Yanlord

Yanlord: IIFL initiates at Sell with $1.18 TP. Estimate Yanlord’s selling prices will drop 20-30% in 2011-12, owing to tightening measures by the government. Property prices in tier-1 cities such as Shanghai and Shenzhen (40% exposure) and Nanjing (10% exposure) could drop 30% from current levels, which is a major cause for concern.