Hongkong Land Hldgs Ltd Interim Management Statement (6297S)
November 07 2019 - 3:21AM
UK Regulatory
TIDMHKLD TIDMJAR TIDMJDS
RNS Number : 6297S
Hongkong Land Hldgs Ltd
07 November 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
7th November 2019 - Hongkong Land Holdings Limited has today
issued its Interim Management Statement for the third quarter of
2019.
In Hong Kong, positive rental reversions continued in the
Group's Central office portfolio and vacancy declined from 2.8% at
30th June 2019 to 2.4% at 30th September 2019 as tenants took up
space previously committed. The Group's Central retail portfolio
effectively remained fully occupied, with positive base rental
reversions reflecting the general increase in rents over the past
few years. It remains too early to measure the potential future
impact of the current social unrest in Hong Kong.
Rental reversions in the Group's Singapore office portfolio
continued to be positive, with vacancy declining from 3.3% at 30th
June 2019 to 1.3% at 30th September 2019.
In Development Properties, the Group recorded higher contracted
sales in mainland China in the third quarter compared to the same
period last year, due to a greater number of sales launches and
changes in product mix. Market sentiment remains stable. The
Group's attributable interest in mainland China contracted sales
during the quarter was US$566 million, compared to US$154 million
last year. In the nine months to 30th September 2019, the Group's
attributable interest in mainland China contracted sales was
US$1,209 million, compared to US$804 million in the same period in
2018.
In Singapore, pre-sales at the Margaret Ville and Parc Esta
projects are performing in line with expectations. Sales at Leedon
Green (formerly Tulip Garden) are expected to commence in the first
half of 2020. Contracted sales levels at the Group's developments
in the rest of Southeast Asia were satisfactory.
The Group's balance sheet remains strong, with net debt at 30th
September 2019 US$253 million lower than that reported at the end
of June 2019. Net debt is expected to move modestly higher by the
end of the year due to payments for land purchased in mainland
China.
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
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 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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