The deal is finally done 1H15 profit warning: A divergence in fundamentals vs peers, cost-cutting effort likely lagging Downgrading: 2015 still a challenge 2Q URA data: rents and prices dip as supply comes to a head 1H15 review – Smooth sailing despite macro headwinds Hold: Warns for 1H15 loss, ongoing difficult conditions NAV monetization to continue; stay OW Asset disposal of Shanghai XTD project crystallizes value; CL-Buy Asset disposals have just begun The Link Real Estate Investment Trust：Expansion in China continues; bringing China exposures to 7.5%