Ying Li

Ying Li: CIMB has an unrated report on the counter, estimating the counter is worth $0.23-0.25, based on 40-45% discount to CY14 RNAV, excluding the impact from potential partnerships for new projects. Given its focus on high-end commercial development in Chongqing, Ying Li is expected to benefit from China’s Great Western Development Strategy. China Everbright (CEL)’s strategic investment into Ying Li could improve Ying Li’s Outlook. Potential re-rating catalysts include strategic JVs with CEL for a possible future REIT listing.