Bank of America Securities released a research report saying that by downgrading the rating of Hang Lung Properties (00101.HK) from “buy” to “neutral”, the target price will drop 16% from HK$11 to HK$9.2. The Group's turnover in the mainland is expected to drop by double digits in the first quarter. Among them, the turnover of high-end shopping malls in Shanghai dropped significantly, while the sub-high-end shopping malls are more resilient; it is believed that turnover will maintain negative growth until mid-May.