UBS issued a research report stating that KERRY PPT's (00683) Shanghai residential project Jinling Huating Phase 2 will initially launch 120 units, with an expected average selling price of RMB 205,000 per square meter, representing an 8% price increase compared to Phase 1 sold in March. Kerry Properties expects the total value of these 120 units to reach RMB 9.8 billion. The bank reiterates its "Buy" rating on the company with a target price of HK$24. The bank expressed optimism about the Phase 2 launch based on the strong sales performance of Phase 1 in March, and expects the remaining 40 units in Phase 2 to have further price appreciation potential. Additionally, Phase 1 still has approximately half of its contracted sales revenue pending recognition. Combined with Phase 2's total saleable resources, the bank estimates that Kerry Properties' projected net debt ratio could decline to 22%, with net debt potentially decreasing by 42%.