Inexplicable success is as unnerving as failure. At least it should be. Evergrande Real Estate Group was the best performing of Hong Kong-listed China property stocks last year, scoring a total return of almost 150 per cent. Second place went to China Vanke, up a mere third. Indeed, Evergrande was the top performer in an index of 100 Hong Kong listed mainland stocks that includes far sexier technology companies such as Tencent and Apple supplier AAC Technologies.
讓人看不懂的成功和失敗一樣令人不安。至少它應該令人不安。恒大地產(Evergrande Real Estate)是香港上市的中國房地產股票中去年表現最佳的,總回報率近150%。排名第二的是萬科集團(China Vanke),漲幅只有三分之一。實際上,在一個追蹤100只香港上市內地股票的指數中(其中包括騰訊(Tencent)和蘋果(Apple)供應商瑞聲科技(AAC Technologies)等吸引力大得多的科技公司),恒大表現最佳。