Hang Lung Properties' total revenue for the first half of the year increased by 17% year-on-year to HK$6.11 billion.
During the period, rental income from mainland China properties fell by 6% to nearly HK$3.34 billion. Dragged down by weak luxury retail consumption, income from the mall portfolio declined by 3% year-on-year, with high-end malls seeing a 4% drop, while the overall occupancy rate of the malls continued to rise.
In the first half of the year, total income from mainland office buildings decreased by 4%. The office buildings faced the dual challenges of over-supply and weak demand for office space, especially in Shanghai.
During the period, rental income from Hong Kong properties fell by 8% to nearly HK$1.55 billion. Income from the retail property portfolio decreased by 7%, due to rent reductions for some major tenants, and income from retail properties in key commercial and tourist areas fell by 10%, with an occupancy rate of 97% as of the end of June.
Faced with weak demand and over-supply in the office market on Hong Kong Island leading to rent reductions, revenue from the Hong Kong office portfolio fell by 8% in the first half of the year, with an occupancy rate remaining at 89%. Income from residential and serviced apartment businesses fell by 17%.
Property sales in the first half recorded nearly HK$1.23 billion in revenue, with Hong Kong contributing HK$1.2 billion.
As of the end of June, contracted property sales totaled HK$385 million, with the related revenue to be recognized upon the completion of sales transactions.
Related News:
66,734 local companies newly registered during first half of 2024
Comment