Yuexiu Real Estate Investment Trust (00405) issued 75 million fund units to pay the management fee.
Yuexiu Real Estate Investment Trust (00405) announced that the fund issued 75 million units on September 2, 2024...
YUEXIU REIT: Interim Report 2024
Major bank rating: Citigroup lowers the target price of Yuexiu Real Estate Investment Trust to HK$1 and maintains a neutral rating.
On August 16th, Citigroup released a research report stating that while the weak performance of Yue Xiu Real Estate Investment Trust's office business was offset by the resilience of hotel, retail and financial costs, it is expected to take some time for the distribution per fund unit to recover. The bank stated that there is continued pressure on Yue Xiu's office business and the company is expanding its tenant base to manage its investment portfolio. However, due to the declining rental rates in Guangzhou Yue Xiu Financial Center (82.9%) and Shanghai Yue Xiu Building (84.6%), as well as a 10% decrease in Wuhan Yue Xiu Wealth Center's rent on a yearly basis, the bank expects that except for Guangzhou International Finance Center, its...
Citigroup: Maintains a 'Neutral' rating for Yuexiu Real Estate Investment Trust (00405), with target price lowered to HK$1.
It will take some time for Yuexiu Real Estate Investment Trust (00405) to recover and distribute dividends per unit.
Hong Kong Stocks Update | Yue Xiu Real Estate Investment Trust (00405) fell more than 3%, with a 29.1% year-on-year decrease in total interim distribution.
Yuexiu Real Estate Investment Trust (00405) fell more than 3%. At the time of going to press, it fell 3.09% to HKD 0.94 with a turnover of HKD 1.2918 million.
Citi has lowered its target price for Yuexiu Property (00405.HK) to HKD1, awaiting the recovery of the office market.
Citi's research report indicates that despite the weak performance of the office business under Yuexiu REITs (00405.HK), it is offset by the resilience of the hotel, retail business and financial costs. However, it is expected that it will take some time for each fund unit distribution to recover. The bank said that Yuexiu REITs' office business continues to face pressure, and the company is expanding its tenant base to manage its investment portfolio. However, due to the decline in the occupancy rate of Guangzhou Yuexiu Financial Building (82.9%) and Shanghai Yuexiu Building (84.6%), and a 10% decrease in Wuhan Yuexiu Wealth Center's rent on an annual basis, the bank expects that except for Guangzhou International Financial Center, other office