Hongkong Land - DBS Research 2024-08-02: Dragged By Property Write-downs; All Eyes On Strategic Review

• Hongkong Land (SGX:H78) slid into the red in 1H24 with underlying loss of US$7m, due to impairment provisions of US$295m for certain China development projects in Wuhan, Nanjing and Chongqing. The results did not come as a surprise as the management had signalled property provisions in its interim management statement in May-24.
• - Read this at SGinvestors.io -
• Despite the underlying loss, Hongkong Land's interim dividend remained flat at US$0.06.

Office income from Central portfolio under pressure.

• Gross rental receipts were 3% lower driven by reduced office income from its Central portfolio. Vacancy of the Central office portfolio improved marginally by 0.1ppts h/h to 7.3% in Jun-24, comparing favourably with the overall office vacancy of 12.1% in Central. Committed vacancy stood at 6.8% in Jun-24 (Dec-23: 6.8%).
• - Read this at SGinvestors.io -

Stable contributions from luxury retail and Singapore office segments.

• Read more at SGinvestors.io.

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