Dahua Jixian released a research report stating that it maintains a "buy" rating for China Resources Land (01109), with a respective downward adjustment of 4.5% and 10.4% for the profit forecasts of 2025 and 2026, and a corresponding 14% downward adjustment in the target price, from HK$37.67 to HK$32.4.
The bank pointed out that they visited Runhong City in Guangming District and the Mixc in Nanshan District of Shenzhen; they also mentioned that the latest property sales of China Resources Land and the sales of merchants in their malls both showed good growth, although the growth in November slightly slowed down, it still improved compared to the third quarter. The management of China Resources Land is bullish on next year's development of property profit margins and cautiously optimistic about consumer growth.