Ge Long Hui·2025-10-15 03:00Core Viewpoint - The report from Daiwa Capital Markets indicates that the first batch of units for Kerry Properties' Jinling Huating Phase II in Shanghai sold out immediately upon launch, with a subscription rate of 190% and an average price of 205,000 yuan per square meter, reflecting a 16,000 yuan increase from the previous sale in March [1] Group 1: Company Analysis - Kerry Properties' rating has been upgraded to "Buy" with a target price maintained at HKD 22.8, as the Jinling Huating project is expected to yield substantial profits upon completion of the residential portion in 2027, enhancing the company's core net profit [1] - The recent decline in stock price is viewed as an attractive entry point for investors [1] Group 2: Industry Insights - The report suggests that while residential demand in mainland China is stabilizing, investment sentiment remains weak, as evidenced by a year-on-year decline in new and second-hand home transactions in October [1] - The company maintains a "Market Perform" rating for the mainland and Hong Kong real estate sectors, with selected stocks including China Resources Land and Sun Hung Kai Properties, both rated "Buy" with target prices of HKD 34.1 and HKD 106.9 respectively [1]