Laborers work near Burj Khalifa, the tallest tower in the world, in Dubai. REUTERS/Ahmed Jadallah
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HSBC Holdings Plc cut its price estimates for Dubai developer Emaar Properties PJSC and peers including Damac Properties Dubai Co., predicting falling revenue and declining property prices in the United Arab Emirates market. Emaar's price estimate was slashed 26 percent to 8.5 dirhams ($2.31), while Damac's is 8 percent lower at 3.4 dirhams, HSBC said in a note Thursday. Emaar would need around 2.2 billion dirhams to complete properties that have been sold in advance, while Aldar would need less than 1 billion dirhams, according to HSBC.
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