YingLi: Chongqing’s plans to introduce a citywide property tax on a trial basis has been approved by China’s central government. No details on the quantam & Structure of the property tax but is expected to be implemented soon. This spells bad news for Ying Li, whose property portfolio lies entirely in Chongqing...
Yingli also reported disappointing 2Q10 results. Revenue slumped 60% yoy to RMB 13.7m, and turned a net loss to sh/h of RMB 21.4m vs just breakeven last yr, as company decided to keep all remaining units for rent until prices head above valuation.
Analyst downgrades could keep stock price in check in near term. DMG cuts Yingli to sell from neutral this morning.
DMG sets Yingli target price at $0.33 vs $0.42 previously
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