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China Developers’ Share Estimates Cut Average 24% at Citigroup

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May 11 (Bloomberg) -- Chinese property developers had their share-price estimates lowered an average 24 percent by Citigroup Inc., which cited the impact of the government’s tightening measures on the nation’s real estate market.

Property prices in key cities may fall about 25 percent from current levels while volume may decline 25 percent this year from 2009, Citigroup analysts led by Oscar Choi wrote in a report yesterday.

Investors should stick with “quality defensive names” such as China Overseas Land & Investment Ltd., Shimao Property Holdings Ltd. and China Resources Land Ltd., they wrote.

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To contact the reporter on this story: Shiyin Chen in Singapore at schen37@bloomberg.net

To contact the editor responsible for this story: Linus Chua at lchua@bloomberg.net

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