Hongkong Land Hldgs Ltd Interim Management Statement (0902S)
11 Noviembre 2021 - 3:39AM
UK Regulatory
TIDMHKLD TIDMJAR
RNS Number : 0902S
Hongkong Land Hldgs Ltd
11 November 2021
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
11th November 2021 - Hongkong Land Holdings Limited today issues
an Interim Management Statement for the third quarter of 2021.
The Group's underlying profit in the period was higher than the
third quarter of 2020, principally due to more Development
Properties completions on the Chinese mainland, whilst the
contribution from Investment Properties was broadly unchanged.
In Hong Kong, the Group's Central office portfolio continued to
perform relatively well due to its high quality and unique
positioning, despite rising office vacancies across the city.
Physical vacancy at 30th September 2021 decreased to 6.1%, compared
to 6.4% at the end of June. On a committed basis, vacancy was 4.8%.
The modest recovery in new office leasing activity from the first
half of the year continued, although office rental reversions were
negative, reflecting the decrease in rents since the onset of the
pandemic.
Although Hong Kong's borders remained closed to visitors, tenant
sales at the Group's Central retail portfolio increased compared to
the second quarter of 2021 and were higher than the same period in
2020. This resulted in a decline in temporary rent relief which the
Group continued to provide to support its tenants on a case-by-case
basis. Physical and committed vacancy at 30th September 2021
remained very low at 0.3%.
Rental reversions in the Group's Singapore office portfolio were
positive in the period. Physical vacancy increased to 8.0% at 30th
September 2021 from 7.5% at the end of June, although it is
expected to decline in the fourth quarter as tenants take up
committed space. On a committed basis, vacancy was 1.9%.
In Development Properties, market sentiment on the Chinese
mainland weakened in the quarter relative to the first half of the
year amidst tightened credit conditions for the property sector.
Contracted sales at the Group's projects, however, remained in line
with expectations. The Group's attributable interest in contracted
sales was US$258 million in the third quarter, compared to US$639
million in the equivalent period in 2020, but this was due to the
timing of sales launches. In the nine months to 30th September
2021, the Group's attributable interest in contracted sales was
US$1,618 million, compared to US$1,230 million in the same period
last year.
In Singapore, residential market sentiment remained stable. The
Group's attributable interest in contracted sales was US$88 million
in the quarter, compared to US$145 million in the equivalent period
in 2020, due to the 1,404-unit Parc Esta project being largely
pre-sold. In the nine months to 30th September 2021, the Group's
attributable interest in contracted sales was US$260 million,
compared to US$446 million last year.
No new development projects were acquired in the period.
The Group's financial position remains strong. Net debt at 30th
September 2021 was US$4.4 billion, compared to US$4.3 billion at
the end of June. Committed liquidity was US$4.7 billion. The Group
issued its inaugural 10-year green bond in the period, raising
US$500 million to fund its green buildings and related initiatives.
Average tenor of debt at 30th September 2021 increased to 6.7 years
compared to 6.4 years at the end of June.
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 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 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
Andrea Ngai (852) 3512 5093
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DOCFZMMMLMVGMZG
(END) Dow Jones Newswires
November 11, 2021 04:39 ET (09:39 GMT)
Jardine Matheson Holding... (LSE:JARB)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Jardine Matheson Holding... (LSE:JARB)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024