20150623-NOMURA-远洋地产（3377）：A_DOUBLE_BENEFICIARY-661001

Sino Ocean has acquired 8.3mn sqm land in T1 and top T2 cities（including 6 plots in Beijing，2 plots in Shanghai，and 3 plots in Shenzhen）with a gross land premium of >CNY34bn（equivalent to ~70% of its sales）since 2014 to strengthen its landbank（63% in T1 and 32% in T2 by GAV，per our estimates）.With the significant ASP pick-up in Shenzhen（secondary ASP up by 17.9% since end-2014，as per Centaline）and Beijing（due to the“Jing-Jin-Ji”concept），we believe the company is a double beneficiary to enjoy the physical market recovery.