Hongkong Land - DBS Research 2023-11-10: Embracing Challenges

• Office leasing demand has softened with prolonged interest rate hikes and a subdued financial market. Physical vacancy at Hongkong Land (SGX:H78)'s Central office portfolio crept up to 7.3% in Sep-23 from Jun-23’s 6.9%.
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• Reversionary growth continued to be in negative territory. This, coupled with lower portfolio occupancy, should drag Hongkong Land's office income. However, this should be offset by higher contributions from the luxury retail portfolio in Hong Kong, Beijing, and Macau, and Singapore office portfolio.

Luxury retail portfolio continues its post-pandemic business recovery.

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• WF Central in Beijing and One Central in Macau saw a continued recovery of tenants’ sales and footfall.

Singapore office portfolio continues to enjoy positive rental reversion.

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Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

Read also DBS's most recent report:
2025-11-21 Hongkong Land - Positive Leasing Dynamics Lift Central Office Portfolio.

Previous report by DBS:
2025-09-19 Hongkong Land - Accelerating Return Of Capital With Divestment Of MCL Land.

Price targets by other brokers at Hongkong Land Target Prices.

Listing of research reports at Hongkong Land Analyst Reports.

Relevant links:
Hongkong Land Share Price History,
Hongkong Land Announcements,
Hongkong Land Dividend Payout Dates & Corporate Actions,
Hongkong Land News