$4% worth of property down to tighten Citi reiterates

The May contract sales growth slowed to 24% of the real estate property fell this morning, the share price is now down 3.68% to HK $16.76, deal 8.89 million shares.　　Citigroup issued a report saying it maintained the stock's selling rating, but raised its target price from HK $5.62 sharply, by nearly 90% to HK $10.47, but still at a discount of 38% per cent. Citigroup has raised its profit forecast for 2009-11 fiscal year by 13.3% to 35.4% to reflect the expected increase in average selling prices and to adjust the expected sales of real estate development projects. But the stock's share price has been tighter than the equity premium of 15%, which has a high debt ratio and limited growth potential through buying land.