- Dragged by impairment provisions for its development projects in China, Hongkong Land (SGX:H78)’s FY24 underlying profit tumbled 44% to US$410m. The company made additional US$19m impairment provisions in 2H24, bringing the full year’s provision to US$314m. Excluding non-cash provisions for China projects, the company’s underlying earnings would have fallen by only 12%.
- - Read this at SGinvestors.io -
Central portfolio sees lower income contributions.
- Gross rental receipts fell 5% to US$888m on lower contributions from its Hong Kong Central portfolio.
- - Read this at SGinvestors.io -
- Major renovations at LANDMARK luxury retail portfolio commenced with planned tenant movement leading to income shortfall. In 2025, Landmark will see up to 40% of its leasable floor area under renovation. Retail passing rents increased 3.4% y-o-y to HKD210psf due to positive rental reversions. Physical and committed vacancy remained low at 3% in Dec-24 despite tenant relocation as a result of work in progress.
Singapore portfolio continues to be a bright spot.
- Read more at SGinvestors.io.
