Letter and real estate rose 3.68% for Citigroup's target price of HK $10.43

The letter and home purchase (00083-HK) rose 3.68%, reported HK $12.96, a deal of HK $145 million, which won the big market in early trading, and the index rose 2.17%.　　Citigroup increased its target price from HK $9.62 to HK $10.43 (still below current prices), compared with a 30% per cent net asset value, which had been adjusted to increase the estimated net asset value as Citi's view of average sales prices and capitalization rates became more optimistic. However, the flag said that the company's 00054-HK with Hopewell Industrial (the Urban Renewal Authority) to obtain the equivalent stake in Wan Chai East Street redevelopment project will not be net worth but with the bank greatly improved. Citi said the project would only increase the net asset value of HK $0.31 per share. While the price and volume growth of the housing market in Hong Kong so far this year has been outpacing the bank's expectations, the bank believes it is well reflected in the shares of the letter and home ownership.