上周五（7月13日），香港廉政公署正式起诉前政务司司长许仕仁、港交所前高级副总裁关雄生。一同被起诉的还有新鸿基地产香港第二大富豪家族、新鸿基地产(00016,HK)主席兼董事总经理郭炳江和郭炳联两兄弟、新鸿基执行董事陈钜源。

Last Friday（July 13,），Hong Kong icac formally charged former cs rafael hui、Hong Kong exchange GuanXiongSheng former senior vice President。Together with the prosecution and sun hung kai properties Hong Kong second richest family、Sun hung kai properties(00016,HK)Chairman and managing director GuoBingJiang and GuoBingLian two brothers、Sun hung kai executive director Chen major source。

　　而就在前一天，瑞士信贷发布报告称，新鸿基地产股价已充分反映“廉政风暴”的不明朗因素，加上其投资物业一直提供稳定的回报，是地产股首选。同一天，国浩资本也给新鸿基地产维持买入的评级。广发证券(000776,股吧)（香港）甚至在郭氏兄弟被正式起诉、新鸿基地产停牌时给出了增持评级。

And in the day before，Credit suisse report says，Sun hung kai properties shares have fully reflect“The storm”Uncertainties，Plus its investment property has been providing stability returns，Property counters were first selection is。On the same day，Guohao capital also to maintain the sun hung kai properties to buy rating。Wide hair negotiable securities(000776,Shares it)（Hong Kong）Even in the followings: brothers were formally charged、Sun hung kai properties are trading around when rating。

　　正是由于这些券商的力挺，新鸿基地产的股价昨日收盘仅下跌1%。这和新鸿基在郭氏兄弟3月29日被廉政公署拘捕时股价当日下跌13%形成鲜明对比。耀才证券市务总监郭思治评价说：“对新鸿基地产股价影响最坏的一分钟已经过去。”

It is because of these brokers of hard，Sun hung kai properties of share price yesterday ended just dropped by 1%。This and sun hung kai in the followings: brothers on March 29 be icac arrested on that day when share prices fell 13% form bright contrast。"Just securities of marketing director for GuoSi evaluation said：“Sun hung kai properties of share price influence in the worst minutes had gone。”

　　为何新鸿基地产能够独撑危局百日不倒，更受到众多投行、券商的信任？机构研究报告的内容显示，是业绩“拯救”了新鸿基地产。而为了业绩，新鸿基地产也开始低价促销。

Why sun hung kai properties can only hold crisis of one hundred days is not，More by numerous investment Banks、Brokers trust？Study the content of the report shows，Is performance“save”The sun hung kai properties。And in order to performance，Sun hung kai properties also began a sale。

　　稳定业绩成被看好内因 Stable performance into promising internal cause

　　表面上看，人事上的变动帮助新鸿基地产撑过了“最坏的一分钟”。

On the surface，The personnel changes help sun hung kai properties got through“The worst of a minute”。

　　自3月29日以来，新鸿基的历次公告，基本与人事变动有关。先是重组了于3月19日成立的为处理廉政公署调查及一切相关事宜的特别委员会；4月11日，任命有35年房地产从业经验的老臣雷霆为执行董事；6月14日又委任TVB行政主席梁乃鹏及梁榉泾为独立非执行董事。

Since since March 29，Sun hung kai all previous announcement，Basic and relevant personnel changes。The first restructuring on March 19, the established for processing icac investigation and all related matters relating to the special committee；April 11,，Appointed have 35 years experience in real estate rage for the old minister executive director；June 14, TVB and appointed chairman of administrative and beams for laksmi ju Norman leung nai-pang independent non-executive director。

　　在郭氏兄弟被起诉之后，郭炳江29岁的儿子郭基辉和郭炳联31岁的儿子郭颢澧，代替郭氏兄弟担任董事职务。

In the followings: brother prosecuted later，GuoBingJiang 29 year old son GuoJiHui and GuoBingLian 31 son guo li hao finds，Instead of a director as followings: brother position。

　　与此同时，新鸿基地产还向包括雷霆在内的若干人士授予以每股96.15元价格认购的购股权。

At the same time，Sun hung kai properties also to some people, including thunder granted 96.15 yuan a share price in the share option。

　　但实际上，券商和投行们看好新鸿基地产并不是因为人事变动，而是这家公司未来的业绩。瑞信的报告就称，该公司以低于市场预期的价格，取得北角临海“地王”，反映多名高层被廉署调查事件并没有影响公司正常运作。

But in fact，Brokers and investment Banks they believe in the sun hung kai properties not because the personnel changes，But the company future performance。Red letter the report says，The company to lower than market expectations of price，Made the north“royal”，Reflect more senior was icac survey event did not influence the company normal operation。

　　根据瑞信的报告，上述新鸿基地产以69.1亿港元夺得的前北角村地块，每平方英尺地价为9347元。参考附近楼盘二手价，建成后每平方英尺售价可达1.6万元，而商业物业价值为每平方英尺1.4万元，计入建筑成本后，该项目毛利率有26%。

According to the report of the red letter，The sun hung kai properties to hk $6.91 billion of the north won before village plot，Each square feet of land price for 9347 yuan。Reference building secondhand near valence，After the completion of the price per square foot up to 16000 yuan，And commercial property value of 14000 yuan per square foot，Included in the construction cost，The project has a 26% gross margin。

