Valuation
We keep our 12-month target price unchanged at Rmb12.12/HK$12.98 forVanke (A)/(B), based on 30%/40% discount to end-2012E NAV ofRmb17.31/HK$21.64 for Vanke (A)/(B) respectively. Maintain Buy rating forboth stocks. Key downside risk include: Weaker-than-expected contractsales due to further unexpected tightening.