Hang Lung net falls 4pc to $2.2b

Business | Tereza Cai 31 Jul 2019

Hang Lung Properties (0101) yesterday said its first-half underlying net profit declined 4 percent year-on-year to HK$2.23 billion and declared an interim dividend of 17 HK cents per share.

Meanwhile, Hang Lung Group (0010), the parent of Hang Lung Properties, revealed its first-half underlying net profit jumped 59 percent from a year ago to HK$2.32 billion, and declared an interim dividend of 19 HK cents.

Net profit including changes in fair value of properties in Hang Lung Properties fell 25 percent from a year ago to HK$3.52 billion.

All the underlying net profits were from the property leasing business with a 25 percent growth. Chairman Ronnie Chan Chi-chung said that it is hard to say whether it could maintain the growth in the property leasing business through the second half of the year.

Chan said that local retail and tourism industries are bound to be affected by the unrest, but the group's rental income has yet to significantly decline as the tenants have their existing contracts, and added that he hoped peace would be restore to Hong Kong.

Chief executive Weber Lo Wai-pak expected to see continued growth in its mainland China leasing portfolio.

In the secondary market, a buyer of a two-bedroom unit in the Altissimo, Ma On Shan, forfeited his deposit of HK$398,900, amid the ongoing unrest. He bought the unit on July 20 for HK$7.98 million, or HK$16,416 per sq ft.

A unit in Cullinan West developed by Sun Hung Kai Properties (0016) was recently sold to two buyers with one owning 99.9 per cent of the property's rights and the other holding a nominal 0.1 percent.

A property agency said this was common practice in the primary market, to increase a buyer's chance of winning a home.

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