04 Aug '17, 3am

Hongkong Land net profit more than doubles

Scale model of Lake Grande condominium in Singapore. (Photo Christopher Chitty) Hongkong Land Holdings announced on Thursday (3 August) that its net profit surged 147 percent to US$3.13 billion in H1 2017 from US$1.26 billion during the same period last year. The significant increase is attributed to a net gain of US$2.61 billion arising from the revaluation of the company’s investment properties. “The group’s investment properties produced an increased contribution due to higher average rents achieved in Hong Kong. Of the group’s development properties, being residential and mixed-use projects developed for sale in the short to medium-term, higher sales completions led to increased profits in both mainland China and Singapore,” noted the company. “The good performance of the group’s investment property portfolio is expected to continue in the second half of the year, alth...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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