Hongkong Land Hldgs Ltd Interim Management Statement (5268N)
09 May 2018 - 9:35PM
UK Regulatory
TIDMHKLD TIDMJAR TIDMJDS
RNS Number : 5268N
Hongkong Land Hldgs Ltd
09 May 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
9th May 2018 - Hongkong Land Holdings Limited has today issued
an Interim Management Statement for the first quarter of 2018.
In Hong Kong, rental reversions in the Group's Central office
portfolio continued to be positive. Vacancy fell to 0.9%, compared
to 1.4% at 31st December 2017. The Group's Central retail portfolio
remained effectively fully occupied but saw mildly negative rental
reversions. Rental reversions in the Group's Singapore office
portfolio were negative, but are expected to become positive later
in the year as the market continues to recover. Vacancy at the end
of March was 0.4%, compared with 0.3% at the prior year end. In
mainland China, the Group's luxury retail complex WF CENTRAL in
Wangfujing, Beijing, is performing in line with expectations.
In Development Properties, the Group's attributable interest in
contracted sales in mainland China was US$300 million in the first
quarter, compared to US$287 million in the equivalent period in
2017, with market sentiment remaining positive. In Singapore, Lake
Grande has been fully sold, while sales at Margaret Ville are
expected to commence shortly. The Sol Acres project, which was
already substantially sold, was completed in April 2018. Contracted
sales levels at the Group's other properties in the rest of
Southeast Asia were satisfactory.
The Group's financial position remains strong, with net debt at
31st March 2018 modestly higher than at 2017 year end, due to
payments for previously committed land purchases.
Hongkong Land is a listed 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
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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