Keppel Corp

Keppel Corp | Hold

Aug 24 close: $6.65

Target price: $7.37

Broker: UOB Kay Hian, Aug 24

China property sales remain resilient. Demand for property is becoming increasingly speculative, with 50 per cent of purchases for investment purposes, as compared to 38 per cent last year.

In addition, demand for residential land plots in mainland China is tapering. Developers' appetite for new land sales has fallen to the lowest level since 2014, following government curbs and deleveraging efforts.

Data suggests property sales for the second half of this year should stay resilient, though we are cautious on the outlook for 2019 and beyond. Land sales from the Sino-Singapore Tianjin Eco-City are also expected to moderate.

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