Interim Management Statement

RNS Number : 7692R

Hongkong Land Hldgs Ld

06 May 2009

 



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

6th May 2009 - Hongkong Land Holdings Limited has today issued an Interim Management Statement covering the period from 1st January to 5th May 2009 in accordance with the requirements of the Disclosure and Transparency Rules issued by the Financial Services Authority of the United Kingdom. 

During the period under review the commercial property leasing markets in Hong Kong and Singapore have slowed further, although positive rental reversions continued to benefit the business. In Hong Kong, vacancy in the Group's office portfolio at 30th April 2009, excluding committed space, was 4.6%. The retail portfolio remains fully occupied. In Singapore, One Raffles Link and One Raffles Quay are fully let.

Activity in the residential markets in which the Group operates has slowed considerably since last year, although there have been some tentative signs of improvement recently. MCL Land has completed one project in Singapore in 2009 and a further two are scheduled to complete before the year end, which should allow for profit recognition on these substantially pre-sold developments. One Central in Macau, in which the Group has a 47% interest and which is also almost fully pre-sold, is due to complete and be handed over to buyers in the second half of the year.

Good commercial rental income and the recognition of profits on residential properties already sold should lead to satisfactory results in 2009. In the longer term, despite uncertain global economic conditions, the Group's strong balance sheet will continue to stand it in good stead.

Hongkong Land is one of Asia's leading property investment, management and development groups with premium commercial and residential developments throughout the region. The Group owns and manages some 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 77%-owned affiliate, MCL Land, is a Singapore-listed residential developer. Hongkong Land Holdings Limited is incorporated in Bermuda and its shares are listed in London, 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
Geoffrey Brown  (852) 2842 8138

GolinHarris
Sue So  (852) 2501 7984

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

 

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