China Property Sector: How genuine is the deleveraging trend?
 Sector performance have been hampered by concerns on deleveraging progress. This offers a buying opportunity and we took a deep dive to study who is deleveraging best.
 Sunac, CCRE and Logan improved their balance sheets the most whilst COLI, COGO, Longfor, and Logan have the lowest gearing ratios.
 Vanke (2202 HK), CR land (1109 HK), Logan (3380 HK) are our top picks on the back of their superior financial strength.