The Zhitong Finance App learned that Jefferies released a research report stating that it downgraded the rating of Jiulongchang Real Estate (01997) from “buy” to “hold” and lowered the company's dividend forecast for 2024 by 8%, which is equivalent to an annual dividend increase of only 3% year-on-year, with a dividend ratio of 5.5%. The target price was lowered from HK$30 to HK$24, which is more optimistic than Jiuzhan Real Estate Fund (00823) and Hang Lung Properties (00010).

The bank said that as the mainland luxury goods market weakens and spreads to Hong Kong, local retail sales are expected to drop 1% year-on-year throughout the year. Although rent renewals from the beginning of the year to date of Wharf Land Properties have maintained positive growth, the bank believes that there is a risk that renewal will slow down, and the potential decline in rent will also offset the positive increase in rent renewals.