Date
15 December 2017
Wheelock chairman Douglas Woo says the group will invest in commercial properties and keep an eye on land supply. Photo: HKEJ
Wheelock chairman Douglas Woo says the group will invest in commercial properties and keep an eye on land supply. Photo: HKEJ

Wheelock calls for looser govt grip on property market

Property curbs in the past three years have shrunk transaction volumes and hurt the overall economy.

It’s time the government loosened its grip on the market, the Hong Kong Economic Journal reports, citing Wheelock and Co. Ltd. (00020.HK) chairman Douglas Woo. 

Transactions have been slowing this year which could lead to a 5-10 percent fall, Woo said.

Nonetheless, Wheelock will continue to grow its 8.7 million square-foot land bank.

The group will invest in commercial properties and keep an eye on land supply.

Wheelock posted a HK$10.6 billion (US$1.37 billion) core net profit, up 30.8 percent from a year earlier.

Non-consolidated account surged 83 percent to HK$4 billion, or about 38 percent of revenue which was boosted by sales of One Bay East and The Parkside units.

The company expects at least HK$10 billion from the sale of four residential projects and one commercial project this year.

[Chinese version中文版]

– Contact us at [email protected]

VW/JP/RA

Hong Kong Economic Journal

EJI Weekly Newsletter

Please click here to unsubscribe