China's property developers had their share-price estimates lowered by as much as 32 percent by Goldman Sachs Group Inc, which cited increased uncertainty over government tightening measures.

Goldman Sachs' new target prices reflect a discount of as much as 40 percent to the companies' asset values, compared with a maximum 30 percent previously, analysts led by Yi Wang wrote in a report yesterday.

Still, a recent slump means that the shares are only 8 percent higher on average than the estimated "bear-case" net asset values for end-2010, they said.