What the Brokers Said

HARBOUR Centre Development, a subsidiary of Wharf Holdings, manages hotels and restaurants, and invests in property.

A year ago, brokerage ING Barings put a buy on the stock, saying it was one of the best plays on Hong Kong's booming hotels sector.

This proved poor advice as a severe downturn in tourists since the handover has hit all hotel stocks.

Twelve months ago, Harbour Centre shares traded at $10.70. They are now worth $7.90, having underperformed the Hang Seng Index by 6.4 per cent.