On August 2, | Goldman Sachs published a research report stating that Hang Lung Real Estate's medium-term net profit was 2.4 billion yuan. After excluding 251 million yuan of property revaluation earnings, basic profit remained flat at 2.23 billion yuan year-on-year, slightly lower than the bank's and market expectations. It was mainly affected by the 6% year-on-year depreciation of the RMB, lack of residential property reservations, and rising borrowing costs due to rising interest rates. Furthermore, the bank indicated that Hang Lung Real Estate tenant sales and leasing trends are still healthy. The company's rental income accelerated from a 6% year-on-year decline in the second half of last year to a 5% year-on-year increase in the first half of this year. Among them, tenant sales and rental income increased by 42% and 13%, respectively, on an annual basis in RMB. The bank believes that considering the latest foreign exchange and rent growth so far this year, it lowered Hang Lung Properties' basic earnings per share forecast for the 2023-2025 fiscal year by 2% to 7%, and lowered its target price from HK$21.2 to HK$18.3 to maintain its “buy” rating.