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Hong Kong-listed China Overseas Land got the most "buy" ratings from the analysts surveyed by China Daily. The developer, formerly the investment arm of the Ministry of Construction, has land reserves across the nation, with many located in small- and medium-sized cities.
"Its diversified land portfolio will help it hedge the risk of tightening policies," said Chow.
Based on its current projects and land reserves, China Overseas' land sales could reach 1.6 million square metres this year, 2.7 million square metres in 2007 and 3.5 million square metres in 2008, according to a report by Hong Kong-based Sun Hung Kai Financial Group.
China Vanke, the largest mainland-listed property developer, was the only A-share firm to win more than five votes from the analysts.
It is in a strong position thanks to its efforts to enrich its land bank and its experience of surviving the previous market lull in the early 1990s.
Meanwhile, Hong Kong-listed Beijing Capital Land has more potential than its competitors.
The release of its chairman Liu Xiaoguang last month, who had been investigated for alleged corruption, will further fuel investors' confidence.
The Beijing-based developer posted a 4.5-fold increase in its net profit from January to June, largely thanks to its acquisition of Beijing East Ocean United Investment.
"Apart from Liu's return, the company is expected to profit from a construction spree resulting from the 2008 Beijing Olympics," said Nicole Wong, a property analyst at Nomura International (Hong Kong).
"It's a typical Olympics-concept stock to gain from the world's largest sporting event," she said, putting Beijing Capital Land's full-year profit for 2006, 2007 and 2008 at 386 million yuan (US$48.3 million), 535 million yuan (US$66.9 million) and 905 million yuan (US$113 million), respectively.
Unlike its peers, Guangzhou R&F Properties was among the few developers to report a fall in its first-half profit. But analysts still regard it as a good stock for buyers. They cited a big base last year and a delay in its property projects as reasons for the firm's 60 per cent drop in earnings.