UBS lowered the target price for People and Commerce (1387.HK) from HK$3.45 to HK$2.60, which is equivalent to 7.7 times the 12-month expected price-earnings ratio. UBS lowered its earnings forecasts for Renmin and Business for the 2010 and 11 fiscal years by 10% and 3%, respectively, but raised its 2012 profit forecast by 21% to reflect new projects and pre-sale arrangements. UBS has been conservatively estimating that the company will only transfer 200,000 square meters of management rights in fiscal year 2010 (the company expects 400,000 square meters). Since the sale/lease was carried out at the end of the year, profit for fiscal year 2010 may be realized in the second half of the year. UBS maintains the stock's buying rating; since people and businesses are purely underground shopping mall developers/lessors, the company will not be affected by this year's tightening of the real estate market. The stock rose 2.4% throughout the day to close at HK$1.71.