External broker reports(aggregated public sources), CMB International

CMB International

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

External broker reports(aggregated public sources)

Thematic (Sector/Industry)

China Real estate / Thematic (Sector/Industry)

<ul><li>Data from National Bureau of Statistics (NBS) in Nov was in line with market expectation, with property investment decline narrowed to -10.6% YoY in Nov from -11.3% in Oct given new start area surprisingly booked positive increase and NBS adjusted -8% on calculation base in Nov vs. -6% in Oct. </li><li>Property sales was flat with volume/value inched up 2/1% MoM and barely no year-end seasonality like that in the past five years (avg. of 11% MoM in Nov) given low buying sentiment.</li><li>Beijing (BJ) &amp; Shanghai (SH) eased purchasing policies on 14 Dec and the stock market reacted positively with property names on HK market went up an average of 5% on the following day.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Data from National Bureau of Statistics (NBS) in Nov was in line with market expectation, with property investment decline narrowed to -10.6% YoY in Nov from -11.3% in Oct given new start area surprisingly booked positive increase and NBS adjusted -8% on calculation base in Nov vs. -6% in Oct. Property sales was flat with volume/value inched up 2/1% MoM and barely no year-end seasonality like that in the past five years (avg. of 11% MoM in Nov) given low buying sentiment.Beijing (BJ) &amp; Shanghai (SH) eased purchasing policies on 14 Dec and the stock market reacted positively with property names on HK market went up an average of 5% on the following day.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hangzhou Binjiang Real Estate Grp (002244 CH)

China Property Sector – Expect New Policy in BJ/SH to Boost Secondary Market in Dec