According to the Citigroup report, while maintaining the “buy” rating of Greenland Hong Kong (00337.HK), the target price was lowered from $11.1 to $10.42.

After attending the roadshow at Greenland Hong Kong recently, the bank believes that with the support of the parent company, sales growth is expected to increase by 50% this year. Among them, the Shanghai Wuliqiao project focuses on high-end style, and is expected to return quite a bit. The land reserve amounts to 3 million square meters, with an estimated value of 32 billion yuan, half of which is located in Shanghai. However, the profitability of the Shanghai project is high, with a gross margin of over 30%. Also, it is expected that assets will be injected by the parent company in the fourth quarter of this year.

The Group's internet finance business has made progress. It will launch an app platform and launch new financial products in August; it is confident that it will achieve balance of payments and even record profits this year.