Glonghui, December 15 | Goldman Sachs reports that Changshi Group has fallen 21% from this year to date, outperforming the Hang Seng Index, which fell 17% during the same period. Affected by weak investment sentiment in Hong Kong real estate stocks, it has outperformed its peers. The bank's macro team expects the Fed to cut interest rates ahead of schedule. The reduction is also expected to be larger than originally anticipated. It is expected that interest rate cuts will begin in March next year. The bank expects that faster interest rate cuts will stimulate increased trading in the Hong Kong property market. Xindi and Hengdi, which have significant exposure in the mass market, are expected to benefit the most, and reduce the pressure on developers' interest expenses. Currently, New World has the greatest leverage among its peers. However, in the bank's coverage, only Changshi Group was given a “buy” rating. Because of its diversified business portfolio, the most sustainable dividend ratio, attractive market account ratio, and attractive valuations, return on assets (ROA) and return on equity (ROE) were higher than those of its peers, with a target price of HK$55.6.