Zhi Tong Cai Jing·2025-09-11 03:47Core Viewpoint - UBS reports that Kerry Properties (00683) will launch the second phase of its Shanghai residential project, Jinling Huating, with 120 units at an average price of RMB 205,000 per square meter, representing an 8% increase from the first phase sold in March [1] Group 1: Sales and Pricing - The total value of the 120 units in the second phase is expected to reach RMB 9.8 billion [1] - The strong sales performance of the first phase in March supports an optimistic outlook for the second phase, with potential for further price increases on the remaining 40 units [1] Group 2: Financial Metrics - Approximately half of the contracted sales revenue from the first phase is still pending recognition [1] - With the total saleable resources from both phases, Kerry's estimated net debt ratio may decrease to 22%, and net debt could decline by 42% [1]