Becoming a regional SOE developer
- Henan Government’s entrance to relieve concerns about company’s repayment capability
- CCRE en route to regain access to refinancing channels and poised to record better-than-peer presales recovery
- Cut FY22-23 earnings to factor in 1) weaker presales and thus recognition outlook and 2) lower margin assumptions
- Maintain BUY, with TP cut to HK$1.29
