Interim Results
HONG KONG LAND HOLDINGS LIMITED
13 September 1999
HONGKONG LAND HOLDINGS LIMITED
INTERIM REPORT 1999 HIGHLIGHTS
- Core Hong Kong property market stabilises
- Occupancy remains high at over 94%
- Negative rent reversions impact income
- Good progress on property developments
Results
(unaudited)
Six months ended 30th June
1999 1998 Change
US$m US$m %
____________________________________________________________
Operating profit 170 228 -25
Profit after taxation and
minority interests 149 169 -12
Profit after taxation and minority
interests excluding exceptional
items 149 199 -25
____________________________________________________________
USc USc %
____________________________________________________________
Earnings per share 5.91 6.68 -12
Earnings per share excluding
exceptional items 5.91 7.87 -25
Interim dividend per share 3.50 3.50 -
____________________________________________________________
'The sharp falls experienced in 1998 in property markets
throughout the region have slowed significantly in 1999.
Those markets in which the Group operates, in particular Hong
Kong's Central District, have stabilised. Negative reversions
will, however, continue to affect results in the period ahead
and the level of supply is likely to make any recovery in
rentals a slow one.'
Simon Keswick, Chairman
13th September 1999
The interim dividend of USc3.50 per share will be payable on
23rd November 1999 to Shareholders on the register of members
at the close of business on 1st October 1999. The ex-dividend
date will be on 27th September 1999, and the share registers
will be closed from 4th to 8th October 1999, inclusive.
HONGKONG LAND HOLDINGS LIMITED
INTERIM REPORT 1999
Hongkong Land Holdings Limited today announced that the Group
has maintained high levels of occupancy in its properties
throughout the Asian recession. Good progress has been made
in letting properties under development. Signs of recovery in
some of the Asian economies worst affected by the economic
upheavals of the last two years are encouraging, and property
values and rentals in the Group's core market in Hong Kong
have stabilised. Any recovery from these levels is, however,
likely to be sluggish.
PERFORMANCE
Net profit for the six months ended 30th June 1999 was US$149
million compared with US$169 million in the first half of
1998. Excluding the exceptional charge in 1998, profit
declined by 25% from US$199 million mainly due to the negative
rental reversions working through the Group's Hong Kong
property portfolio. Earnings per share were USc5.91 for the
period, also a decline of 25% on underlying earnings.
Hongkong Land's investment and development properties are held
at their end 1998 valuation. The Directors do not believe
that these values have changed significantly since then.
The Group's balance sheet remains strong with substantial cash
and bank facilities at its disposal. Net borrowings rose from
US$480 million at 31st December 1998 to US$560 million mainly
as a result of capital expenditure on development properties.
The Board has declared an unchanged interim dividend of
USc3.50 per share, payable in cash.
GROUP REVIEW
Hong Kong Investment Properties
Turning to the operations, the Chairman, Simon Keswick, said
that during the first half of 1999, the rate of decline in
office and retail rents in Hong Kong's Central District slowed
significantly. Occupancy levels in the Group's Central
portfolio remained high at over 94%, despite substantial new
supply in Central, which continues to inhibit a recovery in
rentals. This new space is, however, progressively letting up
and Central District vacancy is beginning to fall.
The Group completed its refurbishment of the retail element of
Prince's Building during the first half of 1999. This space
is now fully let with fitting out being completed while the
luxury retail market is experiencing a mild recovery.
Development Properties
The demolition of the Group's property at 11 Chater Road has
been completed. Work on the substructure of a new retail
podium and office tower totalling some 570,000 sq. ft will now
commence.
An occupation permit for the Group's new 300,000 sq. ft office
building at 1063 King's Road, Quarry Bay was obtained in July
1999 and leasing of the building has commenced. At 1st
September 1999 the building was 40% committed.
In Mainland China the Group's 40%-owned residential
development in Beijing, Maple Place, is continuing to lease
satisfactorily although the luxury residential market is
beginning to weaken.
The construction of One Raffles Link, the Group's 395,000 sq.
ft office and retail development in Singapore is nearing
completion. Leasing interest in the project has been
encouraging and both office and retail elements of the scheme
are currently over 60% committed. The office element will be
completed in late 1999 and the retail in early 2000.
