Citigroup: Raises New City Development's target price to HK$3.2, maintains "buy" rating.

Sina Finance reported on March 31 that Citigroup released a research report stating that it has raised its target price for New City Development by 6% to 3.2 Hong Kong dollars, maintaining a "buy" investment rating. This is mainly based on the clarification of the balance sheet, with a discount of 30% on net asset value. The bank mentioned that after New City Development issued $355 million in three-year bonds in March 2026 and new shares in February 2026, the balance sheet has stabilized. The retirement of its CEO, Lu Xiaoping, has not affected the investment outlook. The bank predicts that with a decrease in impairment losses on the expected profit and loss statement in 2026, its profitability will improve. MSCI has raised its ESG rating from "BBB" to "A".