 Good day, fellow investors. So I showed you my analysis on Xinyuan in-depth analysis and now I want to discuss the other three companies that I compared to Xinyuan. So if you are interested, if you're tempted to invest into Chinese real estate developers, taking advantage of the boom that might last another five to ten years, even with slowdowns and you want to buy stocks that can survive those slowdowns, then you should buy them in Hong Kong. So let's quickly discuss those Hong Kong stocks which are risky but still extremely cheap but much less risky than Xinyuan. The three stocks I want to talk about are R&F, Guaozhou, R&F, SE and Yuzhou property development that I borrowed from Koneko Research, which by the way means small cat in Japanese. I didn't get that. Thanks for notifying that to me, investing with JYK. So check his channel out. China real estate developers, as said, price earnings ratios very low, gross margins, those have higher gross margins than the average that we're going to discuss. Then the book values have been compounding considerably over the last five years and the price to book is below one. Guangzhou properties, they have again huge growth, standard business like a property, gross profit increased to 48%. They trade domestic shares, they have Hong Kong shares, CEO owns 33% of the company. They have also some hotel operations. It's a small part but 26,732 rooms is something, 88 hotels in China. So exposure to that industry is also interesting. The land bank is very big, 8 million, 8.3 million square meters. So there is a lot of value to develop. They are very diversified across China, what Xinyuan isn't. So diversified play. The key statistics are very good. Price earnings ratio 1.76 now. It will go lower to 3 something, 3.45. But that's still extremely low. The dividend yield close to 10%, the price to book 0.61. And the debt is, let's say the debt that they have to really repay is four times the equity. That's slower than Xinyuan's five times equity. The long-term picture, another stable gross margins, they go up and down with the cycles in the Chinese real estate industry, but the revenue has exploded. Not that fast growth as with others, Xinyuan not that leveraged does, but a nice property management. However, prices are contracting, so expect lower prices, lower valuation, higher valuations there on the same price. Use though properties, same story, huge growth, much bigger growth, earnings per share growth, margins relatively stable but also fluctuating in line with the cycles. Contracted sales all over China, very well diversified. They are also building hotels, they also have some hotels, but it's not such a big part of their revenue. They have a stable diversified financial position, 33% in US dollars. So, okay, but look at the yields. You look at the interest rates, 6.77% compared that to 8.7%, 13% for Xinyuan that they were paying, much better here. Key projects, just to look at what they are doing, huge, huge buildings, huge projects that they'll be selling around the country. That is 37 billion RMB on 18 billion on equity, so two times higher than the equity, not five times as it is with Xinyuan. The dividend is still 10%. The forward P is 2.62, price to book 0.77. So, that's why I'm saying Xinyuan is expensive. Then SE Group, just a quick note. You can read the basics here. However, everything is exploding, like with every developer. Again, growth, fluctuating margins, gross margins, second row here. The rest, similar to everybody else. The debt is not that high. Also, equity 18 billion RMB liabilities, 33 billion RMB. When you sum everything up, well diversified with the focus on Beijing, tier one city, that is always with tight supply. A little bit lower dividend, 7% PE, extremely low, price to book 0.67. Their focus is a little bit more on third and four tiered cities. So, my conclusion, I'm not going to invest in Chinese property developers because you can see the growth. If you look at the growth there, it has been amazing. And at some point, I think it's going to stop. The risk reward, it can expand, there can be more migration, but the migration might slow down because analysts usually look at the migration, what happened will happen again. But I think it will slow down a little bit and they are expanding like crazy. They are getting more cash from the current sales and expanding bigger and bigger. And I think somewhere that that will break. That's why it's cheap. And I like sustainable businesses that have the potential to really grow in the future, not that they have the potential to die in the future. So, that's why, okay, Chinese real estate, leave it to others. If you need exposure, if you like the environment, if you like the dividends, if you understand the risks, please buy in Hong Kong, not Xinyuan. So, that's my message. That's my in-depth analysis. If you want to see more such analysis on stocks, please check my stock market, research platform, where we have discussed China, we have discussed Brazil, we have discussed Argentina, and we are going to discuss Russia. We're going to discuss gold miners, uranium producers, other metals, other countries across the globe, and always great businesses at a fair price. Thank you for watching, looking forward to comments, and I'll see you in the next video.