UBS published a research report showing that the outlook for domestic housing stocks has been raised from “neutral” to “positive,” indicating that domestic housing stock prices have continued to decline since mid-2009, but in the second half of 2009, property prices in 14 major cities in the mainland rose by 13% to 112%, indicating that the market is already too concerned and reflects the impact of potential policy adjustments, and that the current price of domestic housing stocks only reflects the market's expectation that property prices will fall by 18% to 61%. It is also expected that mainland property prices will not fall by more than 20% this year. UBS raised the target price of domestic housing stocks by up to 17% (see table below) and improved Country Garden (02007-HK) and R&F Real Estate (02777-HK). Both upgraded their investment ratings from “neutral” to “buy”, with new target prices of 18.3 yuan and 4.1 yuan respectively; while UBS's domestic housing stock preferred Agile Real Estate (03383-HK) and Greentown China (03900-HK). Share/investment rating changes/target price adjustments (yuan). Agile Real Estate (03383-HK) /Maintaining Buying/19->19.8. Country Garden (02007-HK) /neutral -> buy/3.5->4.1. China Overseas (00688-HK) /Maintaining Buying/22.9->20.8 R&F Real Estate (02777-HK) /Neutral -> Buy/16.2->18.3. Shimao Real Estate (00813-HK) /Maintaining Buying/19.25->18.7 SOHO China (00410-HK) /Maintaining Buying/6.2- >4.9 Hengsheng Real Estate (00845-HK) /Neutral -> Buy/4.2->3.9. Poly Hong Kong (00119-HK) /Maintaining Neutrality/29->20.6/ Greentown China (03900-HK) /Maintaining Buying/17.5->18.1/ Synthesis Innovation Exhibition (00754-HK) /Maintaining Buying/15.6->15.4/ Hejing Taifu (01813-HK) /maintain buying/maintain 7 yuan/. Longhu Real Estate (00960-HK) /Maintaining neutrality/9.18->9.5.