Property

Property: Morgan Stanley believes residential price growth is capped due to anticipated further measures if property prices continue to rise, and see little reason to invest in residential focused property developers, which could see RNAV declines if residential prices decline, retain preference for office-focused developers like KepLand and OUE. O/W KepLand (TP $4.73); OUE (TP $3.34) and E/W Capitaland (TP $4.0 ; CityDev (TP $11.87); and WingTai (TP $1.84);