Zhi Tong Cai Jing·2025-09-29 08:41Group 1 - The core viewpoint of the report is that Kerry Properties (00683) has successfully transformed the Changsha Bay Kerry Hongji warehouse redevelopment project into a commercial and residential project, with an estimated gross profit margin exceeding 20% [1] - Bank of America maintains a "Buy" rating on Kerry Properties, citing that the company's dividend yield remains above the industry average of 6.5% [1] - The target price for Kerry Properties has been raised from HKD 23.2 to HKD 24.7 [1] Group 2 - The report indicates that the sales revenue from the first and second phases of Shanghai Kerry Jinling Huating has exceeded RMB 19 billion [1] - The company is expected to achieve a deleveraging target of a net debt ratio below 30% by 2026, compared to 38.4% at the end of the first half of this year [1]