Regulation of real estate want to loose tight fund investors want to take still remain

□ newspaper Reporter Tian Lu the twists and turns of the

real estate control policy, repeatedly become the focus of the market. According to China Securities (Confucius News) Reporters learned that this year, the Fund generally on the real estate section was equipped with more reason one of the safety of drivers underestimate the value of varieties, is counting on real estate control policy relax. But in Wuhu "bailout" policy halted, the fund managers generally believe that the current situation, the probability of substantial relaxation of control policies for real estate stocks will be the band to participate in the main.

policy is difficult to substantially relax rebound to lead the market underestimate the value and periodic varieties

since the beginning of the year, real estate stocks ride on the momentum. As of February 15, close SW an industry index, the overall increase in the real estate sector this year was 9.14%.

In fact, fund managers interested in real estate stocks than last year, has increased. A fund company sources, for the real estate sector already "actively participate". In his view, Wuhu "tax-free, make up the money to send the account" property market in the New Deal has been stopped, summarizing the various aspects of the real estate policy as a whole from the stringent regulation of the tone and instead began to test the of local fine-tuning, relaxed movements. But will the fundamental significantly relax in his view, It depends on the degree of economic downturn. Now expected in Bo, in the hands of real estate stocks should be medium-and long-term holding does not grasp, had "step by step".

this year, the fund is indeed for real estate stocks have more holdings, mainly to buy some real estate leading shares, since the industry boom down the shuffling process, leading the companys market share and competitiveness improved. In addition, the policy side, we believe that the control policy will not continue to overweight, from this perspective, can be regarded as a turning point, but will not immediately have a large-scale relaxation - not just real estate policy, including monetary policy, we believe that is still relatively far away since last year in succession Foshan, Wuhu to relax the restriction, but canceled the event, but these are, after all, or local sex yesterday, a medium-sized fund companys funds. " The manager of the exchange and the China Securities Journal reporter.

However, the fund manager believes that Chinas economic restructuring Although the process is difficult, but imperative to take into account this direction, even a modest decline in the economic adjustment process, but again back to that scale relaxation currency and rely on real estate investment-led growth, "the old road up, is unlikely to. Therefore, the regulation of real estate have been relaxed even in the future the range will not be much market for real estate stocks can not expect too much.

band operation into the mainstream

an A-shares many years of operation rules have some research to industry sources, the beginning of the year, the main reason for real estate stocks was equipped with more or underestimate the value-driven. Calendar year experience, after the annual Spring Festival, underestimate the value of species and cyclical stocks will have better performance, because of the beginning of the year, the market generally at the stage of looking for direction, stocks tend to bid lower valuation active choice for most investors. From the turn of the year when real estate stocks prices, most of the margin of safety, buying and holding for some to get excess returns.

In fact, from the start of the fourth quarter of last year, raised funds on the alienation of real estate stocks for a longer period of time began to holdings of intention. TX Irving, statistics show that last years fourth quarter funds top 50 largest holding, real estate stocks are not many, Vanke, Poly Real Estate (Confucius News) on the list, but in the top 50 largest holding fund holdings , appeared in the investment real estate (Confucius News), the Beijing Urban Construction, Golden Group.

However, when the fund was equipped with real estate stocks, and not many people have medium-and long-term intention to held. In addition to some fund managers desire "while walking, there are some people very concerned about the results of the annual report of the real estate company, worried about 2011 performance is not satisfactory, the worsening tendency. In addition, those who believe that the real estate industry boom possible medium-and long-term fall of fund managers, is intended only band operation. real estate company in the top 50 largest stock fund holdings

the fourth quarter of 2011 CodeNameThe fourth quarter of funds accounted for the proportion of outstanding shares (%)The fourth quarter of the number of holders of the stock fundThree quarters of funds accounted for the proportion of outstanding shares (%)Three quarters of the number of holders of the stock fund000 069OCT A13.69236.4610600 048Poly Real Estate12.267011.2653000002WanBranch A11.426510.37000 024Real estate investment24.053517.5317600 266Beijing Urban Construction17.491610.657600 383Golden Group10.15287.8416002 146Emori development4.7491.17A600 376The first of Shares4.95141.443

Data Source: TX Irving