房地产行业重大事项点评：风雨送春归,飞雪迎春到-120220

J-06,M-06,M-06,J-06,S-06,N-06,J-07,M-07,M-07,J-07,S-07,N-07,J-08,M-08,M-08,J-08,S-08,N-08,J-09,M-09,M-09,J-09,S-09,N-09,J-10,M-10,M-10,J-10,S-10,N-10,J-11,M-11,M-11,J-11,S-11,N-11,(,2012,2,20S1010510120047,2012,2,24,0.5,1 2006-20113.02.52.01.51.00.50.0(0.5)Wind,),2011,12,2011,1,2012,20112012201120112012,2009,2012,2011,2012,3.28,100,20,6240,8129,30.3%30%,2,3,8%,2012,2,20,1,/,/,/,/,/,/,/,/,/,4,10%-20%,2012,2011,2011,2012,10%,2,1,100.00%,15700,75.60%53.80%100.00%99.70%79.30%68.70%67.50%66.70%68.40%45.30%35.80%,10%20%15%15%10%10%,1290012100104009990 /24700148009730128009700 /12500,2012,2,20,2,2009653,2.4-2.10,2.11-.2.17,2011,2012,2011,2012,11,43013,9014,2011,6281,71932,8789,751n.a.24,2917,0625,23446,3383,2527,9412,2812,43510,0752,272n.a8,2261,2563,83341,570120,787,14,32136,72917,2043,7192,48274,45643,01026,49718,86610,3678,143106,8834,30425,6085,9759,5562,39014,075n.a5,6512,36312,10782,029263,368,25.3%164.2%309.6%128.5%44.3%126.5%341.1%n.a.-22.3%46.8%55.6%130.7%32.4%222.5%161.9%292.4%-76.3%519.5%n.a.-31.3%88.2%215.9%97.3%118.0%,-6.3%75.9%47.3%46.3%-1.9%40.7%31.7%171.3%-2.1%125.5%105.1%52.1%1.9%142.3%56.9%78.6%-5.1%143.6%n.a.58.3%19.0%104.7%87.6%57.8%,47,87525,91123,85210,10013,061120,79937,845n.a.83,76433,77713,343168,7298,66214,86013,6957,75814,30213,678n.a15,9973,8217,308100,079389,607,16,04735,19217,5405,5446,22380,54643,53530,57522,81212,69713,582123,2014,06415,32610,40518,1092,91224,287n.a5,1423,01713,52896,789300,536,-66.5%35.8%-26.5%-45.1%-52.4%-33.3%15.0%n.a.-72.8%-62.4%1.8%-27.0%-53.1%3.1%-24.0%133.4%-79.6%77.6%n.a.-67.9%-21.0%85.1%-3.3%-22.9%,12.0%-4.2%2.0%49.1%150.8%8.2%1.2%15.4%20.9%22.5%66.8%15.3%-5.6%-40.2%74.1%89.5%21.8%72.5%n.a.-9.0%27.6%11.7%18.0%14.1%,Cric,2012,2,20,3,6,4 2011,2011,10,2012,23456789101112,35.2%33.2%34.6%35.4%28.9%36.5%31.6%25.0%25.0%20.1%12.5%,13.8%15.8%-9.9%18.5%25.4%17.8%13.5%9.5%-9.9%-1.7%-8.4%,27.9%19.5%26.9%22.2%22.8%34.0%32.0%8.9%2.2%9.1%-18.3%,11.0%10.2%8.4%7.9%7.9%8.1%7.6%6.7%5.9%4.9%3.9%,56505650443924241652,Wind2012,2012,2,20,4,07-01,07-02,07-03,07-04,07-05,07-06,07-07,07-08,07-09,07-10,07-11,07-12,08-01,08-02,08-03,08-04,08-05,08-06,08-07,08-08,08-09,08-10,08-11,08-12,09-01,09-02,09-03,09-04,09-05,09-06,09-07,09-08,09-09,09-10,09-11,09-12,20092009,7100%80%,2008,60%,08,10,22,40%20%0%,-20%-40%,08,6,7,08,9,Wind,2012,2,20,5,-,Analyst CertificationiiiThe analysts primarily responsible for the preparation of all or part of the research report containedherein hereby certify that: (i) the views expressed in this research report accurately reflect the personal views of each such analystabout the subject securities and issuers; and (ii) no part of the analysts compensation was, is, or will be directly or indirectly, related tothe specific recommendations or views expressed in this research report.,/,(,),(1),(2)/20121.,300,20%,6,6,300300,5%-10%,20%5%,2.,6,300300,300300300300,10%10%-10% 10%10%,48,1568,8,1,100125,22,200122,518048,26,Foreign Broker-Dealer Disclosures for Distributing to the U.S.This report has been produced in its entirety by CITIC Securities Limited Company (“CITIC Securities”, regulated by the China SecuritiesRegulatory Commission. Securities Business License Number: Z20374000). This report is being distributed in the United States by CITIC Securitiespursuant to Rule 15a-6(a) (2) under the U.S. Securiti