Indian broker IIFL has initiated coverage of Singapore-listed Chinese property Yanlord Land (YNLG.SI) at sell with a target price of $1.18.
IIFL said it estimates selling prices of Yanlord’s properties to fall 20-30% in 2011-2012, due to tightening measures by the Chinese government.
“The government will aggressively increase public housing supply, which will lead to price competition in the private housing segment over the next five years,” said IIFL in a report.
But it noted that Yanlord, which focuses in the high-end market, should be less affected.
At 10:52 a.m., shares of Yanlord were 0.7% lower at $1.37, and have fallen 18.5% since the start of the year.
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