KERRY PPT(HK:00683) Zhong Guo Jing Ying Bao·2025-03-31 09:01Core Viewpoint - The recent launch of the Jinling Huating project by Kerry Properties marks a significant event in Shanghai's high-end residential market, achieving record sales and indicating strong demand for luxury properties in the area [2][3]. Group 1: Project Overview - The Jinling Huating project consists of 4 super high-rise buildings with a total of 318 units, including 158 units launched initially, with prices ranging from 40.17 million to 170 million yuan [3]. - The project is strategically located about 260 meters from the Bund, a key commercial and transportation hub in Shanghai [3]. - Kerry Properties has invested over 221 billion yuan in acquiring land for this project, making it the largest comprehensive project in mainland China for the company [4][5]. Group 2: Market Dynamics - The high-end residential market in Shanghai shows resilience, driven by the strong appreciation potential of luxury properties, attracting significant investment [2][6]. - In 2024, the supply of high-end residential projects in Shanghai is expected to increase, with 40 projects priced over 120,000 yuan per square meter, achieving a nearly 80% sales rate [6][7]. - The price gap between new and second-hand luxury properties is a key factor driving sales, as larger units offer greater overall value compared to higher-priced second-hand options [7]. Group 3: Future Outlook - The high-end residential prices are projected to continue rising, with increased competition for new projects entering the market in 2025 [6][7]. - Kerry Properties plans to release a second batch of units from Jinling Huating in the fourth quarter of 2024, which is expected to help reduce the company's debt levels [5].