Hongkong Land Hldgs Ltd Interim Management Statement (9937F)
10 Noviembre 2022 - 3:40AM
UK Regulatory
TIDMHKLD TIDMJAR
RNS Number : 9937F
Hongkong Land Hldgs Ltd
10 November 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
10th November 2022 - Hongkong Land Holdings Limited today issues
an Interim Management Statement for the third quarter of 2022.
The Group's underlying profit in the third quarter was lower
than the same period in 2021. Trading continued to be affected by
anti-pandemic measures taken across China, with contracted sales in
the Development Properties business particularly impacted. The
contribution from Investment Properties was broadly unchanged
compared to the same period last year.
In Hong Kong, the Group's Central office portfolio benefitted
from its unique positioning, despite an increase in vacancies
across the city in the period. Physical vacancy at 30th September
2022 decreased to 5.1%, compared to 5.4% at the end of June 2022.
On a committed basis, vacancy was 4.8%. Vacancy for the overall
Central Grade A office market was 8.3% at the end of September
2022. Rental reversions continued to be negative in the period, at
a level largely in line with the first half of the year. Leasing
activity has softened in recent months compared to the first half
of 2022, due to global economic headwinds, although the Group has
already secured new leases for almost all tenancies expiring in the
remainder of the year.
The Group's LANDMARK retail portfolio in Hong Kong benefitted
from marginally better trading conditions in the third quarter of
the year, due to a relaxation of social distancing restrictions in
the city. This resulted in a decline in temporary rent relief in
the period, although the Group continued to provide support to its
tenants on a case-by-case basis. Overall performance, however,
continues to be negatively impacted by a lack of overseas visitors.
Tenant sales were lower than in the same period in 2021. Physical
and committed vacancy at 30th September 2022 remained low at
1.4%.
Leasing sentiment in the Group's office portfolio in Singapore
remained healthy, despite a more challenging global economic
outlook. Rental reversions were positive in the period. Physical
vacancy decreased to 4.0% at 30th September 2022, from 4.7% at the
end of June 2022. On a committed basis, vacancy was 0.7%.
In Development Properties, market sentiment in respect of
residential properties on the Chinese mainland remained weak, due
to pandemic-related restrictions and an uncertain economic outlook.
The Group's attributable interest in contracted sales was US$346
million in the third quarter, compared to US$258 million in the
equivalent period in 2021, mainly due to the timing of sales
launches. In the nine months to 30th September 2022, the Group's
attributable interest in contracted sales was US$765 million,
compared to US$1,618 million in the same period last year.
In Singapore, residential market sentiment remained stable, as
sales performance at the Group's existing projects continued to be
satisfactory. In October 2022, the Group launched Copen Grand, a
639-unit executive condominium in the Tengah region, which was 73%
sold on its launch weekend. The Group's attributable interest in
contracted sales in the city was US$56 million in the period,
compared to US$88 million in the equivalent period in 2021. In the
nine months to 30th September 2022, the Group's attributable
interest in contracted sales was US$326 million, compared to US$260
million in the same period last year. It is too early to assess the
impact of the cooling measures introduced in September 2022.
In August 2022, the Group secured a joint venture project in
Suzhou to develop and operate a commercial mixed-used site,
consisting of a luxury mall and a hotel. The total developable area
of the site is 132,600 sq. m. and it is expected to be completed in
2026.
The Group's full year underlying profits are expected to be
significantly lower than the prior year, primarily due to a lower
number of planned sales completions and the impact of
pandemic-related restrictions on construction activities on the
Chinese mainland, which will result in some completions being
deferred from the second half of 2022 into 2023.
The Group's financial position remains strong. Net debt at 30th
September 2022 decreased to US$5.8 billion from US$6.1 billion at
the end of June 2022. Committed liquidity was US$2.9 billion,
compared to US$2.6 billion at the end of June 2022. 55% of the
Group's interest rate on debt is at fixed rates.
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 in the standard segment of 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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