The construction of Roxas Triangle Towers, Manila, in which
the Group has a 40% interest, is progressing, with completion
expected in mid-2000. While the luxury residential market in
Manila remains weak, there are some signs of recovery in the
Philippines economy.
Infrastructure
In Hong Kong, Asia Container Terminals, in which the Group has
a 28.5% interest, has appointed underwriting banks for the
debt portion of the financing. Financial close is expected
before the end of the year.
In Mainland China the development of China Water Company and
Central China Power slowed, as growth in the Chinese economy
has moderated. In Indonesia there has been an improved
performance at the Group's toll road investment.
YEAR 2000
Work has proceeded on schedule to ensure that the Group is Y2K
ready in all business critical activities by the year end.
Testing, risk identification and solution implementation has
been completed on plan in relation to all internal systems.
Contingency plans against the risk of external failures have
been written and are in the process of testing in readiness
for the year end. The Audit Committee has been monitoring
progress and reporting to the Board.
Costs relating to resolving this issue are expensed as
incurred. Total costs are estimated to be US$1.4 million.
While the Group continues to make satisfactory progress and is
making every effort to reduce the risks of the Y2K issue,
there can be no absolute assurance that the Y2K programmes
will be completely successful due to the inherent
unpredictability and scope of the Y2K problem.
OUTLOOK
In conclusion, Simon Keswick said, 'The sharp falls
experienced in 1998 in property markets throughout the region
have slowed significantly in 1999. Those markets in which the
Group operates, in particular Hong Kong's Central District,
have stabilised. Negative reversions will, however, continue
to affect results in the period ahead and the level of supply
is likely to make any recovery in rentals a slow one.'
________________________________________________________________
Hongkong Land Holdings Limited
Condensed Consolidated Profit and Loss Account
________________________________________________________________
(unaudited) Year ended
Six months ended 30th June 31st December
1999 1998 1998
US$m US$m US$m
________________________________________________________________
Revenue (note 2) 213.9 277.3 527.4
Recoverable and non
recoverable costs (31.2) (34.3) (78.3)
_______ _______ _______
Net income from properties 182.7 243.0 449.1
Administrative and other
expenses (12.7) (15.1) (26.2)
_______ _______ _______
Operating profit (note 2) 170.0 227.9 422.9
Share of results of
associates, joint ventures
and others (note 3) 6.3 5.6 14.3
Net financing charges (12.0) (5.7) (17.5)
Exceptional items - (30.0) (247.6)
_______ _______ _______
Profit before taxation 164.3 197.8 172.1
Taxation (note 4) (15.5) (29.0) (50.3)
_______ _______ _______
Profit after taxation 148.8 168.8 121.8
Minority interests 0.3 0.1 4.0
_______ _______ _______
Profit after taxation and
minority interests 149.1 168.9 125.8
======= ======= =======
________________________________________________________________
USc USc USc
________________________________________________________________
Earnings per share (note 5) 5.91 6.68 4.98
Earnings per share excluding
exceptional items (note 5) 5.91 7.87 14.65
Diluted earnings per share
(note 5) 5.91 6.68 4.98
Diluted earnings per share
excluding exceptional items
(note 5) 5.91 7.87 14.65
________________________________________________________________
Hongkong Land Holdings Limited
Condensed Consolidated Balance Sheet
________________________________________________________________
(unaudited) At
At 30th June 31st December
1999 1998 1998
US$m US$m US$m
________________________________________________________________
Net operating assets
Tangible assets (note 6)
Investment properties 4,681.4 8,129.0 4,668.8
Development properties 671.6 1,058.5 610.8
Others 16.4 16.8 16.6
_______ _______ _______
5,369.4 9,204.3 5,296.2
Associates, joint ventures
and other investments 402.0 384.3 387.8
Other non-current assets 11.6 13.0 12.3
_______ _______ _______
Non-current assets 5,783.0 9,601.6 5,696.3
Current assets (note 7) 1,393.4 1,434.3 1,473.4
Current liabilities
(note 8) (338.1) (444.6) (446.3)
Net current assets 1,055.3 989.7 1,027.1
Term loans (note 9) (1,758.8) (1,594.9) (1,644.0)
Other non-current
liabilities (9.4) (7.5) (8.5)
_______ _______ _______
5,070.1 8,988.9 5,070.9
======= ======= =======
Capital employed
Share capital 259.2 259.3 259.2
Revenue and other reserves
Property revaluation
reserve 3,524.1 7,318.1 3,525.2
Exchange fluctuation
reserve (37.6) (36.8) (26.7)
Revenue reserves 1,403.2 1,522.9 1,391.7
4,889.7 8,804.2 4,890.2
Own shares held (77.7) (77.7) (77.7)
_______ _______ _______
Shareholders' funds 5,071.2 8,985.8 5,071.7
Minority interests (1.1) 3.1 (0.8)
_______ _______ _______
5,070.1 8,988.9 5,070.9
======= ======= =======
________________________________________________________________
US$ US$ US$
________________________________________________________________
Net asset value per share 2.01 3.56 2.01
________________________________________________________________
No interim valuation of the Group's investment properties has
been undertaken. Stated values at 30th June 1999 and 1998
reflect the values at the previous 31st December.
