Deutsche Bank maintained the “buy” rating of Jianye Real Estate (00832-HK) with a target price of 4.13 yuan. Deutsche Bank reports that Jianye Real Estate's sales last year exceeded the original target by 15%. It is believed that sales performance will also be strong this year. It is estimated that the company's available sales resources this year are RMB 20-201 billion. Even if the company is given a more conservative 60% removal rate, the company's strong sales trend in 2013 should be maintained. According to the bank, Jianye currently trades with a price-earnings ratio of 3.7 times in 2013, a market-to-to-value ratio of 0.8 times, and a 58% discount compared to net asset value. The bank indicates that the company continues to have strong sales execution and asset flow. The company's stock price discount compared to net worth and market account ratio is expected to narrow. The target price of 4.13 yuan is equivalent to a 40% net value discount. The main risks are mainland economic fluctuations and government suppression measures.