20150612-JEFFERIES-融创中国（1918）：MORE_TO_GET_SETTLED_BEFORE_COMING_BACK_ON_TRACK；MAINTAIN_HOLD-207814

The increase in the equity interest for some JV projects with Greentown will enhance its NAV and earnings.However，risen gearing and the distortion of its land acquisition plan due to the association with Kaisa will cap its share performance.As a high beta play，Sunac stock movement will continue to be volatile.Subject to a fair valuation at 6.4x FY15E PE and 34% NAV disc，we maintain our Hold rating.