J.P. Morgan confirmed Hang Seng Properties (00845-HK)'s shareholding rating and removed it from the Asian analysis focus list. According to J.P. Morgan Chase, the catalyst for the high sales ratio of Hengsheng Real Estate mentioned earlier is still there, but due to the increase in existing loans to 9.3 billion yuan, the return of funds from contract sales was slower than expected, and the net debt ratio also rose to 70%, which was worse than previously anticipated. Compared with the continuous contraction of macro-credit, it was decided to remove it from the Asian analysis focus list.