Goldman Sachs retains "buy" rating for Shenzhen Investment

Sep. 15, 2009 (China Knowledge) - U.S.-based investment bank Goldman Sachs Group Inc recently retained its "buy" rating for Hong Kong-listed Shenzhen Investment Ltd<0604>, raising the stock's target price to HK$4.7 from the previous HK$4.68.

In the first eight months of the year, Shenzhen Investment gained RMB 3.2 billion in pre-sales revenue, accounting for 76% of Goldman Sachs' full-year projection.

This year the property developer plans to sell units in 19 projects, most of which were not yet up for sale in the first half of the year. Property sales soared 783% from a year ago to HK$1.13 billion during the period, driven by sales of units in 5 uncompleted projects in the first half and in projects from the end of 2008 at the subsidiary level.

The firm raised its full-year sales target by 18% to RMB 4.5 billion. It earlier said it plans to expand its property development portfolio for the next three to five years from this year's end-of-June level.