China Resources Drop 3.6% Goldman Sachs reiterates selling rating

View the latest market January 22 News, the 09 contract sales increased by 26% to 25.22 billion yuan new high of China resources land, trading in the morning before the weak and run to lose the market, the share price opened 3.59% to 14.5 Hong Kong dollars, the deal 4.19 million shares.　　Goldman Sachs issued a report that it had set up the sales list, but maintained a 17.82 Hong Kong dollar target for the China Resources land sale, at a premium of 23% per cent of the market price. Goldman Sachs pointed out that the current valuation level of China resources is still not very attractive, although it seems to be not fully valued at present, the current price than the 2010 end of the potential net assets discount 24%, 2010 earnings ratio of 22 times times, compared to the beginning of December, the 26 times times earnings ratio of 10%;　　The 2010 earnings ratio is 13 times times. Goldman Sachs also said any problems with implementation, such as a delay in completion or a fall in contract sales, would weaken market confidence and further drag down share prices. And the cost of buying land in the past year has been almost uneconomical, and the core profit margins for China Resources in 2010 and 2011 are expected to fall from 18% in 2009 to 13% and 14%.