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manbetx3.0 此轮由流动性引发的涨势行情中，最新的受益者是在香港上市的manbetx3.0 住宅房地产开发商。在第一季度落后于多数内地同行之后，该板块正迎头赶上，本季度迄今平均上涨了五分之二。机构青睐的国有蓝筹股——manbetx3.0 海外发展(China Overseas Land and Investment)的股价上涨了近三分之一，目前已位于记录高点。该股目前的交易价格是历史账面价值的2倍，相比起其2.1倍的5年平均水平，看起来不再便宜。同行华润置地(China Resources Land)涨幅相当，目前的股价已经高于5年平均水平。