Goldman Sachs: Slightly lowers Country Garden's target price by 2% and maintains a "buy" rating

On July 15, Goldman Sachs issued a report stating that it slightly lowered the target price of China Resources Land (01109.HK) by 2% from HK$35.3 to HK$34.5. It also slightly lowered the earnings forecast for 2024-2026 by 1%, 2%, and 2% respectively, mainly considering the latest land acquisition and contract sales performance. Goldman Sachs does not consider these changes to be significant, so it maintains a 'buy' rating. Goldman Sachs remains optimistic about the long-term rise prospects of China Resources Land, primarily due to its leading position in property investment (IP) operation, strong balance sheet, and strong land reserves in major cities in mainland China.