Yanlord Land Group (Z25.SG) +1.3% at $1.60 in thin trade, continues to consolidate after sharp pullback in mid-April as investors generally not inclined to bet big due to concerns of slower home sales following China’s property-market tightening measures in past months, according to Dow Jones.

JPMorgan, which has Overweight call with $2.10 target, notes stock trades at 46% discount to house’s RNAV estimate, with current price implying 50% fall in average home selling prices, 30% decline in home sales.

JPMorgan cites July launch of Yanlord’s first wholly-owned, solely-managed commercial property in Chengdu as catalyst for shares in near term: “We believe that a good execution in managing the retail mall, on top of its encouraging pre-commitment of 90% (take-up), would help to confirm or even increase the rental income and valuation of Yanlord’s investment property portfolio.”

Resistance tipped at 20-day moving average, last at $1.62.