Ruian Real Estate (0272.HK) had contract property sales of RMB 312 million in February, with a sales area of 15,600 square meters; cumulative sales for the first two months were 531 million yuan, with an area of 29,900 square meters, down 56% and 23% respectively from the previous year. Credit Suisse believes that contract property sales last month increased by 42% month-on-month and fell 9% year-on-year; while this year's sales are recovering compared to last year, they are more cautious about last year's performance. It is estimated that turnover will only increase in medium units, core profit is meager, and there will not be a rebound until 2016; it will continue to outperform the market, with a target price of HK$2.7 unchanged.