A 2% increase in the creation of the composite has reflected positive factors

The company today showed a first-and-most-rising trend, with shares falling 1.62% to HK $11.32 in the afternoon, closing 17.84 million shares.　　Macquarie issued a report that downgraded the stock from the market to neutral, but set the target price by 63% to HK $12.1, based on the 2009-year forecast P/E, which was 5.9 times times higher than the market premium of 7%. Macquarie pointed out that the 2009-2010-year profit forecast for the OECD will be adjusted by 18% and 9% respectively to reflect the bank's latest forecast for Chinese city prices. But said that the current share price has reflected the positive factors; even if its valuations are still relatively cheap compared to the broader market (which is equivalent to net asset value, which forecasts a twice-fold price-to-earnings ratio for the 2009 fiscal year), the outlook for earnings growth is less attractive than that of peers, limiting its potential for re-evaluation. But the company's operations are geared towards cities with lower inventory and land costs, which provide the bottom line for price support.