Credit Suisse published a report that SF Real Estate Trust (2191.HK) recorded property revenue of nearly HK$195 million from April 29 last year (date of establishment) to the end of last year; operating performance improved during the period, and the average rental rate of the portfolio rose to 95.8%. Furthermore, the Hong Kong property rental rate has also increased this year, that is, the promised rental rate of 97.3% compared to 92.6% as of December 2021, and renewal rents have rebounded.

At the same time, according to the report, SF Real Estate Trust's balance sheet remains healthy. As of December 2021, the balance ratio is 30.6%, which means there is about 2.5 billion yuan of debt space for asset acquisition.

The bank lowered SF Real Estate Trust's allocation forecast per fund unit. The target price was lowered from HK$5.39 to HK$4.71 to take into account interest rate hikes in the offshore market and maintain the “outperform the market” rating.