"CMA and GLP have large exposure in China but they are primarily in retail malls (49% of GAV) and logistics/warehousing (53% of GAV), respectively.
While CapLand still has unsold inventory in China’s tier-1 cities, its China residential GAV remains manageable at only 12% of the total.
Among the large caps, KepLand has the largest exposure with 29% of its GAV in China residential; we estimate that a 10% decline in residential prices will lead to a 6% drop in RNAV, the most among its peers." Full story
