It's hard to call the Hong Kong property sector healthy when prices just recently crossed the point where they are up for the year, but this "less bad than expected" market in Hong Kong has been enough to send the shares of property developer Cheung Kong (OTCPK:CHEUY) up about 15% so far this year. Better yet, Cheung Kong continues to trade at a low implied multiple on its Hong Kong and China property businesses, while management retains its focus on mass market customers and low gearing. Add in an increasing willingness to take the business wherever it needs to go to find good returns, and there is enough remaining upside to merit a closer look.
A Pure-Play Property...
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