Citi Research said developers' business models divide the mainland property sector into two parts. The disappointing results of companies like Evergrande, Agile and Yuexiu among others showcase problems in the "old business model" of being asset-heavy, focused on low-tier cities, and with high debt and inventory. Without any turnaround, their outlook is gloomy. In contrast, Citi noted the solid results from China Overseas Land and Investment, Wanda, Vanke and Sunac, whose business models made them asset-light and focused on Tier 1 and 2 cities, with well-controlled debt/inventory scale and diversification. These names should sustain their promising growth, Citi said. They should evolve as a new group of quality developers with mature business models that embrace higher growth in a new market stage with lower cyclical risk.