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The 2013 All-China Research Team: Real Estate, Second: Tony Tsang

Tony Tsang
Deutsche Bank
First-place appearances: 0

Total appearances: 4

Analyst debut: 2010

Tony Tsang has earned the No. 2 slot every year since his 2010 debut. Over the 12 months through October, the real estate sector jumped 17.2 percent, besting the broad market by 11.3 percentage points, and the Deutsche Bank researcher has been encouraging his clients to maintain optimism on the group. “A commonly cited concern by investors is that long-term property demand will disappoint,” he says. “We disagree.” Given the central government’s goal to develop China into an urbanized, high-income country, he reasons, “we see the current high sales volume as sustainable in the long term, with little risk of a substantial price bubble.” Tsang adds that particularly good plays exist in such areas as social housing developments; shanty-town improvements in so-called tier-one and some of the larger tier-two cities (where populations and per-capita gross domestic product are highest); urban-rural coordinated projects; and old village and old town redevelopment in tier-one cities. He declines to cite particular company recommendations. — Katie Gilbert

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