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SCMP Reporter

BNP Prime Peregrine Securities has downgraded the prospects of a range of property stocks in the wake of Monday's disappointing pricing of the Tierra Verde flats.

  Director of research Adrian Ngan Wai-hung said Citic Pacific's earnings forecast for this year had been lowered 2.1 per cent to $4.17 billion, while Hutchison Whampoa's forecast was revised 1 per cent down.

 Clients were also recommended to switch from Sun Hung Kai Properties to Cheung Kong because of SHKP's bigger exposure to the property market. China Resources Enterprise was downgraded from a hold to a sell.



Property stocks