Sino Land set to launch some 2,100 flats this year as it turns ‘cautiously optimistic’ on Hong Kong’s property market

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Sino Land, which posted a 36 per cent decline in half-year profit, plans to launch nearly 2,100 flats, including about 640 in Lohas Park this year

Efforts to attract global talent, a tapering of the interest-rate cycle and border reopening will support the city’s property market, chairman Robert Ng says

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Sino Land plans to launch six residential projects in Hong Kong this year, including in Lohas Park, Tseung Kwan O. Photo: Sun Yeung

Lam Ka-sing

Published: 7:23pm, 21 Feb 2023

Sino Land plans to launch some 2,100 flats in six developments this year, the Hong Kong property developer said on Friday after posting a 36 per cent drop in half-year profit.

Some 640 of the 2,077 flats will be available in phase 13 of Lohas Park, in which it has a 25 per cent stake, according to the company’s results presentation.

The company is “cautiously optimistic” about Hong Kong’s residential market, chairman Robert Ng Chee Siong said in a filing to the Hong Kong stock exchange, noting that the government’s efforts to attract global talent, the expected tapering of the interest rate cycle and the reopening of China’s borders will provide support to the market.

Sino Land’s underlying profit for the six months ended December 2022 slumped to HK$2.8 billion (US$357.2 million), from HK$4.3 billion a year earlier. Revenue from property sales nosedived 54 per cent to HK$3.9 billion in the period. This came as Hong Kong’s overall new home sales fell 41.3 per cent year on year in 2022 to a nine-year low of 10,261 units, according to Centaline Property Agency.

Robert Ng Chee Siong, chairman of Sino Land, pictured in March 2019. Photo: Simon Song

“During the interim period, the global economic environment continued to face challenges, including interest rate hikes, inflation, volatility in the foreign exchange market as well as dampened consumer sentiment,” Ng said. “The intermittent waves of resurgence of the pandemic in mainland China and Hong Kong further impeded the pace of economic recovery.”

The group remains focused on improving business performance and operational efficiencies, he added.