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Citi trims Hang Lung Properties to HK$16.3
Citi Research trimmed its target price for Hang 
Lung Properties (HLP)(00101) to HK$16.3 from HK$16.5, and reiterated its "sell" rating.
  The research house believes HLP will see continuous de-rating as: (1) China online 
giants have been aggressively investing in "New Retail", starting from upermarkets, Citi 
expects they should penetrate into mid/high end retail segments in the medium term; (2)
the recovery of their Shanghai malls have seen high base effect, which should see retail 
sales growth rate to decelerate in 2018; (3) All the new IPs including Wuhan, Kunming, 
Wuxi office tower 2 and Shenyang Conrad Hotel are scheduled for opening in mid-2019
onwards, which should have minimal contributions over the next two years.
  Citi sees flattish earnings performance of HLP over the next 3 years, which should limit
their DPS growth and HLP should underperform on both macro and company specific issues. 

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