CHINA COMPASS | 24 OCT 2014 Property Observer - September Edition Home prices across cities declined as inventory levels continue an upward trend Milder contraction in new home prices but price fall sharper in second hand market Home sales decrease slows to -10.3% y-o-y from -13.7%, commercial property sales pick up New construction recovery continues, but land bank bought falls to -4.6% y-o-y For the first time since 2011, home prices across the entire nation posted no monthly gain. Figures for new and existing home prices declined across all cities, except for Xiamen which stayed flat. The root of the problem still stems from the th high and rising inventory levels. On Sep. 30 , PBOC revised mortgage discounts to as much as 30% from the previous 15% in order to attract more homebuyers. However, the impact of this is yet to be seen as banks are reportedly reluctant to lend at such lower rates given unparalleled downshift in deposit costs. We believe the current correction is sharper but will also be a shorter one than 2011’s. The latest property data release reconciles with new lending figures in September that demand in the market is still weak. There were RMB135 bn in mid-to-long term consumption loans, bringing the Q3 tally to RMB409 bn (-10% y-o-y). About 90% of these loans are mortgages. Both home sales by area and value still contracted by double digits albeit in a smaller magnitude compared to July and August. 125.0 135.0 Tier 1 Tier 2 Tier 3 130.0 125.0 Tier 1 Tier 2 Tier 3 120.0 123.3 120.0 112.1 115.0 115.0 116.5 110.0 104.1 110.0 109.7 105.0 105.0 103.4 100.0 100.0 Jan. 1, 2010 = 100 95.0 Jan. 1, 2010 = 100 95.0 Sep-14 May-14 Jan-14 Sep-13 May-13 Jan-13 Existing Home Prices Sep-12 May-12 Jan-12 Sep-11 May-11 Source: NBS, REORIENT Jan-11 Sep-14 May-14 Jan-14 Sep-13 May-13 Jan-13 Sep-12 May-12 Jan-12 Sep-11 May-11 Jan-11 New Home Prices Source: NBS, REORIENT Tier 1 cities had the largest m-o-m drop mainly as they have not relaxed purchase curbs. New home prices saw smaller contractions last month whereas prices fell faster in the existing home markets. Year-on-year price changes are generally in the negative territory now. This should begin inducing those who had been waiting for a correction to buy or upgrade. NEW HOME PRICE DROP AT SLOWER PACE Monthly new home prices contraction narrows, with T1 and T2 prices falling 1.1% m-o-m Existing home prices in T1 lead further contraction -1.1% m-o-m, the fastest since January 2011 New home prices declines as compared to a year ago % m-o-m 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 -0.5 -1.0 -1.5 % m-o-m 3.0 Tier 1 