Hongkong Land Hldgs Ltd Interim Management Statement (7371O)
November 09 2016 - 3:10AM
UK Regulatory
TIDMHKLD TIDMJAR TIDMJDS
RNS Number : 7371O
Hongkong Land Hldgs Ltd
09 November 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
9th November 2016 - Hongkong Land Holdings Limited has today
issued an Interim Management Statement for the third quarter of
2016.
In Hong Kong, the office leasing market continues to benefit
from tight supply, with rental reversions remaining positive.
Vacancy in the Group's Central office portfolio at 30th September
2016 was 3.5%, compared with 3.1% at the end of June 2016 due to
lease timings. Vacancy is expected to decline before the end of the
year as tenants take up space already committed. The Group's
Central retail portfolio remains fully occupied with largely
positive rental reversions. In Singapore, vacancy in the Group's
office portfolio at the end of September was 0.8% compared with
1.0% at the end of June. Rental reversions have been negative with
a projected surplus of supply in the office leasing market.
In the residential sector, the Group's key markets in mainland
China continue to improve. The Group's attributable interest in
contracted residential sales in mainland China in the three months
to 30th September 2016 was US$222 million, compared to US$141
million in the same quarter last year, while the contracted sales
for the nine months to 30th September 2016 were US$654 million
compared with US$469 million in the same period last year.
In Singapore, residential market sentiment remains subdued. The
fully pre-sold J Gateway project remains on target for completion
by the end of 2016. Pre-sales continue at the LakeVille and Sol
Acres projects, which are scheduled for completion in 2017 and
2018, respectively. At the Lake Grande project, due for completion
in 2019, pre-sales commenced in July with encouraging results.
The Group's balance sheet remains strong with net debt at 30th
September 2016, marginally lower than at the half year.
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
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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