For the first time in 33 months, China raised its interestrates. The base lending rate and deposit rate were raisedby 25bp. The one-year lending rate was raised from5.31% to 5.56%, the one-year deposit rate from 2.25% to2.50%, and the five-year deposit rate was raised from3.60% to 4.20%. We downgrade our rating on GreentownProperty (3900 HK) from Outperform to Neutral, andlower its target price, from HK$10.25 to HK$8.38 pershare.