Henderson Land earnings cut in half amid downbeat Hong Kong property, retail markets
- The developer joins a club of its peers that have turned in poor first-half results, including Swire Properties, Wharf Holdings and CK Asset
Profit fell 47 per cent year on year to HK$3.17 billion (US$407 million), reflecting a fair value loss of HK$2.26 billion after revaluation of the group’s investment properties, Henderson said in a Hong Kong stock exchange filing after trading hours on Wednesday. Fair value loss in the year-earlier period was HK$116 million.
“Interest rates are expected to be adjusted downward in the second half of this year, which will bode well for the overall economy, as well as the property market in Hong Kong,” Peter Lee Ka-kit and Martin Lee Ka-shing, Henderson’s chairmen, said in a the filing.
Initiatives to connect the capital markets of Hong Kong and mainland China, as well as listings by leading mainland firms in the city, “will enhance Hong Kong’s status as an international financial centre over the long term”, they added.
The company joins a club of its peer developers and landlords that have turned in disappointing first-half results.