Daiwa Research lifted its target price for Hang Lung Properties (HLP)(00101) to HK$34.9 from HK$34.4, and maintained its "sell" call.
The research house said HLP's interim FY2014 underlying net profit confirms that the group is making steady progress in its commercial property business in China.
Daiwa believes that Parc 66 is one of the strongest malls in Jinan city and the strongest among HLP's malls in tier-2 cities. This should bode well for the property's rental outlook once the upgrades and repositioning are completed.
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