Chinese Estates Holdings Recommendation: Sell Brokerage: Jardine Fleming CHINESE Estates is engaged in property investment and development, securities investment and money lending.
After selling the Entertainment Building to Hysan Development at the property market's peak in November 1996, Chinese Estates remained quiet - until recently, when it announced it would buy 70.4 per cent of property developer Kwong Sang Hong International.
Although the acquisition looks cheap, the chance that Chinese Estates will continue to outperform is low because the Kwong Sang Hong stake represents only 2.8 per cent of its net asset value.
Sino Land Recommendation: Trading Buy Brokerage: Goldman Sachs SINO Land is involved in property development and investment, and share investment and dealing.
The dramatic property market collapse since August 1997 put most of Sino's planned property launches on hold, and growing concerns about credit risk sent the stock's price sliding.
The company's shares are now trading at just eight times its forecast earnings for 1999, the low end of their historical range, so some sort of recovery is expected.
