Interim Management Statement

RNS Number : 9332V

Hongkong Land Hldgs Ld

10 November 2010

 



To: Business Editor                                                                          For immediate release

The following announcement was issued today to a Regulatory Information Service approved by the Financial Services Authority in the United Kingdom.

 

HONGKONG LAND HOLDINGS LIMITED

Interim Management Statement

10th November 2010 - Hongkong Land Holdings Limited has today issued an Interim Management Statement covering the period from 1st July to 9th November 2010 in accordance with the requirements of the Disclosure and Transparency Rules issued by the Financial Services Authority in the United Kingdom.

During the period under review, the commercial property leasing markets in Hong Kong and Singapore remained favourable.  Vacancy in the Group's Hong Kong office portfolio stood at 4% at 31st October 2010, while the retail portfolio continued to enjoy 100% occupancy.  In Singapore, One Raffles Link and One Raffles Quay are fully let, while Phase One of the Marina Bay Financial Centre, in which the Group has a 33% interest, has recently been completed and is fully leased.

In the residential sector, The Serenade in Hong Kong has been completed with 34% of the 97 units sold.  Tower 4 of the One Central development in Macau, which is 47% held, was completed in October and nearly all of the 68 units available have been sold.  In mainland China, the Group increased from 30% to 50% its interest in three residential development projects in Shenyang.  The contribution from residential development activities will be lower in the second half due to the timing of completions.

In August, the Group proposed the privatisation of its 79%-owned subsidiary, MCL Land, by way of a voluntary delisting from the Singapore Stock Exchange accompanied by a US$150 million cash offer to acquire the interests of the minority stockholders.

The Group issued US$600 million of 15-year Notes in October.  The Group's balance sheet remains strong with net debt at 31st October 2010 largely unchanged from that reported at the end of June 2010.

Hongkong Land is one of Asia's leading property investment, management and development groups with premium commercial and residential property interests across the region.  The Group owns and manages some five million sq. ft of commercial space in Hong Kong that defines the CBD, while in Singapore it has a number of major developments.  Its 79%-owned affiliate, MCL Land, is a Singapore-listed residential developer.  Hongkong Land Holdings Limited is incorporated in Bermuda.  It has a premium listing on the London Stock Exchange, and secondary listings in Bermuda and Singapore.  It is a member of the Jardine Matheson Group.

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For further information, please contact:

Hongkong Land Limited

Y K Pang (852) 2842 8428

John R Witt (852) 2842 8101

GolinHarris

Sue So (852) 2501 7984

This and other Group announcements can be accessed through the Internet at 'www.hkland.com'.

 

END

 

 

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