Hong Kong property: Henderson to launch 7,100 new homes this year, saying market has ‘bottomed out’ and ‘stabilised’
- The developer of Belgravia Place residential project says it will launch 7,100 new units this year, 7 per cent fewer than the 7,655 units offered in 2023
- The company behind The Henderson office tower in Central reported a flat underlying profit of US$1.2 billion for last year
The developer, founded by Hong Kong’s second-wealthiest man, Lee Shau-kee, is confident the city’s property market is on the mend following the removal of all property cooling measures last month, according to a filing to the Hong Kong stock exchange on Thursday.
Underlying profit attributable to shareholders grew by a marginal 0.8 per cent to HK$9.7 billion (US$1.2 billion) in 2023.
Hong Kong’s property market has “bottomed out” and “stabilised”, boosting transaction volumes in the past three weeks, chairmen Lee Ka Kit and Lee Ka Shing said in the statement.
“If the US Federal Reserve cuts interest rates in the second half of this year as expected, it will boost Hong Kong’s economy,” the statement said.
Financial Secretary Paul Chan Mo-po scrapped all cooling measures restricting property transactions in his budget on February 28 with the aim of restoring the city’s flagging fiscal health, and addressing mounting calls from the property and business sectors to ditch the decade-old measures.
