Hongkong Land Hldgs Ltd Interim Management Statement (7619G)
November 08 2018 - 4:12AM
UK Regulatory
TIDMHKLD TIDMJAR TIDMJDS
RNS Number : 7619G
Hongkong Land Hldgs Ltd
08 November 2018
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
8th November 2018 - Hongkong Land Holdings Limited has today
issued an Interim Management Statement for the third quarter of
2018.
In Hong Kong, positive rental reversions continued in the
Group's Central office portfolio as market supply remained tight.
Vacancy declined to 0.8% at 30th September 2018, from 1.9% at 30th
June 2018. The Group's Central retail portfolio remained
effectively fully occupied and saw mildly positive base rental
reversions. Rental reversions in the Group's Singapore office
portfolio were also positive as the market there continued to
improve. While vacancy increased to 2.8% at 30th September 2018
from 0.1% at 30th June 2018, it is expected to decline before the
end of the year as tenants take up committed space. In Beijing, the
Group's luxury retail complex, WF CENTRAL, is performing in line
with expectations. The official opening of the hotel component of
the development, Mandarin Oriental Wangfujing, is expected early
next year.
In Development Properties, the Group recorded lower contracted
sales in China during the third quarter due to the timing of sales
launches. Sentiment in the Group's key markets remains stable, with
contracted sales expected to increase in the last quarter. In the
three months under review, the Group's attributable interest in
contracted sales was US$154 million, compared to US$195 million
last year. In the nine months to 30th September 2018, the Group's
attributable interest in contracted sales was US$804 million,
compared to US$896 million in the same period in 2017. In
Singapore, the sales launch at Margaret Ville was successful,
though market demand has subsequently moderated due to additional
cooling measures introduced by the government. Sales at Parc Esta
(formerly Eunosville) are expected to commence shortly. Contracted
sales levels at the Group's other developments across Southeast
Asia were satisfactory.
The Group's financial position remains strong. Net debt was
US$3.7 billion at 30th September 2018 while net gearing was 10%, a
moderate increase from 30th June 2018 primarily due to payments for
land purchased in China.
Hongkong Land is a leading property investment, management and
development group. The Group owns and manages more than 850,000 sq.
m. of prime office and luxury retail property in key Asian cities,
principally in Hong Kong, Singapore and Beijing. 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
Karin Wong (852) 3512 5077
This and other Group announcements can be accessed through the
Internet at 'www.hkland.com'.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCUGGMUGUPRUBR
(END) Dow Jones Newswires
November 08, 2018 04:12 ET (09:12 GMT)
Hong Kong Land Holdings Ld (LSE:HKLB)
Historical Stock Chart
From Sep 2024 to Oct 2024
Hong Kong Land Holdings Ld (LSE:HKLB)
Historical Stock Chart
From Oct 2023 to Oct 2024