Tier 2 Tier 3 Tier 1 Tier 2 Tier 3 2.5 2.0 1.5 1.0 0.5 0.0 -0.5 -1.0 -1.1 -1.1 -1.5 Sep-14 May-14 Jan-14 Sep-13 May-13 Jan-13 Sep-12 May-12 Jan-12 Source: NBS, REORIENT % y-o-y Tier 1 Tier 2 Tier 3 20.0 Sep-11 Existing Home Prices Source: NBS, REORIENT % y-o-y 25.0 May-11 Jan-11 Sep-14 May-14 Jan-14 Sep-13 May-13 Jan-13 Sep-12 May-12 Jan-12 Sep-11 May-11 Jan-11 New Home Prices -1.0 -1.0 -1.1 -1.0 15.0 10.0 5.0 -0.2 0.0 -1.2 -1.3 -5.0 Sep-14 May-14 Jan-14 Sep-13 Office May-13 Existing Home Prices Jan-13 Sep-12 May-12 Jan-12 Residential Sep-11 Total 0.4 -0.7 -1.7 May-11 Source: NBS, REORIENT Tier 1 Tier 2 Tier 3 Jan-11 Sep-14 May-14 Jan-14 Sep-13 May-13 Jan-13 sqm mn Sep-12 May-12 Jan-12 Sep-11 May-11 Jan-11 New Home Prices 18.0 16.0 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0 -2.0 -4.0 Source: NBS, REORIENT Commerical Space 700 600 571 500 400 377 300 200 110 100 23 http://www.offshore-inc.com 0 Sep-14 Aug-14 Jul-14 Jun-14 May-14 Apr-14 Mar-14 J-F-14 Dec-13 Nov-13 Oct-13 Sep-13 Aug-13 Jul-13 Jun-13 May-13 Apr-13 Mar-13 J-F-13 Dec-12 Nov-12 Oct-12 Sep-12 Aug-12 Jul-12 Jun-12 May-12 Apr-12 Mar-12 J-F-12 Property Inventories For Sale Source: NBS PROPERTY SALES DECLINE RECOVERS FURTHER Home sales contraction narrows to -10.3% y-o-y; unsold inventory rises to 3.84 (+0.12) months Office sales growth falls to -21.2% y-o-y; unsold inventory rises to 9.13 (+0.30) months Commercial property sales pick up to +3.5% y-o-y, unsold inventory grows to 13.69 months Sqm mn Unsold Inventory (mo) Months 300 4.5 3.84 250 4.0 3.5 200 3.0 2.5 150 2.0 100 1.5 1.0 50 106 0 0.5 0.0 25 14 12 20 10 15 8 6 10 4 5 9.5 0 2 0 Monthly Residential Sales Value RMB bn 2014 16 13.69 2013 30 2012 Months 2011 Unsold Inventory (mo) 100 80 60 40 20 0 -20 -10.3 -40 -60 -80 620 -100 2010 Sqm mn Source: NBS % y-o-y Sales Growth 2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 2014 2013 2012 2011 2010 Monthly Residential Sales Area RMB bn Source: NBS % y-o-y Sales Growth 200 180 160 140 120 100 80 60 40 20 0 3.5 88 100 80 60 40 20 0 -20 -40 -60 -80 -100 2014 2013 2012 2011 2010 2014 2013 2012 2011 2010 Monthly Commercial Sales Area Source: NBS Monthly Commercial Sales Value Source: NBS Sqm mn RMB bn Unsold Inventory (mo) Months 30 16 13.69 25 14 12 20 10 15 8 6 10 4 5 9.5 0 2 0 100 90 80 70 60 50 40 30 20 10 0 -21.2 29 Monthly Office Sales Value 100 80 60 40 20 0 -20 -40 -60 -80 -100 2014 2013 2012 2011 2010 2014 2013 2012 2011 2010 Monthly Commercial Sales Area Source: NBS % y-o-y Sales Growth http://www.offshore-inc.com Source: NBS Note: Unsold Inventory (mo) = inventory measured against sales volume of