EFTA Document EFTA01385478

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite The end of property cycle will negatively affect land sales revenue, which comprises 30% of local government revenue. We expect the government to loosen controls on property markets in 02 2018 to offset the impact of property cycle on investment and government finances. New growth engines President Xi ' s Oct speech pointed to a number of sectors that could be developed in the next