Hongkong Land Hldgs Ltd Interim Management Statement (0369W)
November 09 2017 - 4:09AM
UK Regulatory
TIDMHKLD TIDMJAR TIDMJDS
RNS Number : 0369W
Hongkong Land Hldgs Ltd
09 November 2017
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
9th November 2017 - Hongkong Land Holdings Limited has today
issued an Interim Management Statement for the third quarter of
2017.
In Hong Kong, rental reversions in the Group's Central office
portfolio continued to be positive as market supply remains tight.
Vacancy rose slightly to 2.4% at 30th September 2017, from 1.5% at
30th June 2017, although is expected to decline before the end of
the year as tenants take possession of space. The Group's Central
retail portfolio remained effectively fully occupied and saw flat
base rental reversions. Rental reversions in the Group's Singapore
office portfolio were positive although a sustained trend is not
yet evident, while vacancy remained under 1.0%. In mainland China,
the retail component of the Group's luxury retail and hotel complex
in Beijing, WF CENTRAL in Wangfujing, is scheduled to open later
this month.
In Development Properties, positive market sentiment continued
in the Group's key residential markets in mainland China. The
Group's attributable interest in contracted sales was US$195
million in the three months under review, compared to US$222
million in the same period in 2016, reflecting the timing of sales
launches. Contracted sales for the nine months to 30th September
2017 were US$896 million, compared to US$654 million in the same
period last year. In Singapore, pre-sales are progressing
satisfactorily at Sol Acres and Lake Grande. Contracted sales at
the Group's other properties in the rest of Southeast Asia are
within expectations.
The Group's financial position remains strong with net debt at
30th September 2017 only marginally higher than at 30th June 2017,
although anticipated payments for land purchases should result in
an increase in net debt levels by the year end.
Hongkong Land is a listed leading property investment,
management and development group. The Group owns and manages
approximately 800,000 sq. m. of prime office and luxury retail
property in key Asian cities, principally in Hong Kong and
Singapore. The Group also has a number of high quality residential,
commercial and mixed-use projects under development in cities
across Greater China and Southeast Asia. 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, 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
Robert Wong (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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