Ge Long Hui·2025-09-11 02:40Core Viewpoint - UBS reports that Kerry Properties' Shanghai residential project, Jinling Huating Phase II, will launch with 120 units at an average price of 205,000 yuan per square meter, representing an 8% increase from the first phase sold in March [1] Group 1: Project Details - The total value of the 120 units in Phase II is estimated to reach 9.8 billion yuan [1] - The strong sales performance of Phase I in March has led to an optimistic outlook for the sales of Phase II [1] - An additional 40 units in Phase II are expected to have further price increase potential [1] Group 2: Financial Implications - Approximately half of the contracted sales revenue from Phase I is still pending recognition [1] - With the total saleable resources from both phases, Kerry's projected net debt ratio may decrease to 22% [1] - Net debt is also expected to decline by 42% [1] Group 3: Analyst Rating - UBS maintains a "Buy" rating for the company with a target price of 24 HKD [1]