Date
24 May 2017
The Hong Kong property market will continue to consolidate because of the impact of housing policies and changes in economic conditions, Robert Ng says. Photo: HKEJ
The Hong Kong property market will continue to consolidate because of the impact of housing policies and changes in economic conditions, Robert Ng says. Photo: HKEJ

Core earnings at Sino Land surge 75% on jump in property sales

Property sales at Sino Land Co. Ltd. (00083.HK) jumped 75.7 percent to HK$7.19 billion for the six months to Dec. 31 as three luxury projects in the New Territories and a high-end development in Wan Chai did well.

The developer’s interim net earnings excluding changes in the fair value of investment properties surged 75.4 percent to HK$3.01 billion (US$390 million), the Hong Kong Economic Journal reported Thursday.

Net profit rose 4 percent to HK$3.88 billion.

The Hong Kong property market will continue to consolidate because of the impact of housing policies and changes in economic conditions, chairman Robert Ng Chee Siong said.

He mentioned the economic headwinds of sliding retail sales and a decline in tourist numbers.

Sino Land booked HK$1.65 billion in net rental income during the period, up 3.2 percent from the previous year.

The occupancy rate for shops edged down 2 percentage points to 97 percent, while that for offices was steady at 98 percent, and the occupancy rate for industrial properties remained at 97 percent.

The company held 32.9 million square feet of attributable land bank in Hong Kong, mainland China, Singapore and Sydney at the end of December, 56.5 percent of which was residential.

[Chinese version 中文版]

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