A research produced by DTZ
In Q4 2013, the DTZ China Fair Value IndexTM score dropped to 50, nearly the lowest level on record, and indicating a balanced number-and overpriced markets. With only three attractively priced markets out of the 17, opportunities to earn excess returns are becoming more limited.
There are two drivers behind the downgrade of the China Fair Value scores over the quarter. First, required returs have been impacted by a significant upward movement in the five year government bond yield, which soared to a 16 year high of 4,5% at the end of 2013. This is bringing wider pressure to bear on liquidity and highlighting potential risks in the financial market.
Source : DTZ (Groupe UGL)