HK Land

HK Land: is down 3.9% at US$6.38, extending Tuesday's 1.8% decline. Macquarie cites three reasons for the fall. i) The broader Hong Kong stock market is down, ii) data on commercial properties' rents show "Central is not obviously recovering. Rents are still under pressure moving into Nov and probably into Dec. If people are expecting some recovery this month or next, it's not happening," iii) there is mkt talk that a major investment bank is looking to give up office space in Central and while it's not in HKL's portfolio, it could weigh on rents.