Henderson Land Underlying Profit Climbs 38% and More Hong Kong Real Estate Headlines

Leading today’s Hong Kong real estate news in the city eats, sleeps and dreams about space, Lee Shau-kee’s property heavyweight Henderson Land released its 2017 financial results and beat estimates by announcing a 38 percent rise in underlying profits for the year. Also in the headlines, New World Development took out the city’s first green loan of HK$3.6 billion from a group of banks including HSBC and Bank of China, and a Sham Shui Po redevelopment site drew expressions of interest from 38 developers. All these stories and more await you, if you just keep reading.

Henderson Land Beats Estimates With 38% Profit Jump

Henderson Land Development, owned by one of Hong Kong’s wealthiest families, revealed it holds majority stakes in 51 projects to redevelop old tenement buildings in the city as it reported better-than-expected underlying profit.

Excluding revaluation gains on investment properties, underlying profit jumped 38 per cent to HK$19.55 billion in the year to December, the company said in a filing to the Hong Kong stock exchange on Wednesday. Read more>>

Sham Shui Po Redevelopment Project Attracted 38 Developers

The Urban Renewal Authority (URA) received a total of 38 Expressions of Interest for the development of the Tung Chau Street/Kweilin Street demand-led redevelopment project in Sham Shui Po when the invitation for submission closed Tuesday. The plot is valued at HK$1.2 billion ($153 million) to HK$1.4 billion ($178 million).

Developers who showed interests included Sun Hung Kai Properties, New World Development, Wheelock Properties, Chinachem, China Overseas, Nan Fung, Regal International, K&K Property. Read more>>

New World Development Gets HK’s First Green Loan of HK$3.6B

Hong Kong property firm New World Development said it had taken out city’s first green loan, borrowing HK$3.6 billion ($458.8 million) from a group of local and international banks and joining the growing pack of companies to tap capital through green financing.

It said the loan would be used for a commercial redevelopment project on the King’s Road in the city’s North Point area, and would be the first step in a plan to develop sustainable buildings in both Hong Kong and China through green bonds or loans. Read more>>

Jordan Shamrock Hotel Valued at HK$3B Put on Market

Opened in the 1950s, Shamrock Hotel in Jordan is valued at HK$3 billion ($382 million). The owner of the hotel, Hui family, has selected an agency for the sale. The decades old hotel houses 160 guest rooms which charge about HK$1,000 ($127) per night.

The hotel sits on a 9,000 square foot site which provides a gross floor area of 108,684 square feet (10,097 square metres). The property is just a stone’s throw away from Jordan metro station. Read more>>

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