Glonghui, December 12 | Bank of America Securities released a report, according to a report published by Bank of America Securities, for HK$2,208 billion to Li Ning. The average price per square foot was about HK$153,000. The transaction was moderately positive for Henderson Land. Based on the performance calculation for the past half year, the net debt ratio fell from 24% to 23% from 24%. The Hong Kong residential property market is moderate, and the company's net debt is high, but the stock's valuation is not very high. The net asset value (NAV) discount is 61%, the dividend ratio is 8.5%, and the “neutral” rating is maintained. The target price is HK$22.7. If it is to be revalued, the company will need to sell assets on a large scale, such as holding shares in the Central New Harbourfront commercial project. The bank believes the transaction is reasonable, mainly because the property is located in a non-core area and the office market in Hong Kong is still weak. The sale price reflects the property's exit yield of 2.4%, and the transaction will be completed by June 28 next year. Based on the property book value of HK$2,733 billion at the end of last year, Henderson Land may have recorded a loss of about $520 million as a result, reflecting the relatively tight capitalization rate of the company's investment properties.