UBS published a research report to maintain SOHO China's (00410.HK) neutral rating, and the target price dropped to 4.11 yuan.

According to UBS, SOHO China launched its serviced office business in the third quarter, mainly targeting the short-term rental market. It is believed that with the increase in Internet companies and startups, the above business will perform well. In the third quarter, the company can provide 4,200 seats for rent, which is expected to increase to 12,000 by March next year, equivalent to 11% of the space available for rent and to offset additional costs. The bank said that although the impact of the relevant leasing model on its vacancy rate fluctuates, it believes it is of positive help to the company.

UBS estimates that this year, excluding special interest, the distribution per share will be 0.1 yuan, which can rise to 0.15 yuan in the future, which is equivalent to a payout ratio of 47% and 115%, while maintaining a 60-80% level until 2017. However, at the same time, its net asset value fell 19% to 6.15 yuan to reflect factors such as the devaluation of the RMB.