Niche property developer in China’s lower tier cities. Based in Southeastern China, namely the provinces of Jiangxi, Zhejiang and Guangdong, Pan Hong Property Group Limited (Pan Hong) is a niche residential property developer. Targeted at the middle to upper class-middle income level residents, Pan Hong’s strategy is to focus on China’s lower tier cities with immense growth potential.

Initiate with NEUTRAL – S$0.25. While SINGAPORE EQUITY remain confident of China’s medium-long term real estate fundamentals, especially within its lower tier cities, they admit that the sector’s near-term outlook is plagued with unfettered challenges and uncertainty.