Hongkong Land Sees Full-Year Performance Hurt by Pandemic
November 05 2020 - 5:19AM
Dow Jones News
By Adria Calatayud
Hongkong Land Holdings Ltd. said Thursday it expects its
underlying performance to be moderately hurt by retail-rent relief
and construction delays on the back of the coronavirus
pandemic.
The property group--a member of the Jardine Matheson Group--said
its performance in the third quarter continued to be hit by the
pandemic, particularly in relation to retail rent in its
investment-properties business.
The provision of temporary retail-rent relief will lead to a
reduced full-year contribution from the company's investment
properties portfolio, while pandemic-induced construction
disruptions will delay profit recognition in respect of development
properties on the Chinese mainland, Hongkong Land said.
The company said it also expects further losses on the
revaluation of investment properties in the second half of the year
due to adverse market conditions.
Sentiment in the company's markets on the Chinese mainland has
generally recovered to pre-pandemic levels, Hongkong Land said.
The company said its attributable interest in contracted sales
on the Chinese mainland for the third quarter was $639 million, up
from $566 million a year earlier.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
November 05, 2020 05:04 ET (10:04 GMT)
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