---
title: "[Hong Kong Stock Code] Why does TAI SANG LAND have a discount?"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/227459036.md"
description: "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%"
datetime: "2025-02-07T02:34:35.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/227459036.md)
  - [en](https://longbridge.com/en/news/227459036.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/227459036.md)
---

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

**Senior Investor and President of the United Association, Zhou Xian**

"The TAI SANG LAND (089) stock, which has been largely overlooked, has recently attracted a lot of research attention.

People generally have one question about this stock: why does the company have real estate worth several hundred billion, yet its market value is only 500 million?

The principle behind this is actually quite simple. I wrote about it over a decade ago in 'The Stock Trading Code.' Now, this book has merged with 'Practical Stock Trading' and 'Financial Techniques Code' into a single volume called 'Encyclopedia of the Stock Market.'

This is because management rights have value. When a listed company possesses management rights while shareholders do not, the value of the stock price dissipates, and this dissipation is reflected in the stock price.

Therefore, it is not uncommon for real estate stocks with several hundred billion in assets to have a market value of only a few hundred million, and even during a bull market, their prices may remain unchanged, with price drops of 95% being quite common, precisely for this reason

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