last 12 months (LTM) NEW CONSTRUCTION STARTS IMPROVE New construction starts recover to -9.3% y-o-y; floor completions up to +7.2% y-o-y Developer funding softer at +2.3% y-o-y; bank loans obtained fall to +11.8% y-o-y Land premium paid pulls back to +11.5% y-o-y; land bank bought also falls to -4.6% y-o-y Sqm mn Growth % y-t-d y-o-y 600 500 % y-t-d y-o-y 350 80 60 300 60 20 300 Growth 80 40 400 Sqm mn 40 250 7.2 200 0 -9.3 200 -20 -40 100 170 0 50 -80 0 -40 67 60 2,000 2014 80 2013 2,500 2012 % y-t-d y-o-y Construction Completions RMB bn Growth Source: NBS % y-t-d y-o-y 600 80 60 500 40 1,500 2.3 20 0 1,000 -20 40 400 11.8 300 1081 0 -60 -80 -20 200 32 2014 -4.6 2013 % y-t-d y-o-y -60 -80 2012 Source: NBS 100 90 80 70 60 50 40 30 20 10 0 Funding from Domestic Loans RMB bn Growth Source: NBS % y-t-d y-o-y 80 400 80 60 350 60 40 300 40 20 250 0 200 0 -20 150 -20 -40 100 -40 -60 50 -80 0 109 20 -60 -80 Land Premium Paid Note: January data are released in conjunction with the February data point 2014 2013 2012 2011 Source: NBS 11.5 2010 2014 2013 2012 2011 2010 Land Bank Purchased 0 2011 Growth 162 2010 Sqm mn -40 100 2014 2013 2012 2011 2010 Developer Funding Obtained 20 0 -40 500 -60 -80 2011 Source: NBS Growth -20 100 2010 RMB bn 0 150 -60 2014 2013 2012 2011 2010 New Construction Starts 20 http://www.offshore-inc.com Source: NBS REAL ESTATE INVESTMENT SLOWS TO MULTI-YEAR LOW Real estate FAI reaches RMB978 bn in September; however, growth slows from +9.9% to +8.6% y-o-y RMB bn Property FAI % y-o-y Growth 2,500 40 35 2,000 30 25 1,500 20 15 8.6 1,000 10 5 500 0 978 0 -10 Sep-14 Jun-14 Mar-14 Nov-13 Aug-13 May-13 J-F-13 Oct-12 Jul-12 Apr-12 Dec-11 Sep-11 Jun-11 Mar-11 Nov-10 Aug-10 May-10 Property FAI -5 Source: NBS Area under construction keeps increasing to 6.73 bn sq m, y-o-y growth remains flat at +11.5% sqm mn Total Residential Office Commerical Space 8,000 6732 7,000 6,000 4790 5,000 4,000 3,000 2,000 867 1,000 274 0 Sep-14 Apr-14 Oct-13 May-13 Nov-12 Jun-12 Dec-11 Jul-11 J-F-11 Aug-10 Mar-10 Area Under Construction Source: NBS http://www.offshore-inc.com PRICE DECLINES PLAGUE MORE CITIES New home prices fall across all 70 cities except Xiamen which remains unchanged Up Flat Down 70 60 50 40 30 20 10 0 Sep-14 Jul-14 May-14 Mar-14 Jan-14 Nov-13 Sep-13 Jul-13 May-13 Mar-13 Jan-13 Nov-12 Sep-12 Jul-12 May-12 Mar-12 Jan-12 Nov-11 Sep-11 Jul-11 May-11 Mar-11 Jan-11 No. of Cities on Monthly Change in New Home Prices Source: NBS Existing home prices tumbled across the nation for the first time since January 2011 Up Flat Down 70 60 50 40 30 20 10 0 Sep-14 Jul-14 May-14 Mar-14 Jan-14 