The Zhitong Finance App learned that Citi released a research report saying that Jiulongchang Real Estate (01997) sold Singapore's Huidafeng Plaza at a price of 1.1 billion Singapore dollars (about 6.73 billion HK$6.73 billion), with a price premium of 11.7%, and is expected to record sales revenue of about HK$1 billion. Citibank maintains a “buy” rating for Jiulongchang Properties, with a target price of HK$31.6. The bank expects the market to focus on the sale potential of the group's remaining Singaporean asset, Scotts Square.

The bank maintained a positive attitude towards the sale of non-core assets. It estimated that the capitalization rates for the office and retail parts were 3.4% and 3.9%, respectively. The sale of assets accounts for about 2.7% of the Group's total portfolio value, which helps reduce debt and save financial costs. The bank estimates that this is sufficient to offset the loss of rental income, is expected to increase annualized profits by about 1%, and provide greater financial flexibility for future Marco Polo Hongkong Hotel redevelopment or renovation plans.

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