New report: 1H15 result—strong momentum continues 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 Hold: The case for cap rate compression 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