Goldman Sachs Group Inc. recently released an analysis, according to which Kerry Properties Ltd. (0683 HK) has been removed from its 'Conviction Buy' list, while it still maintains a 'Buy' rating on the company's stock with a target price of HKD 65.6. Goldman Sachs states that 46% of the company's assets are located in mainland China, which are mainly commercial buildings and retail properties, hardly affected by macro-controls. Goldman Sachs also asserts that Hong Kong still has a stable demand for luxury houses, which the company will benefit from. The company is projected to have a 14 P/E for 2008.

Source: www.aastocks.com

Date: 17 Jul 2008

CN01/NW/MZ/WH