Nov-13 Sep-13 Jul-13 May-13 Mar-13 Jan-13 Nov-12 Sep-12 Jul-12 May-12 Mar-12 Jan-12 Nov-11 Sep-11 Jul-11 May-11 Mar-11 Jan-11 No. of Cities on Monthly Change in Existing Home Prices Source: NBS Appendix Categorization of 70 Chinese Cities by REORIENT Tier 1 Beijing, Guangzhou, Shanghai, Shenzhen Tier 2 Changchun, Changsha, Chengdu, Chongqing, Dalian, Fuzhou, Hangzhou, Harbin, Hefei, Jinan, Nanchang, Nanjing, Ningbo, Qingdao, Shenyang, Taiyuan, Tianjin, Wuhan, Xi`an, Xiamen, Zhengzhou Tier 3 Anqing, Baotou, Beihai, Bengbu, Changde, Dali, Dandong, Ganzhou, Guilin, Guiyang, Haikou, Huhhot, Huizhou, Jilin, Jinhua, Jining, Jinzhou, Jiujiang,http://www.offshore-inc.com Kunming, Lanzhou, Luoyang, Luzhou, Mudanjiang, Nanchong, Nanning, Pingdingshan, Qinhuangdao, Quanzhou, Sanya, Shaoguan, Shijiazhuang, Tangshan, Urumqi, Wenzhou, Wuxi, Xianyang, Xining, Xuzhou, Yangzhou, Yantai, Yichang, Yinchuan, Yueyang, Zhanjiang, Zunyi New Home Price Change % m-o-m Cities Jul-14 Aug-14 Sep-14 Shenzhen -0.6 -1.1 -0.9 Beijing -1.3 -1.2 -0.9 Shanghai -1.4 -1.3 -1.1 Guangzhou -1.3 -1.3 -1.4 Tier 1 -1.2 -1.2 -1.1 Xiamen 0.2 0.2 0.0 Ningbo -1.4 -0.7 -0.5 Jinan -1.2 -1.3 -0.7 Zhengzhou 0.0 -0.5 -0.9 Tianjin -0.9 -1.1 -0.9 Nanjing -1.1 -1.3 -0.9 Wuhan -1.8 -1.7 -0.9 Harbin -0.8 -0.9 -1.0 Xi`an -0.7 -1.4 -1.0 Dalian -1.3 -1.6 -1.0 Taiyuan -1.6 -1.1 -1.1 Chengdu -1.1 -1.2 -1.1 Changsha -1.5 -1.6 -1.1 Hefei -0.8 -0.7 -1.2 Nanchang -1.0 -1.4 -1.2 Shenyang -1.7 -1.7 -1.2 Hangzhou -2.5 -2.1 -1.2 Changchun -0.7 -0.8 -1.3 Qingdao -1.2 -1.1 -1.4 Fuzhou -1.5 -1.2 -1.8 Chongqing -0.9 -1.3 -1.8 Tier 2 -1.1 -1.2 -1.1 Sanya -2.4 -0.5 -0.4 Mudanjiang 0.0 -1.0 -0.4 Lanzhou -0.6 -0.3 -0.5 Yinchuan -0.9 -1.6 -0.5 Wenzhou 0.0 0.0 -0.6 Wuxi -0.6 -0.8 -0.6 Pingdingshan -1.2 -0.8 -0.6 Dali 0.1 -1.2 -0.6 Guiyang -0.5 -1.5 -0.6 Yichang -1.0 -0.9 -0.7 Tangshan -0.2 -1.0 -0.7 Changde -1.1 -1.0 -0.7 Zunyi -0.8 -1.1 -0.7 Urumqi -0.6 -1.4 -0.7 Jinhua -0.9 -1.7 -0.7 Luoyang -0.8 -1.0 -0.8 Xianyang -1.2 -1.1 -0.8 Xuzhou -0.1 -1.5 -0.8 Yangzhou -1.8 -1.5 -0.8 Baotou -1.2 -1.7 -0.8 Jining -0.4 -0.9 -0.9 Yueyang -0.9 -1.2 -0.9 Haikou -0.8 -0.5 -1.0 Yantai -0.8 -1.6 -1.0 Qinhuangdao -0.8 -1.0 -1.1 Shijiazhuang -0.8 -1.2 -1.1 Kunming -1.0 -1.2 -1.1 Xining 0.0 -1.3 -1.1 Shaoguan -1.7 -1.3 -1.1 Beihai -0.5 -1.4 -1.1 Nanchong -1.1 -1.3 -1.2 Huizhou -0.8 -1.7 -1.2 Huhhot -1.0 -1.7 -1.2 Jiujiang -0.8 -0.9 -1.3 Jinzhou -0.2 -1.2 -1.3 Zhanjiang -0.7 -1.6 -1.3 Anqing -0.8 -1.1 -1.4 Quanzhou -1.3 -1.1 -1.4 Nanning -1.3 -1.2 -1.4 Jilin -0.5 -0.7 -1.6 Ganzhou -1.1 -1.2 -1.6 Dandong -0.5 -0.8 -1.7 Bengbu -0.6 -0.9 -1.9 Guilin -1.3 -1.4 -1.9 Luzhou -1.8 -1.4 -1.9 Tier 3 -0.8 -1.1 -1.0 Existing Home Price Change % m-o-m Cities Jul-14 Aug-14 Sep-14 Shenzhen -0.6 -0.5 -0.7 Shanghai -0.9 -0.7 -0.8 Guangzhou -1.1 -1.4 -1.3 Beijing -0.8 -0.9 -1.4 Tier 1 -0.9 -0.9 -1.1 Xiamen 0.0 0.0 -0.5 Hangzhou -1.1 -0.6 -0.7 Hefei -0.9 0.1 -0.8 Shenyang -1.5 -0.7 -0.8 Zhengzhou -0.1 -0.6 -0.9 Jinan -1.0 -0.6 -0.9 Harbin 0.0 -0.7 -0.9 Fuzhou -1.0 -0.7 -0.9 Dalian -1.3 -0.8 -0.9 Nanjing -0.9 -0.7 -1.0 Qingdao -0.9 -0.8 -1.0 Wuhan -1.1 -0.8 -1.0 Ningbo -1.0 -0.9 -1.0 Xi`an -0.9 -1.2 -1.0 Taiyuan -1.2 -0.6 -1.1 Changsha -1.3 -0.6 -1.1 Chengdu -1.2 -0.9 -1.1 Tianjin -0.9 -1.0 -1.1 Changchun -0.4 -0.9 -1.2 Nanchang -0.8 -0.9 -1.2 Chongqing -0.8 -0.9 -1.2 Tier 2 -0.9 -0.7 -1.0 Wenzhou -1.1 -0.6 -0.5 Jilin -0.6 -0.8 -0.5 Sanya -0.6 -0.4 -0.6 Yangzhou 0.0 -0.7 -0.6 Wuxi -0.7 -0.9 -0.6 Tangshan 0.0 -0.1 -0.7 Dali -0.6 -0.3 -0.7 Xuzhou -0.3 -0.9 -0.7 Jiujiang -0.6 -0.9 -0.7 Yichang -0.9 -0.9 -0.7 Jining -0.8 -1.0 -0.7 Jinzhou -0.8 -1.0 -0.7 Zunyi -0.6 0.0 -0.8 Guiyang -0.4 -0.3 -0.8 Changde -0.5 -0.8 -0.8 Huhhot -0.7 -0.8 -0.8 Anqing -0.5 -1.0 -0.8 Qinhuangdao -1.2 -1.1 -0.8 Zhanjiang -0.7 -0.7 -0.9 Luzhou -1.0 -0.7 -0.9 Luoyang -0.9 -1.0 -0.9 Pingdingshan -1.1 -1.1 -0.9 Quanzhou -1.1 -1.2 -0.9 Urumqi -0.4 -0.1 -1.0 Xining 0.1 -0.6 -1.0 Shijiazhuang -0.2 -0.6 -1.0 Haikou -0.6 -0.8 -1.0 Guilin -0.8 -0.8 -1.0 Dandong -0.7 -1.0 -1.0 Huizhou -1.3 -1.0 -1.0 Yueyang -0.7 -1.1 -1.0 Yantai -1.0 -1.2 -1.0 Baotou -1.3 -0.6 -1.1 Lanzhou -0.4 -0.8 -1.1 Kunming -1.2 -1.0 -1.1 Bengbu -0.8 -1.3 -1.1 Beihai -0.8 -1.3 -1.1 http://www.offshore-inc.com Ganzhou -1.1 -1.3 -1.1 Nanchong -0.7 -1.0 -1.2 Xianyang -0.9 -1.1 -1.2 Jinhua -0.9 -1.0 -1.3 Yinchuan -0.4 -1.1 -1.3 Shaoguan -1.2 -0.6 -1.7 Nanning -0.9 -1.2 -2.0 Mudanjiang -0.9 -1.4 -2.0 Tier 3 -0.7 -0.8 -1.0 New Home Price Change % y-o-y Cities Jul-14 Aug-14 Sep-14 Beijing 4.9 2.6 0.4 Shenzhen 5.1 2.6 0.3 Guangzhou 5.3 2.1 -0.6 Shanghai 4.8 1.7 -0.9 Tier 1 5.0 2.3 -0.2 Xiamen 7.2 6.4 4.9 Hefei 4.4 3.0 1.2 Zhengzhou 3.2 1.9 0.7 Nanjing 4.5 2.2 0.2 Harbin 3.2 1.5 0.0 Xi`an 4.0 1.5 -0.2 Changchun 3.2 1.3 -0.7 Tianjin 2.3 0.7 -0.8 Taiyuan 3.5 1.4 -1.0 Dalian 2.3 0.3 -1.2 Jinan 2.3 0.0 -1.3 Chengdu 2.2 0.1 -1.5 Fuzhou 3.0 1.2 -1.6 Qingdao 2.7 0.3 -1.6 Wuhan 2.4 -0.3 -1.6 Changsha 2.3 -0.3 -2.0 Nanchang 2.0 0.0 -2.1 Chongqing 2.5 0.3 -2.4 Ningbo 0.0 -1.4 -2.8 Shenyang 0.8 -1.6 -3.8 Hangzhou -2.5 -5.6 -7.9 Tier 2 2.6 0.6 -1.2 Xining 5.4 2.9 1.5 Guiyang 3.5 2.0 0.5 Yinchuan 4.7 1.6 0.4 Dali 3.6 1.3 0.3 Huhhot 4.2 1.8 0.0 Jining 3.1 1.0 -0.1 Urumqi 4.2 1.7 -0.2 Zunyi 3.1 0.8 -0.2 Sanya 1.6 0.5 -0.2 Beihai 4.2 1.8 -0.4 Shijiazhuang 