[ET Net News Agency, 7 November 2019] CCB International initiated coverage on Redsun
Properties Group (01996) with an "outperform" rating and a target price of HK$3.3.
It said Redsun is a Yangtze River Delta (YRD) based developer with dual headquarters in
its base city of Nanjing and in Shanghai. As of June, Redsun had a total landbank of 15.7m
sqm, of which 70% was located in the YRD the highest concentration among peers.
With RMB142bn in saleable resources on hand at June 2019 and acceptable net gearing of
80%, Redsun has the fundamentals in place to grow contracted sales to RMB100bn by 2022 and
achieve a 21% CAGR for 2019/2022. (KL)