According to a report released by HSBC Global Research, the mainland real estate and property management industry will announce interim results one after another this month, and this financial forecast is more difficult than before, as the market is traditionally expected to provide downside protection, but the risk of further pricing reduction cannot be ruled out. The bank said industry sales and completion were slowing, there was gross profit pressure and expanded impairment losses, and investors were used to being disappointed with policy. In the short term, the bank found it difficult to see a "valuation floor" for the industry, as asset values were affected by impairment losses and weak asset prices, and the industry's liabilities lacked transparency. However, HSBC expects the market to stabilize over a longer period of time, mainly because policy is expected to be looser in the future. It is believed that structural solutions should support developers' debt refinancing, followed by stimulating housing demand, which will be of great help to the market. Among internal housing developers, the bank focused on gross profit, cash flow, dividends and future guidance, and preferred China overseas (00688.HK) and China Resources Land (01109.HK) with resilient profit prospects, both of which were rated as "buy" with a target price of 29 yuan and 47.4 yuan respectively. The property management industry is fond of China Shipping property (02669.HK) and Greentown Services (02869.HK), with target prices of 11.7 yuan and 10 yuan respectively, with a rating of "buy". HSBC also lowered its target price for 02777.HK by 44% from 2.50 yuan to 1.40 yuan, with a rating of "underweight", reflecting its record of gross loss last year.