________________________________________________________________
Hongkong Land Holdings Limited
Condensed Consolidated Statement of Changes in Equity
________________________________________________________________
(unaudited) Year ended
Six months ended 30th June 31st December
1999 1998 1998
US$m US$m US$m
________________________________________________________________
At 1st January
- as previously
reported 4,924.8 8,831.9 8,831.9
- effect of adopting
IAS 10 (Revised) 138.8 215.7 215.7
- effect of adopting
IAS 19 (Revised) 8.1 7.9 7.9
_______ _______ _______
- as restated 5,071.7 9,055.5 9,055.5
Net revaluation deficit - - (3,470.4)
Provision against a
development property - - (316.4)
Share of reserve movements
of associates and joint
ventures (3.0) (0.3) (3.2)
Net exchange translation
differences (7.8) (5.1) 3.0
Net losses not recognised in
the consolidated profit and
loss account (10.8) (5.4) (3,787.0)
Profit after taxation and
minority interests 149.1 168.9 125.8
Dividends (note 10) (138.8) (214.7) (303.0)
Repurchase of ordinary
shares - (18.5) (19.6)
_______ _______ _______
At end of period 5,071.2 8,985.8 5,071.7
======= ======= =======
________________________________________________________________
Hongkong Land Holdings Limited
Condensed Consolidated Cash Flow Statement
________________________________________________________________
(unaudited) Year ended
Six months ended 30th June 31st December
1999 1998 1998
US$m US$m US$m
________________________________________________________________
Cash flows from operating
activities (note 11) 151.8 210.2 347.3
Cash flows from investing
activities
Developments capital
expenditure (78.9) (44.3) (101.0)
Major renovations
expenditure (7.1) (8.5) (12.3)
Investments in and loans
to joint ventures (11.6) (20.3) (31.4)
Purchase of other
investments - (4.2) (4.2)
Disposal of other
investments 0.4 258.0 260.8
(97.2) 180.7 111.9
Cash flows from financing
activities
Drawdown/(repayment) of
secured bank loans 58.7 (7.5) 50.4
Repurchase of ordinary
shares - (18.7) (20.2)
Repurchase of 4%
convertible bonds (16.2) (12.0) (12.0)
Dividends paid by the
Company (137.6) (205.6) (301.2)
_______ _______ _______
(95.1) (243.8) (283.0)
Net (decrease)/increase in
cash and cash equivalents (40.5) 147.1 176.2
Cash and cash equivalents
at beginning of period 1,287.6 1,111.4 1,111.4
_______ _______ _______
Cash and cash equivalents
at end of period 1,247.1 1,258.5 1,287.6
======= ======= =======
________________________________________________________________
USc USc USc
________________________________________________________________
Cash flow per share (note 12) 5.74 7.98 13.27
________________________________________________________________
Hongkong Land Holdings Limited
Notes
________________________________________________________________
1. ACCOUNTING POLICIES AND BASIS OF PREPARATION
The unaudited interim condensed financial statements have
been prepared in accordance with International Accounting
Standard 34 on Interim Financial Reporting.
In 1999, the Group implemented IAS 19 (Revised) on
Employee Benefits. In accordance with this revised
standard, pension costs are assessed using the projected
unit credit method. Under this method, plan assets are
measured at fair value, pension obligations are measured
as the present value of the estimated future cash flows
by reference to market yields on high quality corporate
bonds which have terms to maturity approximating the
terms of the related liability. This is a change in
accounting policy as in previous years pension costs were
assessed using the attained age normal method and pension
obligations were discounted at the expected rate of
return on plan assets. The comparative figures for 1998
have been restated to reflect this change. The effect of
this change has been to increase the profit after
taxation and minority interests for the year ended 31st
December 1998 by US$0.2 million. Shareholders' funds at
1st January 1998 and 1999 have been increased by US$7.9
million and US$8.1 million respectively.
