Credit Suisse reported that it maintained its "outperform" rating of 00272.HK, raising its target price from HK $2.70 to HK $3.20.

According to Credit Suisse, Ruifang (after International Labour Day launched the Lingnan Tiandi project in Foshan to capture the demand after the complete removal of the purchase restriction order, 38 of the 78 new flats were sold during the long holidays, with an average price of about 12000 yuan per square metre, higher than other peripheral projects. The bank pointed out that sales will be concentrated in the second half of this year, as two key Shanghai projects will be launched in the fourth quarter of this year.

The bank cut its earnings per share forecasts for 2016 and 2017 by 30 per cent and 33 per cent to take into account the progress of new projects.