Hongkong Land Hldgs Ltd Interim Management Statement (2401X)
May 04 2016 - 7:33AM
UK Regulatory
TIDMHKLD TIDMJAR TIDMJDS
RNS Number : 2401X
Hongkong Land Hldgs Ltd
04 May 2016
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
4th May 2016 - Hongkong Land Holdings Limited has today issued
an Interim Management Statement for the first quarter of 2016.
In Hong Kong, low office vacancy levels continue to provide
support to the market. Vacancy in the Group's Central office
portfolio at 31st March 2016 was 3.3%, compared with 3.4% at the
end of 2015. Office rental reversions remain positive, reflecting
the increase in demand for prime office space in Central. The
Group's Central retail portfolio remains fully occupied and rental
reversions to date have also remained positive. In Singapore,
vacancy in the Group's office portfolio at 31st March 2016 was
1.7%, compared with 3.0% at the end of 2015.
In the Group's residential activities, market conditions in
Singapore have been lacklustre. Pre-sales continue at the LakeVille
and Sol Acres projects which are scheduled for completion in 2017
and 2018, respectively. The J Gateway project, which is fully sold,
is on schedule for completion this year. The Group's key markets in
mainland China continue to show signs of improvement. The
attributable interest in contracted sales in China was US$194
million, compared to US$75 million in the first quarter of last
year, benefiting from the timing of sales launches including the
Group's first project in Shanghai.
Hongkong Land's balance sheet remains strong. Net debt at 31st
March 2016 was largely unchanged from the end of December 2015.
Hongkong Land is a listed leading property investment,
management and development group. 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. Its Hong Kong
Central portfolio represents some 450,000 sq. m. of prime property.
It has a further 165,000 sq. m. of prestigious office space in
Singapore mainly held through joint ventures, and a 50% interest in
a leading office complex in Central Jakarta. The Group also has a
number of high quality residential and mixed-use projects under
development in cities across Greater China and Southeast Asia,
including a luxury retail centre at Wangfujing in Beijing. In
Singapore, its subsidiary, MCL Land, is a well-established
residential developer. 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
Simon Dixon (852) 2842 8101
Brunswick Group Limited
Annabel Arthur (852) 3512 5075
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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