SG Real Estate: IIFL believe that the increased public housing supply in China could put pressure on private housing sector and hence, expect home prices to correct by 10-30% and vol to drop by 10-20% over the next two yrs. Continue to be cautious on SG based developers with China residential exposure; CapitaLand (12% of RNAV) and KepLand (25% of RNAV), and reiterate REDUCE rating…..
Believe commercial plays like CapitaMalls Asia (26% of RNAV), on which house have an ADD rating, will be better placed to weather the impending correction.
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