SHIMAO PROPERTY 1HFY13 beats consensus by ~10% Quick Note A straw in the wind from Taiwan Inflation jumped to 6.9% YoY in July, distorted up by the public rent waiver last year The SHIBOR moved up whilst the PBoC conducted reverse repo Solid 1H13, but outlook clouded by tax change CRE 1H13 first take – result miss on beer and food Interim results below with net gearing at 100% H1 results in line, K&S project remains on track Rewarded for leading the cycle