DBS also published a report indicating that the sales price of the Reishi Road site in Yanwen was lower than expected, mainly due to the government's tightening of control over the water discharge ratio, but the bank continued to be optimistic about luxury property developers, including Sino Real Estate (00083-HK), Kerry Construction (00683-HK), Changjiang Industrial (00001-HK), and Jiahua International (00173-HK). According to the DBS Weigao report, Chinachem Group invested $2.17 billion for the Yanwen Reishi Road site, with an average of $9,537 per square foot, 21% lower than the bank's forecast. The competition process was slow. The bank believes that the land sale price is lower than expected, mainly due to the government's tighter control over the water discharge ratio. The bank estimates the cost of the entire project at 12,600 yuan per square foot. If there is a 15% profit, the estimated selling price is 14,900 yuan per square foot. The bank believes that although the bid price was disappointing compared to expectations, the developers have not improved the prospects of the luxury housing market, so they continue to be optimistic about luxury property developers. Shares/investment rating/target price. Sino Real Estate (00083-HK) /Buy/$18.74 Changjiang Industrial (00001-HK) /Buy/135 yuan Jiahua International (00173-HK) /Buy/3.89 yuan. Kerry Construction (00683-HK) /Buy/$50.15. Hang Lung Properties (00101-HK) /holding/$36.3. Henderson Land (00012-HK) /holding/$58.2. New World (00017-HK) /hold/16.78 yuan. Sun Hung Kai Properties (00016-HK) /holding/$142. Dachang Group (00088-HK) /Buy/$6.12. MTR (00066-HK) /buy/$35.1.