GLONGHUI, September 20 | Citi issued a report stating that in accordance with Shimao Group's 2023 interim results announcement, the Group will continue to implement measures to ease debt pressure. Based on the company's latest performance for FY2021, FY2022, and the first half of FY2023, the bank is expected to continue to lose money from 2023 to 2025, affected by weak sales and accounts, high gross margin, and high financial costs. The report said that considering Shimao's net debt ratio of 372.5%, uncertainty about debt extension and restructuring, and questions raised by independent auditors about Shimao's ability to continue to operate due to many major uncertainties over the past two fiscal years, the rating was downgraded from “neutral” to “selling”, and the target price was drastically lowered from HK$4.5 to HK$0.7.