Gelonghui, November 10 | Citigroup published a research report maintaining a “neutral” rating for Sunac China, pointing out that Sunac's overseas debt restructuring plan has been approved by the Hong Kong High Court, and announces that all conditions of the restructuring plan have been met and will take effect from October 5. The restructuring plan involves about US$10.2 billion and will be replaced by means of convertible bonds, compulsory convertible bonds, Sunac services, and new notes. Citi believes that the successful implementation of the offshore debt restructuring plan is significant progress for Sunac China. It can achieve a certain degree of financial flexibility and business stability, and raise the target price from HK$1.3 to HK$1.9. However, since the company's contract sales performance in the first nine months was still weak, contract sales fell 50% year over year, and there was not much new land investment or project construction started during the period, so the investment rating remained unchanged.