Sino Land downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley analyst Praveen Choudhary downgraded Sino Land (SNLAY) to Equal Weight from Overweight with a price target of HK$8.60, down from HK$9, as the firm refreshed its ratings and preferences among its Hong Kong property coverage. Hong Kong property prices are down 30% since their peak five years ago and the firm sees several drivers pointing towards a bottoming, says the analyst, who argues investors “could benefit from a long steady cycle ahead.”