20150612-招商证券(香港)-华润置地(1109):SITE_VISITS_REVEAL_SATISFACTORY_MARKET_RECOVERY-067189

$华润置地(hk01109)$  
2H15E key catalysts include:1)upside surprise on contracted sales from volume growth and price(especially in Shenzhen market);2)the commercial property values may be re-rated when more domestic REITs are launched in PRC(Vanke will start the first REIT soon).Reiterate our BUY call and TP ofHKD27.7(16% discount to end-FY15ENAV,0.5SD above its 6-year mean).
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