China Vanke (A):Moving to Rating Suspended

We have suspended our investment ratings and price targets for ChinaVanke A/H (000002.SZ/2202.HK) because there is not currently a sufficientbasis for determining investment ratings or price targets for the company.On Dec 18, 2015, China Vanke announced that it is planning a major assetrestructuring and its A and H shares have halted trading starting from theafternoon trading session of Dec 18. On Dec 21, 2015, the company furtherannounced that it will announce the restructuring plan no later than Jan 18,2016. Our ratings and price targets for Vanke A/H are no longer in effectand should not be relied upon. We will continue to evaluate China Vanke’sfundamentals, monitor the potential asset restructuring, and maintain ourearnings estimates.