Hongkong Land Hldgs Ltd Interim Management Statement (2069W)
November 05 2014 - 5:07AM
UK Regulatory
TIDMHKLD TIDMJAR TIDMJDS
RNS Number : 2069W
Hongkong Land Hldgs Ltd
05 November 2014
To: Business Editor For immediate release
The following announcement was issued today to a Regulatory
Information Service approved by the Financial Conduct Authority in
the United Kingdom.
HONGKONG LAND HOLDINGS LIMITED
Interim Management Statement
5th November 2014 - Hongkong Land Holdings Limited has today
issued its Interim Management Statement covering the period from
1st July to 4th November 2014.
In Hong Kong, the level of activity in the office leasing market
was low while sentiment remained cautious. Vacancy in the Group's
portfolio rose from 6.0% at the end of June to 6.8% at the end of
October, although is expected to decline somewhat before the end of
the year as new tenants take possession of space. Since the
beginning of the second half, rental reversions have been negative
overall, although the resulting impact on rents for the second half
of the year will be mostly offset by the positive reversions seen
in the first half. The Group's retail portfolio remained almost
fully occupied and positive reversions continued. In Singapore,
vacancy in the Group's office portfolio was 1.3% compared with 1.4%
at the end of June.
In the residential sector, the final four units at the Serenade
development in Hong Kong were sold and handed over to the
purchasers. MCL Land, the Group's subsidiary in Singapore,
completed the 95-unit Uber 388 which had been fully pre-sold. The
414-unit Terrasse project remains on schedule for completion later
this year, which is also fully pre-sold. Palms@Sixth Avenue (32
units), Hallmark Residences (75 units) and Ripple Bay (679 units)
are all scheduled to complete in 2015 and are now 56%, 73% and 100%
pre-sold, respectively.
In mainland China, Hongkong Land's attributable interest in
contracted residential sales was US$196 million in the four months
from July to October 2014. This is broadly in line with the same
period last year.
Hongkong Land's balance sheet remains strong with net debt at
31st October 2014 lower than that reported at the half year,
largely due to the repayment of shareholder loans of some US$400
million following a refinancing at one of the Group's Singapore
joint ventures.
Hongkong Land is one of Asia's leading property investment,
management and development groups. The Group owns and manages
almost 800,000 sq. m. of prime office and luxury retail property in
key Asian cities, principally in Hong Kong and Singapore. Hongkong
Land is also developing a number of largely residential projects,
in cities across Greater China and Southeast Asia. Hongkong Land
Holdings Limited is incorporated in Bermuda, and has a standard
listing on the London Stock Exchange as its primary listing, with
secondary listings in Bermuda and Singapore. The Group's assets and
investments are managed from Hong Kong by Hongkong Land Limited.
Hongkong Land is a member of the Jardine Matheson Group.
- end -
For further information, please contact:
Hongkong Land Limited
Y.K. Pang (852) 2842 8428
John R. Witt (852) 2842 8101
Brunswick Group Limited
Annabel Arthur (852) 3512 5000
This and other Group announcements can be accessed through the
internet at 'www.hkland.com'.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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