Barclays Capital lowered the target price of the Associated Press Group (1,200.HK) from HK$3.06 to HK$2.55 to reflect the new book value for FY2012. Currently, it is not expected to pay dividends in the second half of 2011. The bank maintained its rating of reduced holdings in the Associated States Group. According to the bank, the commission income of all real estate agents in Hong Kong fell 40% year on year in the second half of 2011 because the transaction volume and transaction volume in the second half of 2011 fell by 50%-60% and 40%-50%, respectively, which had a negative impact on the revenue of the Associated States Group. Given the competitive factors it faces in order to maintain market share, the Union Group needs to maintain a high cost base, and the company is expected to lose money in the second half of the year. The Associated Press Group closed down 3.1% to HK$3.73 on Wednesday.