Ying Li still remains unharmed despite China's property tightening

Block 2 to 5 almost sold out.

According to Maybank Kim Eng, the market’s negative reaction is overdone because we believe Ying Li will be less affected by the recent property cooling measures.

Here's more:

Relatively unscathed by China property tightening. Ying Li’s share price dropped to SGD0.42 from the peak of SGD0.53 after the Chinese government announced the latest round of property cooling measures including a 20 percent capital gains tax and higher downpayments for second-time home buyers.

Ying Li’s residential property portfolio. China announced further residential property curbs on 1 March 2013. Ying Li’s residential portfolio mainly includes Ying Li International Plaza Block 2 to 5 and San Ya Wan Phase 2, which only accounts for a small proportion of the total portfolio.

Among these, Ying Li International Plaza Block 2 to 5 have been largely sold out and San Ya Wan Phase 2 will only be delivered after 2015. In our view, there will be very little immediate effect from the latest property cooling measures.

New CEO, new opportunities. Ying Li recently appointed Mr Ko Kheng Hwa as CEO. Mr Ko’s rich experience in Singapore and China could open up new opportunities for Ying Li.

It is possible to even explore other business models such as the integrated township projects that Mr Ko used to lead in his previous company. We note that there are several township projects currently under planning in Chongqing Liangjiang New Area, that Ying Li could participate in.

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