Interim Management Statement

RNS Number : 7647R

Hongkong Land Hldgs Ld

09 November 2011

 



To: Business Editor                                                                         For immediate release

The following announcement was issued today to a Regulatory Information Service approved by the Financial Services Authority in the United Kingdom.

 

HONGKONG LAND HOLDINGS LIMITED

Interim Management Statement

9th November 2011 - Hongkong Land Holdings Limited has today issued an Interim Management Statement covering the period from 1st July to 8th November 2011 in accordance with the requirements of the Disclosure and Transparency Rules of the Financial Services Authority in the United Kingdom.

The Hong Kong commercial property leasing market was relatively quiet during the period reflecting the general economic uncertainty, although occupancy remained high, with limited new supply.  Vacancy in the Group's office portfolio at the end of October was 2.2%, compared with 2.5% at 30th June 2011.  The retail portfolio continued to enjoy full occupancy.  Rental reversions were mostly positive.  In Singapore, the Group's existing office portfolio was little changed in stable market conditions.  The Group's construction projects in Singapore and Jakarta are progressing well with good levels of pre-letting.  In August, a prime site in Wangfujing in the heart of Beijing was secured for approximately US$455 million, which will be developed as an integrated, luxury retail centre. 

In the residential sector, sentiment was affected by government measures to curb price inflation and general market weakness in the region.  Despite this, sales activity at the Group's projects was satisfactory.  In Hong Kong, a further seven units at the Serenade development were handed over to buyers.  In Singapore, MCL Land launched two additional projects which have been well received.  In mainland China, at the 50%-held Bamboo Grove development in Chongqing, two phases are on schedule for completion later this year, and the response has been good to the recent launch of further units.  Sales continued at the Park Life development in the south of Shenyang, and the 50%-held joint venture also launched the first phase of its One Capitol project in the north of the city.  Development activities are ongoing at the Group's four other residential projects in China.

Hongkong Land's balance sheet remains strong with net debt at 31st October 2011 largely unchanged from that reported at the end of June 2011.

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 CBD, while in Singapore it has a number of major developments.  Its subsidiary, MCL Land, is a prominent residential developer in Singapore.  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

Kennes Young  (852) 2501 7987

This and other Group announcements can be accessed through the Internet at 'www.hkland.com'.

 

END

 

 

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