Chairman Zhang Zhirong of Hengsheng Real Estate (0845.HK) purchased Hengsheng Real Estate shares on September 9. The shareholding ratio increased from 66.69% to 66.83%. Hengsheng Real Estate declined 18.7% from the beginning of this month to Wednesday; the stock fell 6.87% on Wednesday to close at HK$1.22. Deutsche Bank said that the recent sharp drop in Hengsheng Real Estate's stock price is due to mainland banks generally tightening credit, and investors are worried about its working capital situation. The bank believes that this concern is unfounded. The current price of Hengsheng Real Estate is only equivalent to 0.5 times the book value ratio, which is 84% off net asset value. Deutsche Bank expects that the share price discount margin compared to net asset value will be drastically reduced within the next 12 months, maintaining the buying rating. The target price is HK$4.51.