Ying Li: Chongqing’s housing tax has helped curbed sales and prices since its introdn in Jan 10 with the avg price of taxable housing falling 10% to Rmb13,140 psm. High-end housing accounted for 7.8% of all commercial housing sales during the period, down 3.1 ppt from a yr earlier. Ying Li is the only Spore-listed developer which is 100% exposed to Chongqing although most of its property portfolio is in prime commercial projects.
The stock is currently locked in a long consolidation band betw $0.32-0.45 & trades at 1.6x P/B. 4 out of 5 houses rates the stock a Buy with a avg TP of $0.61.
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