Hongkong Land Hldgs Ltd Interim Management Statement (0680E)
May 03 2017 - 7:34AM
UK Regulatory
TIDMHKLD TIDMJAR TIDMJDS
RNS Number : 0680E
Hongkong Land Hldgs Ltd
03 May 2017
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
3rd May 2017 - Hongkong Land Holdings Limited has today issued
an Interim Management Statement for the first quarter of 2017.
In Hong Kong, positive rental reversions continued in the
Group's Central office portfolio as market supply remained tight,
with vacancy of 2.4% at 31st March 2017 compared with 2.2% at the
end of 2016. The Group's Central retail portfolio remained fully
occupied with flat base rental reversions. Mildly negative rental
reversions continued in the Group's Singapore office portfolio,
reflecting a surplus of market supply, with vacancy at the end of
March of 0.3% compared with 0.1% at the end of 2016.
In trading activities, the Group's mainland China business
benefited from positive market sentiment. The attributable interest
in contracted residential sales was US$287 million in the first
quarter of 2017, compared to US$194 million in the same period last
year. In Singapore, pre-sales continued at the Sol Acres and Lake
Grande projects with satisfactory results. The LakeVille project,
which was already substantially sold, was completed during the
quarter.
The Group's balance sheet remains strong with net debt at 31st
March 2017 marginally lower than at the end of 2016.
Hongkong Land is a listed leading property investment,
management and development group. The Group owns and manages some
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, 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
Marie Filotti (852) 3512 5059
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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