　　与瑞信看法类似，其他投资机构也对新鸿基地产的股价表示乐观。交银国际报告称，“在新鸿基案件解决之前，公司仍存在不明朗因素，但我们认为公司不大可能跌至2008年的估值低谷，原因是香港物业市场仍然稳健，公司也在加快物业销售。”

And Rachel letter similar views，Other investment agencies also to sun hung kai properties's share price optimistic。/ silver international report said，“In the sun hung kai case is resolved，The company still has uncertainties，But we think the company is unlikely to fall to 2008 years of low valuations，The reason is Hong Kong property market remains robust，The company also to speed up property sales。”

　　除了新鸿基香港的业务，内地业务也被看好。根据交银国际的测算，新鸿基地产2012年的收入有望达到640亿元港币。

In addition to sun hung kai Hong Kong business，The mainland business also is valued。According to measure the silver hand in international，Sun hung kai properties of income in 2012 is expected to reach 64 billion Hong Kong dollars。

　　低价促销刺激销量增长 Low-cost sales stimulate sales growth

　　交银国际的研究，获得了克而瑞研究中心的数据支持。根据该机构的监测数据，在前三月内地商品住宅销售总额只有10.67亿元的情况下，新鸿基地产从4月份起开始突然发力，第二季度共销售了29.11亿元人民币，不仅较前一季度大幅增长，也比去年同期增长了184%以上。

International research into silver，Got a gram and red research center data to support。According to the agency's monitoring data，In march the commodity residential house before the total sales of 1.067 billion yuan only，Sun hung kai properties from April suddenly began to send force，The second quarter sold a total of 2.911 billion yuan RMB，Not only is a sharp increase from the previous quarter，Also than last year the corresponding period grows 184% above。

　　中房信集团的数据显示，仅新鸿基上海滨江豪宅项目凯旋滨江园项目就在二季度为新鸿基内地住宅销售业务贡献了近10亿元的销售额。

Zhong group of data showing that letter，Sun hung kai Shanghai binjiang a person of extraordinary powers curtilage the only project binjiang garden project will triumph in the second quarter, sales of residential properties for sun hung kai mainland business contributed nearly $1 billion in sales。

　　然而，这一项目如此好的销售业绩，却源于低价促销。尽管它的网上参考价最高达到26.4万元/平方米，主力销售的5、6号楼单价最高的一套单元，分别达到21.56万元/平方米和19.89万元/平方米，但中房信监测的实际成交数据却显示，没有一套房的成交单价超过14万元，绝大多数房源的成交均价在11万~12万元/平方米。

however，This project so good sales performance，But from low-cost sales。Although it online reference price to a maximum of 264000 yuan/square metre，Main sales of 5、Building no. 6 unit price of the highest a unit，Achieved respectively 215600 yuan/square metre and 198900 yuan/square metre，But the letter of the actual transaction zhong monitoring data are displayed，No one flatlet clinch a deal unit price of more than 140000 yuan，Most of the houses in the price 110000-120000 yuan/square metre。

　　中房信研究总监薛建雄认为，凯旋滨江园能在4个月不到的时间里卖出总共195套房源中的42套，和楼盘的销售价格不无关系。如果凯旋滨江园采用像汤臣一品的高定价策略，恐怕也会像汤臣一品那样历经8年时间，还没有去化总供应量的1/3。

Zhong director XueJianXiong think letter research，Riverside park in triumph to four months less than time a total of 195 sets sold the availability of 42，And the sale price of building dish was related。If the binjiang the triumph of a high as yu pricing strategy，I'm afraid will also be like that even a after 8 years time，Also did not go to the third of the total supply。

　　事实上，在凯旋滨江园上市前后，中粮海景壹号、四季汇以及国信世纪海景等多个滨江项目与之展开竞争，在这样的背景下，只有低价的销售策略，才能取得更好的业绩。

In fact，In triumph binjiang before and after the listing，Cofco seaview one number、The four seasons and which century seaview, and other binjiang expressed compete with the project，In this context，Only low sales strategy，To achieve better performance。

　　虽然，新鸿基地产以低价快速销售，刺激业绩大幅增长，进而使公司迅速走出郭氏兄弟被廉政公署起诉的影响。不过，新鸿基地产的投资者仍有一个疑问：快速成长的业绩，会不会透支新鸿基的未来，让新地在未来两三年时间出现部分区域无房可售的尴尬。

although，Sun hung kai properties with low price rapid sales，Exciting performance increase，And the company quickly out of the followings: brothers were icac prosecution influence。but，Sun hung kai properties of investors still have a question：Fast growth performance，Will the future of sun hung kai overdraw，Let the new earth in the next three years time without room area can be embarrassing for the sale。

　　对此，新鸿基地产公关部的回应与上述设想“颇有偏差”。对方称，凯旋滨江园销售情况理想，且并未采取降价策略。“滨江凯旋门”第一期（共5栋楼，195个单位）的整体均价约16万元，其中5、6号楼的标准楼层单位均价约12万元。所有单位有序推售，目前的成交集中在5、6号楼，成交均价达到预期。

this，Sun hung kai properties pr to respond with the above ideas“Quite have the deviation”。Each other says，Triumph binjiang sales ideal garden，And not their consoles。“Binjiang arc DE triomphe”The first phase（Five building，195 units）The overall average about 160000 yuan，five、Building no. 6 standard floor unit average about 120000 yuan。All units and orderly push sales，The current focus on 5 clinch a deal、Building no. 6，The price reached the expected。