China top news    CIFI to issue 545m shares to Ping An at HK$3.50/share    CIFI (0884.HK) announced that it will issue 545m shares to Ping An (2318.HK) ata subscription price of HK$3.50/share. The issued share is about 7.40% of theenlarged share capital of CIFI. The subscription price is ~13% discount of theclosing price on 27July. Together, with its existing shareholding, Ping An willown ~10% of the enlarged share capital of CIFI after subscription. (Company)Deutsche Bank Comment: After the subscription, the placement price implies5.7x/4.4x FY17F/18F PE and 46% NAV discount, which is cheap vs. the sectoraverage. CIFI remains as our sector top pick among small caps and we suggestinvestors accumulate amid price correction.    Lowest inventory level seen in Guangdong Province since 20    14    According to Guangdong Real Estate Association, property sales volume andvalue in the province in 1H17were up 11% and 17% y-y respectively to 74.7msqm and RMB846bn. For commodity residential properties, sales volume wasup by 6.3% y-y and sales value was up by 9.3% y-y to RMB701bn. Salescontinued to stay at a higher level than supply, leading to the lowest inventorylevel seen in the province since 2014. (CFI)    Hong Kong top news    Kwun Tong Action Area to provide 860k sf for commercial use    Two development proposals for Kwun Tong Action Area have been revealed bythe government office. The site will be redeveloped into a new area for mixedpurposes including commercial, government, community-related, cultural,recreational and transportation. A total GFA of 860k sf will be set forcommercial use (703k sf for office and 156k sf for retail/food services). (HKET)

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