3.7 1.5 -0.4 Mudanjiang 1.7 0.4 -0.5 Zhanjiang 4.5 1.9 -0.6 Yantai 4.0 1.2 -0.6 Huizhou 3.7 1.1 -0.8 Yangzhou 2.5 0.4 -0.8 Changde 2.5 0.3 -0.8 Jinzhou 4.0 1.3 -0.9 Pingdingshan 3.1 1.1 -0.9 Luoyang 2.6 0.9 -1.0 Kunming 2.7 0.6 -1.0 Lanzhou 1.3 -0.2 -1.0 Yueyang 3.3 1.3 -1.2 Dandong 2.6 1.1 -1.3 Jiujiang 1.4 -0.1 -1.3 Haikou 0.3 -0.2 -1.3 Tangshan 0.6 -0.7 -1.3 Guilin 2.8 0.4 -1.4 Xuzhou 2.5 0.1 -1.4 Nanning 2.4 0.4 -1.5 Jilin 2.0 0.5 -1.7 Yichang 2.0 -0.2 -1.7 Nanchong 1.6 -0.4 -1.8 Xianyang 1.1 -0.8 -1.9 Quanzhou 2.0 0.5 -2.1 Wuxi 0.0 -1.0 -2.1 Ganzhou 2.0 0.1 -2.3 Anqing 1.5 -0.3 -2.3 Qinhuangdao 1.6 -0.5 -2.3 Baotou 0.5 -1.2 -2.4 Bengbu 1.5 0.0 -2.6 Luzhou 3.5 1.0 -2.8 Jinhua 0.8 -1.9 -3.4 Shaoguan -1.7 -3.5 -4.9 Wenzhou -4.9 -4.9 -5.1 Tier 3 2.3 0.3 -1.3 Existing Home Price Change % y-o-y Cities Jul-14 Aug-14 Sep-14 Shenzhen 7.4 5.2 3.1 Guangzhou 5.2 2.7 1.0 Shanghai 3.2 1.7 -0.1 Beijing 2.4 0.4 -2.4 Tier 1 4.6 2.5 0.4 Xiamen 5.7 5.2 4.3 Zhengzhou 6.4 5.2 3.5 Hefei 4.3 4.1 2.3 Harbin 3.6 2.4 0.6 Changsha 2.6 1.7 0.3 Nanjing 3.0 1.7 0.1 Tianjin 2.8 1.6 0.0 Shenyang 2.1 0.8 -0.8 Fuzhou 2.2 0.8 -0.9 Taiyuan 1.2 0.5 -1.0 Nanchang 2.2 0.9 -1.1 Wuhan 2.4 0.7 -1.1 Chongqing 1.1 0.1 -1.3 Changchun 1.7 0.3 -1.4 Chengdu 0.9 -0.3 -1.7 Jinan 0.5 -0.5 -1.8 Ningbo -0.5 -1.6 -2.5 Xi`an 0.0 -1.3 -2.6 Qingdao -0.2 -1.4 -2.6 Dalian -0.9 -1.6 -2.7 Hangzhou -2.5 -3.3 -4.6 Tier 2 1.8 0.8 -0.7 Urumqi 3.3 2.8 1.4 Luoyang 3.6 2.5 1.2 Guiyang 4.7 3.7 1.1 Yinchuan 4.7 2.9 0.9 Zunyi 1.7 1.6 0.9 Shijiazhuang 2.3 1.9 0.4 Luzhou 2.9 1.8 0.3 Huizhou 2.9 1.6 0.2 Bengbu 2.7 1.1 0.1 Xining 2.1 1.2 -0.2 Pingdingshan 2.3 0.9 -0.3 Yangzhou 1.7 0.5 -0.4 Sanya 0.9 0.4 -0.4 Yichang 1.8 0.5 -0.6 Zhanjiang 1.8 0.7 -0.8 Tangshan 0.0 -0.1 -0.9 Nanchong 2.3 0.9 -1.0 Yueyang 1.9 0.5 -1.0 Changde 1.7 0.3 -1.0 Lanzhou 1.1 0.5 -1.1 Jiujiang 0.5 -0.7 -1.2 Kunming 1.4 0.0 -1.4 Yantai 1.3 -0.1 -1.5 Xianyang 1.6 -0.2 -1.5 Huhhot 0.1 -0.6 -1.8 Dandong 0.9 -0.5 -1.9 Quanzhou 0.8 -0.7 -1.9 Wuxi 0.2 -0.9 -1.9 Beihai 1.1 -0.6 -2.0 Xuzhou 0.0 -1.2 -2.1 Guilin 0.4 -0.8 -2.3 Baotou 0.0 -0.9 -2.3 Dali -0.8 -1.3 -2.3 Jinzhou -0.1 -1.3 -2.4 Jining -0.4 -1.4 -2.4 Haikou -1.0 -1.7 -2.6 Jilin -1.2 -2.0 -2.6 http://www.offshore-inc.com Nanning 0.6 -0.5 -3.0 Anqing -0.7 -2.0 -3.0 Jinhua -0.5 -1.9 -3.8 Shaoguan 0.2 -1.9 -3.9 Ganzhou -1.6 -3.0 -4.2 Qinhuangdao -2.6 -3.9 -4.7 Mudanjiang -4.6 -5.7 -7.7 Wenzhou -10.2 -10.5 -10.4 Tier 3 0.7 -0.4 -1.7 ANALYST VICTOR KWAN Research Analyst T +852 2843 1464 [email protected] Copyright © 2014 REORIENT Financial Markets Limited, All rights reserved. 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