Sino Land boss in measured look at Shenzhen

Sino Land (0083) chairman Robert Ng Chee-siong said it is inevitable that Shenzhen's GDP will top that of Hong Kong as the mainland city has a larger population.

But Hongkongers do not need to worry, Ng said at Sino Land's annual meeting. Rather, they should be proud of being next to Shenzhen, and the two places should complement each other. "It is a golden era for Hong Kong."

His words came after Chief Executive Carrie Lam Cheng Yuet-ngor had said she does not mind that Shenzhen's GDP has surpassed that of Hong Kong.

Deputy chairman Daryl Ng Win-kong said Sino Land's hotel and shopping mall businesses have been affected by the Covid-19 pandemic, which has seen the company in regular communications with merchants on rentals.

The group has no plans to sell non-core assets or to turn to layoffs, Daryl Ng added. In fact, the company plans to launch eight projects over the next 12 months.

Last week, all three tenders for a commercial site in Tung Chung were rejected as their premiums did not meet the government's reserve price.

That was the second commercial plot withdrawn from government tender in five months.