France and Pakistan said that South China City (01668.HK) recently signed a framework agreement with the Nanchang Municipal Government to use the two plots for e-commerce and logistics development, with a total area of 1.7 million square meters, in line with the Group's strategy. The trip visited South China City in Shenzhen, indicating that an e-commerce center and warehouse have already been built in South China City. According to the bank, it believes that South China City issued RMB 1 billion notes, which not only shows the Group's flexibility in developing financing channels, but also shows its competitive advantage as a wholesale market/logistics mall in the mainland. It is believed that the Group will announce more details of e-commerce and logistics plans at the end of June. The current price of Huanan City is 68% off the net asset value per share, which is equivalent to 5.9 times the price-earnings ratio predicted in 2015, which is significantly lower than that of its peers. It believes that the stock price has been weak recently, providing a buying opportunity. The rating remains “buy”, and the target price is 6.03 yuan. (na/t)