Interim Management Statement

RNS Number : 4755G

Hongkong Land Hldgs Ltd

07 May 2014

 

To: Business Editor                                                  For immediate release

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

HONGKONG LAND HOLDINGS LIMITED

Interim Management Statement

7th May 2014 - Hongkong Land Holdings Limited has today issued its Interim Management Statement covering the period from 1st January to 6th May 2014.

In the Hong Kong office leasing market, there continue to be some signs of improvement, but sentiment remains cautious.  So far this year, in the Group's Central office portfolio, the majority of rental reversions have been positive, while vacancy at the end of April was 6.2% compared with 5.0% at the prior year end.  The Group's retail portfolio remains fully occupied and rental reversions continue to be positive.  In Singapore, vacancy in the Group's office portfolio was 2.5% compared with 1.7% at the end of December 2013.

In respect of residential sales, 13 units at the Serenade development in Hong Kong have been sold since the beginning of the year.  MCL Land, the Group's subsidiary in Singapore, launched its Lakeville project in Jurong and has pre-sold 30% of the 699 units.  The project is scheduled for completion in 2017.  Sales continued at the 75-unit Hallmark Residences, where 55% of the units have been sold, and at the 32-unit Palms@Sixth Avenue, which is now 22% pre-sold.  Both these projects remain on schedule for completion later this year, together with two other projects which are almost fully pre-sold.

In mainland China, Hongkong Land's attributable interest in contracted sales was US$147 million in the first four months of 2014.  This is lower than the US$233 million contracted in the same period last year due to fewer sales launches and a weaker market environment.

Hongkong Land's balance sheet remains strong.  Net debt at 30th April 2014 was largely unchanged from the end of December 2013.

On 8th April 2014 shareholders approved the transfer of the Company's share listing on the Main Market of the London Stock Exchange to the standard segment from the premium segment.  The transfer is expected to become effective on 27th May 2014.

Hongkong Land is one of Asia's leading property investment, management and development groups.  The Group owns and manages almost 800,000 sq. m. of prime office and luxury retail property in key Asian cities, principally in Hong Kong and Singapore.  Hongkong Land is also developing a number of largely residential projects, in cities across Greater China and Southeast Asia.  Hongkong Land Holdings Limited is incorporated in Bermuda, and has its primary listing on the London Stock Exchange, with secondary listings in Bermuda and Singapore.  The Group's assets and investments are managed from Hong Kong by Hongkong Land Limited.  Hongkong Land 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

Carol Chan  (852) 2501 7902

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

 

END

 

 

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