The Group also implemented IAS 10 (Revised) on Events
After the Balance Sheet Date in advance of its effective
date. In accordance with this revised standard,
dividends proposed or declared after the balance sheet
date are not recognised as a liability at the balance
sheet date. In previous years, dividends proposed or
declared after the balance sheet date were recognised as
a liability at the balance sheet date. The effect of
this change has been to increase the Shareholders' funds
at 1st January 1998 and 1999 by US$215.7 million and
US$138.8 million respectively.
In addition, the Group implemented IAS 14 (Revised) -
Segment Reporting, IAS 17 (Revised) - Leases and IAS 35 -
Discontinuing Operations. The provisions of IAS 16
(Revised) - Property, Plant and Equipment, IAS 22
(Revised) - Business Combinations, IAS 28 (Revised) -
Accounting for Investments in Associates, IAS 31
(Revised) - Financial Reporting of Interests in Joint
Ventures, IAS 36 - Impairment of Assets, IAS 37 -
Provisions, Contingent Liabilities and Contingent Assets
and IAS 38 - Intangible Assets are applied in advance of
their effective dates. There are no changes in
accounting policy that affect operating profit or
Shareholders' funds resulting from the adoption of the
above standards in these condensed financial statements
as the Group was already following other relevant
recognition and measurement principles in those
standards.
Apart from the above, there have been no other changes to
the Group's accounting policies used in the preparation
of the annual financial statements for the year ended
31st December 1998.
The disclosure requirements of IAS 1 (Revised) -
Presentation of Financial Statements will be complied
with in the Group's 1999 annual financial statements.
Taxation is recognised based on the best estimate of the
weighted average annual income tax rate expected for the
full financial year.
These interim condensed financial statements should be
read in conjunction with the annual financial statements
for the year ended 31st December 1998.
2. SEGMENT INFORMATION
(unaudited)
Six months ended 30th June
1999 1998
US$m US$m
__________________________
Revenue by business
Property
Rental income 191.2 249.6
Service and management charges 22.7 25.6
Property sales - 2.1
______ ______
213.9 277.3
====== ======
Segment results by business
Property 178.1 237.0
Infrastructure (0.8) (0.9)
______ ______
177.3 236.1
Unallocated costs (7.3) (8.2)
______ ______
Operating profit 170.0 227.9
====== ======
3. SHARE OF RESULTS OF ASSOCIATES, JOINT VENTURES AND OTHERS
(unaudited)
Six months ended 30th June
1999 1998
US$m US$m
__________________________
Connaught Investors 4.3 4.9
Joint ventures 1.7 0.9
Goodwill - (0.8)
Other income 0.3 0.6
______ ______
6.3 5.6
====== ======
By business:
Property 0.4 0.3
Connaught Investors 4.3 4.9
Infrastructure 1.5 (0.2)
Others 0.1 0.6
______ ______
6.3 5.6
====== ======
4. TAXATION
(unaudited)
Six months ended 30th June
1999 1998
US$m US$m
____________________________
Current tax
Company and subsidiaries
Hong Kong 13.8 27.1
Southeast Asia 0.1 -
13.9 27.1
Associates and joint ventures
Hong Kong - 0.1
Mainland China 0.2 -
0.2 0.1
______ ______
14.1 27.2
Deferred tax
Hong Kong subsidiaries
Reversal of temporary differences 1.4 0.6
Utilisation of tax losses - 1.1
Change in tax rate - 0.1
1.4 1.8
______ ______
15.5 29.0
====== ======
Reconciliation of taxation and
profit
Tax at the applicable tax rate 21.0 23.2
Exceptional items not deductible
in determining taxable profit - 5.8
Expenses not deductible
in determining taxable profit 0.3 0.2
Other income not subject to tax (0.5) (0.7)
Losses not recognised 0.3 0.4
Tax rebates for previous year (5.6) -
Change in tax rate - 0.1
______ ______
15.5 29.0
====== ======
Taxation on profits is provided at the rates of taxation
prevailing in the territories in which the Group
operates.
