Pan Hong

Pan Hong: made a successful bid for the land use rights in Hangzhou, Zhejiang province for Rmb 506m. The 20,482 sm land site, with planned construction floor area of approx 81,928 sm, is slated for commercial use. The stock trades at 11.3x P/E, 0.5x P/B. This compares with China property peers, China New Town (P/E not meaningful, 0.9x P/B) Ying Li, 13.2x P/E, 1.6x P/B, Yanlord , 8.1x P/E, 0.9x P/B.