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

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）.