Crown-June Trust now drops 1.99% Citi ratings buy 3.05 HK $

The crown-June Industry Trust (02778-HK) is now down 1.99%, at HK $2.46, for a transaction of HK $9.4648 million, which is now running a small market, with the index falling 1.36%.　　Citi maintained its buying rating and raised its target price from HK $2.54 to HK $3.05, mainly because of falling interest costs and a reduction in the discount rate, with 2009-10-year profit forecasts cut by 7% to 9% respectively. The bank said that although the crown-June Industry trust office rents are still under pressure, but this factor is more or less reflected in the share price. Added that the current liquidity situation would keep Hong Kong's interest rates low, which would be in the interests of the Crown prince, as the capital value of its properties would increase.　　added that low interest rates have reduced interest costs, helped to increase the allocation rate of Crown monarch and eased refinancing worries. The bank also said that although the 2008-10 Crown June's office rental will be reduced by 30% to 40%, Langham Mall rental reduction of 20%, but still expected 2009-10 dividend yield of 8.1% and 6.6% respectively, and the deposit rate of only about 0.01% is still attractive.