According to Citigroup's research report, due to the launch of more projects, it is expected that China Res Land's (01109.HK) strong contract sales performance in June this year and the year-on-year sales decline in July will narrow significantly. The retail and same-store sales of shopping centers increased by 21% and 7% respectively in the first five months of this year, and it is expected that the same-store sales growth for the whole year could reach 5% to 10%. Benefiting from the recovery of visitor traffic to sales offices in first- and second-tier cities and ample high-quality resources, the company may become a leader in the industry with outstanding performance. In addition, the company's performance in the first half of 2024 is expected to have a stable dividend rate, and the combination of recurring profits will continue to drive profit growth. The bank has initiated a positive observation on Res Land for 30 days.

The bank has a target price of 39.1 yuan for the company and gives it a "buy" rating, reiterating it as the bank's industry first choice.