The applicable tax rate represents the weighted average
of the rates of taxation prevailing in the territories in
which the Group operates.
5. EARNINGS PER SHARE
(unaudited)
Six months ended 30th June
1999 1998
US$m US$m
__________________________
Profit after taxation and minority
interests for calculation of
earnings per share 149.1 168.9
Exceptional items - 30.0
______ ______
Adjusted earnings for calculation
of earnings per share excluding
exceptional items 149.1 198.9
====== ======
1999 1998
Millions Millions
of Shares of Shares
_____________________________
Weighted average number in issue 2,592.4 2,596.3
Own shares held (69.6) (69.6)
_________ _________
Number used to compute earnings
per share and earnings per
share excluding exceptional items 2,522.8 2,526.7
========= =========
The convertible bonds were anti-dilutive and therefore
ignored in calculating diluted earnings per share. As a
result, earnings per share and diluted earnings per share
were the same.
6. TANGIBLE ASSETS AND CAPITAL COMMITMENTS
(unaudited) At
At 30th June 31st December
1999 1998 1998
US$m US$m US$m
______________________________________
Tangible assets
At 1st January 5,296.2 9,161.6 9,161.6
Exchange translation
differences (11.7) (4.7) 4.5
Additions 87.7 50.2 114.5
Depreciation (2.8) (2.8) (5.6)
Net revaluation deficit
and provision - - (3,978.8)
_______ _______ _______
Net book value 5,369.4 9,204.3 5,296.2
======= ======= =======
Capital commitments 643.2 820.7 768.5
======= ======= =======
7. CURRENT ASSETS
(unaudited) At
At 30th June 31st December
1999 1998 1998
US$m US$m US$m
______________________________________
Property held for sale 36.2 41.1 36.2
Debtors, prepayments and
others 20.6 19.6 24.0
Bank balances and other
liquid funds 1,336.6 1,373.6 1,413.2
_______ _______ _______
1,393.4 1,434.3 1,473.4
======= ======= =======
Bank balances and other liquid funds include liquid
investments of US$103.7 million (1998: US$120.2 million).
US$134.6 million of the bank balances was subject to
collateralised arrangements.
8. CURRENT LIABILITIES
(unaudited) At
At 30th June 31st December
1999 1998 1998
US$m US$m US$m
______________________________________
Creditors and other accruals 172.7 180.6 177.5
Unsecured bank loans and
overdrafts 89.5 115.1 125.6
Current portion of long-
term loans (see note 9) 48.2 113.8 123.5
Taxation 27.7 35.1 19.7
_____ _____ _____
338.1 444.6 446.3
===== ===== =====
9. TERM LOANS
(unaudited) At
At 30th June 31st December
1999 1998 1998
US$m US$m US$m
_____________________________________
Hong Kong Dollar
Secured bank loans 1,054.0 999.4 1,018.5
Unsecured bank loans
wholly repayable within
five years 141.8 141.9 142.0
7.625% bonds - 1993/2001 64.4 64.5 64.5
_______ ________ _______
1,260.2 1,205.8 1,225.0
Singapore Dollar
Secured bank loans 60.9 - 39.6
United States Dollar
Secured bank loans 3.7 5.2 4.5
Unsecured bank loans
wholly repayable within
five years 113.8 113.8 113.8
4% convertible bonds due
2001 368.4 383.9 384.6
485.9 502.9 502.9
_______ _______ _______
1,807.0 1,708.7 1,767.5
Less: Current portion
included in current
liabilities (see note 8) (48.2) (113.8) (123.5)
_______ _______ _______
1,758.8 1,594.9 1,644.0
======= ======= =======
During the six months ended 30th June 1999, the Company
repurchased and cancelled US$17.0 million nominal of its
convertible bonds for an aggregate consideration of
US$16.2 million. In addition, during the period from
1st July 1999 to 1st September 1999 the Company
repurchased and cancelled further US$1.5 million nominal
for an aggregate consideration of US$1.4 million.
10. DIVIDENDS
(unaudited)
Six months ended 30th June
1999 1998
US$m US$m
___________________________
Final dividend in respect of 1998
of USc5.50 (1997: USc8.50) per share 138.8 215.7
Overprovision of dividend for prior
year - (1.0)
_______ _______
138.8 214.7
======= =======
An interim dividend in respect of 1999 of USc3.50 (1998:
USc3.50) per share amounting to a total of US$88.3
million (1998: US$88.3 million) is declared and will be
accounted for as an appropriation of revenue reserves in
the year ending 31st December 1999.
