Property companies may fall after Credit Suisse Group downgraded
the sector in a report today, citing falling home prices. City
Developments Ltd. (CIT SP), the second-largest developer, had its rating
cut to ``underperform.'' Keppel Land Ltd., the third-largest, was
reduced to ``neutral.''
Credit Suisse advised investors to switch from property stocks to
real estate investment trusts such as CapitaMall Trust (CT SP), Frasers
Centrepoint Trust (FCT SP) and CapitaCommercial Trust (CCT SP).
City Developments rose 40 cents, or 3.3 percent, to S$12.50.
Keppel Land fell 6 cents, or 1 percent, to $6.
CapitaMall Trust added 14 cents, or 4 percent, to S$3.62, Frasers
Centrepoint Trust advanced one cent, or 0.8 percent, to S$1.24, and
CapitaCommercial Trust climbed 12 cents, or 5.4 percent, to S$2.36.
