Hongkong Land Hldgs Ltd Interim Management Statement (3941Y)
May 08 2019 - 6:36AM
UK Regulatory
TIDMHKLD TIDMJAR TIDMJDS
RNS Number : 3941Y
Hongkong Land Hldgs Ltd
08 May 2019
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 May 2019 - Hongkong Land Holdings Limited has today issued
an Interim Management Statement for the first quarter of 2019.
In Hong Kong, rental reversions in the Group's Central office
portfolio continued to be positive, despite a slowdown in leasing
enquiries, as market supply remained tight. Vacancy increased to
2.1%, compared to 1.4% at 31st December 2018, although it is
expected to decline in the coming months as tenants take up
committed space. The Group's Central retail portfolio effectively
remained fully occupied and saw mildly positive base rental
reversions.
Rental reversions in the Group's Singapore office portfolio
continued to be positive, with vacancy of 2.8% at the end of March,
compared with 2.5% at the prior year end. In Beijing, WF CENTRAL
continued to perform in line with expectations, with a prominent
luxury brand committing to open its mainland China flagship store
within the complex later this year. Its hotel component, Mandarin
Oriental Wangfujing, opened in March 2019.
The profit contribution from Development Properties in mainland
China was lower than in the comparable period in 2018 due to the
timing of completions. While market sentiment remained stable,
contracted sales were also lower due to the timing of sales
launches. In the first quarter, the Group's attributable interest
in contracted sales in mainland China was US$193 million compared
to US$300 million in the equivalent period in 2018. As anticipated,
both completions and contracted sales are expected to be stronger
in the second half of the year.
In Singapore, pre-sales continued at the Margaret Ville and Parc
Esta projects with satisfactory results, while sales at Tulip
Garden are expected to commence in the second half of the year. The
Lake Grande project, which has been fully pre-sold, will complete
later this year. Contracted sales levels at the Group's projects in
the rest of Southeast Asia were satisfactory.
The Group's financial position remains strong, with net debt at
31st March 2019 broadly similar to the position at the end of 2018.
Net debt is expected to move modestly higher as committed land and
other payments are made.
Hongkong Land is a major listed 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, Beijing and Jakarta.
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
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