coming years,(2) interest rates are trending upwards amidst a low inflationary environment and (3) household income growth is slowing...." Oct.,1997.

Changing Corporate Structures - a boon to developers

"... changing circumstances in the residential property market are likely to see developers continuing to undertake a restructuring of their business portfolios...Cheung Kong is expected to provide the most exciting prospects..." August,1997.

Capitalizing on government
measures to raise land supply

"....Property developers may have to rely on production volume increases to sustain earnings growth..." August,1997.

* Reports are available for institutional investors only.Visitors should be aware that the research report is not intended for distribution to, or use by, any person or entity in any jurisdiction or country.