Old habits die hard. Often, when a sector rallies from bombed-out levels on hopes of a turnround, investors buy the poorest quality companies. The logic goes that the lowest quality stocks were hardest hit on the way down, and these businesses thus have the most to gain from recovery. For shares in Chinese property developers, this time has been no different.
江山易改，本性難移。當一個板塊在業績好轉預期的推動下從大底反彈時，投資者往往會買入質量最差的公司的股票。這里面的邏輯是，質量最差的公司的股票在下跌期間受沖擊最大，因此它們在回升期間的受益空間最大。對中國地產股而言，這次沒有什么不同。
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