On January 16, Citi released a report that the Hang Seng Index's forecast for earnings growth per share this year has been reduced to 5.1%, compared with 9.4% in January last year and 6.8% in August last year. MSCI China's earnings growth forecast also fell to 9%, down from 14.2% a year ago. The current valuation of Hong Kong stocks gives the Hang Seng Index a price-to-earnings ratio of 8.8 times the forecast price-to-earnings ratio for the coming year, or 1 times the price-to-book ratio, which ...