Hong Kong developer Sino Land reports 30% earnings drop, points to full pipeline
Sino Land, a major Hong Kong developer, reported a 30% drop in earnings for the first half of its financial year, earning HK$1.82 billion (US$234 million). This decline is attributed to a slow recovery in the city's property sector, with revenue from property sales falling 63% to HK$2.44 billion. The results also reflect a HK$407 million revaluation loss on investment properties.
The company's property revenue primarily came from sales of remaining units in previously completed projects. However, Sino Land remains optimistic, citing a pipeline of new residential projects and the removal of demand-side management measures in February 2024. Chairman Robert Ng Chee Siong also noted that Federal Reserve interest-rate cuts and talent-admission programs have positively influenced buyer sentiment and residential sales in Hong Kong.
via SCMP Full Text Feed
Sino Land, a major Hong Kong developer, reported a 30% drop in earnings for the first half of its financial year, earning HK$1.82 billion (US$234 million). This decline is attributed to a slow recovery in the city's property sector, with revenue from property sales falling 63% to HK$2.44 billion. The results also reflect a HK$407 million revaluation loss on investment properties.
The company's property revenue primarily came from sales of remaining units in previously completed projects. However, Sino Land remains optimistic, citing a pipeline of new residential projects and the removal of demand-side management measures in February 2024. Chairman Robert Ng Chee Siong also noted that Federal Reserve interest-rate cuts and talent-admission programs have positively influenced buyer sentiment and residential sales in Hong Kong.
via SCMP Full Text Feed
