Goldman Sachs maintains Maoye International's (00848-HK) buying rating, with a target price of HK$4.80.

The bank removed Maoye International from its confident buying list because market concerns about the prospects of the company's non-core real estate development business may continue to put pressure on its stock price in the short term.

Goldman Sachs said that despite the steady growth of Maoye International's core retail business, China's continued tightening of real estate policies has increased the uncertainty faced by its non-core real estate business. However, considering the stock's valuation, and the fact that the company's cash flow from the real estate business is expected to be more clear over the next 12 months, Goldman Sachs maintains its buying rating for this stock.