Citigroup expects residential property prices to drop 15% this year, of which luxury property prices will drop 10%. The bank also sees Hang Lung Properties (00101-HK) and Kerry Construction (00683-HK) as the first choice for “selling” in real estate stocks.

In the report, Citi reduced the target price of Sun Hung Kai Properties (00016-HK) to $100.7, while the target price for Changji Real Estate (01113-HK) dropped from $49.7 to $40.9.