Glonghui, December 25 | Bank of China International released a research report saying that it maintains Yuexiu Real Estate's “buy” rating, believing that Yuexiu's sales performance is still ahead of most of its peers, and that it is the first developer to complete the annual sales target under unfavorable market conditions. The target price is HK$10.7, which remains the bank's first choice in the industry in 2024. According to the research report, as of the first 11 months of '23, the company achieved a total of 132.91 billion yuan in contract sales, an increase of 29.1% over the previous year, and achieved 100.7% of the annual sales target of 132 billion yuan. Including new projects in Shanghai, Yuexiu has purchased 19 new projects by 2023, with a total planned construction area of about 3.6 million square meters and a total cost of 47.4 billion yuan, accounting for about 36% of the total contract sales achieved in the first 11 months of 2023. The bank believes that Yuexiu Group is replenishing land reserves according to the plan to maintain the growth of land reserves, while maintaining a stable net debt ratio of about 60%.