Henderson's Hotel Disposal Seems Positive Given the Valuation
Henderson Land Development announced the disposal of a hotel property to a connected party for HKD 1 billion. The property, the 317-room Newton Inn North Point, is one of the three Newton hotels wholly owned by the company. The Newton hotels have been loss making since 2015 amid the downturn of Hong Kong tourism. The disposal seems to be at a good price for the company given the low capitalization rate and the limited redevelopment potential. We adjusted our model to account for the disposal. We...Henderson Land Development is an investment holding company, engaged in property development and investment in Hong Kong and mainland China, hotel operation, project and property management, construction and provision of finance. Co.'s segments include Property development, property leasing, construction, infrastructure, hotel operation, department store operation, utility and energy, and others. Co.'s others segment is involved in the provision of finance, investment holding, project management, property management, agency services, cleaning and security guard services, as well as the trading of building materials and disposal of leasehold land.
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