According to a report released by Citibank on August 1, the interim results of Hang Lung Properties (0101.HK) were in line with expectations. Core profit remained the same year over year, while net profit from investment properties recorded a 6.5% year-on-year increase. The performance of the Hong Kong rental property portfolio was also slightly better than expected during the period. According to the report, the company's management revealed that tenant sales and passenger traffic at its high-end shopping malls in the mainland had resumed strong growth, and the trend continued in July. Citibank believes that Hang Lung's fundamentals are stable, but mentioned that investors may be concerned about the devaluation of the RMB and consumer market prospects. The current price of shares has a net asset value (NAV) discount of about 66% compared to the predicted net asset value (NAV) in FY2023, maintaining the “buy” rating, but due to weak economic prospects, the valuation base was lowered from the original NAV discount of 55% to 60%, and the target price was reduced from HK$16.3 to HK$14.3 accordingly.