Hongkong Land Hldgs Ltd Interim Management Statement (1106M)
19 Mayo 2022 - 4:26AM
UK Regulatory
TIDMHKLD TIDMJAR
RNS Number : 1106M
Hongkong Land Hldgs Ltd
19 May 2022
Announcement
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
19th May 2022 - Hongkong Land Holdings Limited today issues an
Interim Management Statement for the first quarter of 2022.
The Group's underlying profit in the period was higher than the
first quarter of 2021, principally due to a higher number of
Development Properties completions on the Chinese mainland, while
the contribution from Investment Properties was broadly
unchanged.
In Hong Kong, the increase in office leasing activity which was
seen since the second half of 2021 was reversed upon the onset of
the fifth wave of the pandemic. There have, however, been signs of
a recovery in leasing activity since the partial easing of
anti-pandemic measures in late April. Physical vacancy at 31st
March 2022 was 5.6%, compared to 5.2% at the end of 2021. On a
committed basis, vacancy was 5.0%, up slightly from 4.9% at the end
of last year. Rental reversions continued to be negative in the
period.
The Group's LANDMARK retail portfolio in Hong Kong continued to
be negatively affected by a lack of overseas visitors. Tenant sales
were lower than in the same period that of 2021, as footfall was
significantly impacted by social distancing measures, which also
restricted the operating capacity of F&B outlets. As previously
announced, the Group is providing temporary rent relief to support
selected tenants in the first half of 2022, including full waivers
of rents for a small number of tenants which have been subject to
mandatory closure of their businesses and turnover-only rents for
F&B tenants. Physical and committed vacancy at 31st March 2022
remained low at 0.4% and 0.3%, respectively.
The Group's office portfolio in Singapore saw a recovery in
leasing sentiment, in part as a result of the gradual easing of
travel restrictions. Rental reversions were positive in the period.
Physical vacancy decreased to 5.6% at 31st March 2022 from 6.5% at
the end of 2021. On a committed basis, vacancy was 3.1%, compared
to 2.9% at the end of 2021.
In Development Properties, market sentiment on the Chinese
mainland for residential properties remained cautious, despite the
gradual relaxation of cooling measures in a number of the Group's
key markets. The Group's attributable interest in contracted sales
was US$213 million in the first quarter, compared to US$410 million
in the equivalent period in 2021.
In Singapore, residential market demand remained satisfactory
despite the introduction of cooling measures in late 2021. The
407-unit Piccadilly Grand project, launched for sale in May 2022,
has been well-received by the market, whilst pre-sales at the
638-unit Leedon Green project are performing within expectations.
The Group's attributable interest in contracted sales was US$45
million in the first quarter, compared to US$89 million in the
equivalent period in 2021, due to the timing of sales launches.
In February, the Group acquired a 49% interest in a residential
site in the Tanjong Katong area in Singapore with a developable
area of 590,000 sq. ft., which is expected to yield a total of 640
units for sale.
As previously announced, the Group's underlying profits for 2022
are expected to be lower compared to the prior year, primarily due
to the timing of sales completions on the Chinese mainland. In
addition, the recent emergence of COVID cases and related
restrictions in certain parts of the Chinese mainland have
partially curtailed some of the Group's sales and development
activities. It is too early to forecast with accuracy the impact
these restrictions may have on the Group's full-year results, which
will depend on the degree to which mandatory restrictions remain in
place for an extended period and the extent to which construction
progress on development properties are impacted.
The Group's financial position remains strong. Net debt at 31st
March 2022 increased to US$5.5 billion from US$5.1 billion at the
end of 2021, primarily due to the scheduled payments for
development sites acquired in the past six months. Committed
liquidity was US$3.8 billion.
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 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 China and
Southeast Asia, including a 43% interest in a 1.1 million sq. m.
mixed-use project in West Bund, Shanghai. Its subsidiary, MCL Land,
is a well-established residential developer in Singapore. Hongkong
Land Holdings Limited is incorporated in Bermuda and has a primary
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
Mark Lam (852) 2842 8211
Gary Leung (852) 2842 0601
Br unswick Group Limited
Nan Dong (852) 9768 8379
This and other Group announcements can be accessed through the
Internet at 'www.hkland.com'.
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