Hongkong Land seeks US$10 billion from asset sales as Jardine eyes ‘ultra-premium’ market

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Strategic pivot aims to ‘ultimately’ double its profit before interest and tax and grow its assets under management to US$100 billion by 2035

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“This is not a pivot because of financial reasons,” CEO Smith says. “This is a business strategic pivot”. Photo: Xiaomei Chen

Cheryl Arcibal

Published: 5:25pm, 29 Oct 2024Updated: 9:59pm, 29 Oct 2024

Hongkong Land, controlled by Jardine Matheson, is looking to raise US$10 billion by selling and reshuffling its assets in mainland China and other parts of Asia, as the developer switches its focus to the “ultra-premium” property market after a strategic review.

The largest commercial property landlord in Central has earmarked 50 such targets for sale after a “thorough review over the past six months” of its strengths, financial performance and business direction, CEO Michael Smith said in an interview.

“Hongkong Land has taken a very deep look at ourselves to understand what our competitive advantages are, what we are really, really good at,” he said. “What we have landed on is a vision of becoming the leader in Asia – gateway cities focused on ultra premium, integrated commercial properties.”

“This is not a pivot because of financial reasons,” he added. “This is a business strategic pivot.”

Jardine Matheson’s executive chairman Ben Keswick (left) meets Xia Baolong, the director of the Hong Kong and Macau Affairs Office, in Beijing on October 28. Photo: Liaison Office

Hongkong Land announced the strategic review and asset-sale plan in a stock exchange filing on Tuesday. The firm, which is listed in London and Singapore, is 53 per cent-owned by Jardine Matheson, a trading house founded in 1830.