Interim Management Statement

RNS Number : 7869E

Hongkong Land Hldgs Ltd

15 May 2013

 



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

15th May 2013 - Hongkong Land Holdings Limited has today issued its Interim Management Statement covering the period from 1st January to 14th May 2013.

In Hong Kong, the office leasing market showed some signs of improvement, although activity remained relatively low.  Rental reversions in the Group's Central office portfolio continued to be largely positive.  Vacancy is currently 6.3%, compared to 3.4% at the end of December 2012, with the increase being mainly due to a major lease expiry in April.  Advanced negotiations are underway for the space, principally with existing tenants in the portfolio with expansion requirements.  The retail portfolio remained fully occupied, and rental reversions were positive.  The office portfolio in Singapore is fully leased, other than the third office tower of Marina Bay Financial Centre, which is approximately 85% let.

In the residential sector, sentiment generally continued to be negatively affected by government measures in mainland China, Hong Kong and Singapore to dampen the markets.  In Hong Kong, a further three units at Serenade were sold.  In April, the Group's Singapore subsidiary, MCL Land, completed The Estuary, a 608-unit project that was fully pre-sold.  In Chongqing, the first 322 garden apartments in Phase 2 of Yorkville South were launched in March with 79% sold by the end of April.  Across its residential projects in mainland China, Hongkong Land's total attributable interest in contracted sales was US$168 million in the first three months of 2013, compared with US$99 million in the same period last year.

Hongkong Land's balance sheet remains strong.  Net debt at 30th April 2013 was largely unchanged from that reported at the end of December 2012. 

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 450,000 sq. m. (five million sq. ft) of commercial space in Hong Kong that defines the heart of the Central Business District, while in Singapore it has been instrumental in the creation of the city-state's new Central Business District at Marina Bay.  The Group develops premium residential properties in a number of cities in the region, principally in China and Singapore where its subsidiary, MCL Land, is a significant 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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