Investment Summary 3
Industry and Investment Cycle 4
Valuation 11
Demand, Supply and Price Drivers 16
Yangtze and Pearl River Delta 27
Issues and Trends 33
Financials 39
Initiating Coverage 43
Shenzhen Chiwan Wharf .......................................................................................................................... 44
Shenzhen Yantian .................................................................................................................................... 52
Shanghai Port Container ........................................................................................................................... 59
Appendices 67
Yangtze Vs. Pearl River Delta .................................................................................................................. 68
Hong Kong’s Opportunities in China’s Regional Economic Development.............................................. 73
Statistics ................................................................................................................................................... 80