China Yuanbang Property - 1HFY09 results

Yuanbang reported core net profit of Rmb3.2m in 1HFY09, which remains insignificant and represents only 7% of our full year estimate due to lack of completions. Presales for the Nanchang project remained sluggish with receipts amounted to Rmb41m during 2QFY09. As earnings visibility remains low for the stock, we believe investor interest in the stock will wane during the current downcycle. We are therefore ceasing coverage of the stock.

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