Mapletree Greater China Commercial Trust

Mapletree Greater China Commercial Trust: HSBC initiates with Neutral Call and $1.10 TP, implying a 11% potential return and 5.2% FY13/14E yield. Note that grp’s Hong Kong retail and Beijing wholly owned Grade A office assets, ranks in the top 10 by floor area, which offers steady rental growth and grp remains well positioned for asset enhancements and acquisition growth.