11. CASH FLOWS FROM OPERATING ACTIVITIES
(unaudited)
Six months ended 30th June
1999 1998
US$m US$m
___________________________
Operating profit 170.0 227.9
Depreciation 2.8 2.8
Increase in debtors and prepayments (3.0) (1.0)
Decrease in creditors and accruals (0.2) (1.7)
Interest received 13.0 46.2
Interest and other financing charges
paid (25.7) (50.9)
Tax paid (5.9) (14.6)
Dividends received 0.8 1.5
_______ _______
151.8 210.2
======= =======
12. CASH FLOW PER SHARE
Cash flow per share is based on cash flows from operating
activities less major renovations expenditure amounting
to US$144.7 million (1998: US$201.7 million) and is
calculated on the weighted average of 2,522.8 million
(1998: 2,526.7 million) shares in issue during the
period, which excludes 69.6 million shares in the Company
held by a subsidiary.
13. CONTINGENT LIABILITIES
A subsidiary of the Group has given guarantees in respect
of the Group's obligations to the Container Terminal 9
development. The anticipated commitment to the build out
of two berths in the project is estimated to be
approximately US$160.0 million. However, were the
subsidiary required to provide additional funds for the
build out cost of the other berths, the maximum
contingent liability assumed in respect of the guarantees
would be US$278.8 million (1998: nil).
14. INTERIM REPORT
The Interim Report will be posted to Shareholders on or
about 5th October 1999. Copies may be obtained from
Jardine Matheson International Services Limited, P.O. Box
HM 1068, Hamilton HM EX, Bermuda; IRG plc, Bourne House,
34 Beckenham Road, Beckenham, Kent BR3 4TU, England and M
& C Services Private Limited, 16 Raffles Quay £23-01,
Hong Leong Building, Singapore 048581.
The interim dividend of USc3.50 per share will be payable on
23rd November 1999 to Shareholders on the register of members
at the close of business on 1st October 1999. The ex-dividend
date will be on 27th September 1999, and the share registers
will be closed from 4th to 8th October 1999, inclusive.
Shareholders will receive their dividends in United States
Dollars, unless they are registered on the Jersey branch
register where they will have the option to elect for
Sterling. These Shareholders may make new currency elections
by notifying the United Kingdom transfer agent in writing by
4th November 1999. The Sterling equivalent of dividends
declared in United States Dollars will be calculated by
reference to a rate prevailing ten business days prior to the
payment date. Shareholders holding their shares through The
Central Depository (Pte) Limited ('CDP') in Singapore will
receive United States Dollars unless they elect, through CDP,
to receive Singapore Dollars.
For further information, please contact:
Hongkong Land Limited (852) 2842 8300
E P K Weatherall/N R Sallnow-Smith
Matheson Securities
Martin Henderson (44) 171 816 8135 (office)
Forrest International Limited (852) 2522 6475
Sue Gourlay/David Dodwell
Ludgate Communications
Richard Hews (44) 171 253 2252
Victoria Martin
Full text of this and other Group announcements can be
accessed through the Internet at
'http://www.irasia.com/listco/sg/hkland'.
NOTE TO EDITORS
Hongkong Land is a property investment, management and
development group with a major portfolio in Hong Kong and with
other property and infrastructure interests in Asia.
The primary share listing of the parent company, Hongkong Land
Holdings Limited, is in London, and the bulk of its shares are
traded in Singapore. The Company is incorporated in Bermuda
and the Group's operations are managed from Hong Kong by
Hongkong Land Limited through three operating divisions.
Hongkong Land China Holdings Limited owns and manages some 5
million sq. ft of prime office and retail space in the heart
of Hong Kong's Central business district, some 10% of which is
under redevelopment, and is developing a range of property
activities in Hong Kong and Mainland China.
Hongkong Land International Holdings Limited is establishing a
portfolio of property projects elsewhere in Asia, and is
active in Singapore, the Philippines and Vietnam.
Hongkong Land Infrastructure Holdings Limited holds
infrastructure investments in Hong Kong, Mainland China and
Indonesia and is seeking to develop a regional portfolio.
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