[Hong Kong Stock Code] Why does TAI SANG LAND have a discount?

hkcd.com
2025.02.07 02:34
portai
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TAI SANG LAND (089) has a market value of only HKD 500 million, despite its total real estate value reaching hundreds of billions. The reason lies in the value of management rights; the listed company holds the management rights while shareholders do not, leading to a stock price that reflects value erosion. Even in a bull market, the stock price may be discounted by 95%