Trading margin for top line? China: Real Estate Developers: Cut in transaction tax, another move to stimulate housing purchase On the right track to enjoy China semiconductor’s structural growth opportunity Morning Express Recalibrating for macro, still solid on micro, reiterate CL-Buy FY15 below expectations; lower RMB hurts; lacklustre growth continues Tax rate adjustment causes short-term impact; industry demand recovered despite sluggish period SANDS CHINA ALERT(1928.HK):RECEIVABLE AGE LENGTHENING Buy:Margin shines but baffled by the dividend policy Buy:High-end hotels should help stabilise distribution