An institutional investor of Hang Lung Group sold about US$88.8 million worth of the company's shares, capitalising on the stock's recent rally. The shares were sold at HK$20.10, a discount of 5 per cent to yesterday's close of HK$21.15. The shares were sold out in an hour, people familiar with the situation said. 'This is not a large amount of shares,' said Albert Cheng, an analyst of Quam, a local financial research house. 'The Hang Lung Group shares could be worth about HK$25 or more.' The sale came after the stock hit a 52-week high of HK$21.80 last month. The stock has gained 28.6 per cent this year, beating the 22 per cent growth in the benchmark Hang Seng Index and the 16.7 per cent increase in the property sub-index. The shares sold represent about 2.4 per cent of Hang Lung Group's market capitalisation of HK$28.2 billion. Hang Lung Group holds 56.06 per cent of Hang Lung Properties, Hong Kong's fourth-largest developer by market value. 'If we take Hang Lung Properties' current price and Hang Lung Group's stake in the developer into account, Hang Lung Group's stock could worth more than HK$26,' said Mr Cheng. Shares of Hang Lung Properties reached a record HK$17.82 on Monday after the company said it may begin planning three new projects in Shanghai. The stock closed at HK$17.38 yesterday. Hang Lung Properties saw its underlying profit slump 35 per cent to HK$1.64 billion in the fiscal year ended June 30 this year from HK$2.54 billion a year ago. Sales dropped 46 per cent to HK$3.74 billion from HK$6.96 billion over the same period as rising interest rates discouraged homebuyers. Like other Hong Kong-based property developers, Hang Lung Properties is expanding in the mainland to tap strong demand for private housing.