Hang Lung Properties' Interim Results in Line; China Retail Assets Show Mixed Performance
Hang Lung Properties reported in-line interim results. For investment properties in China, revenue and earnings were up 11% and 14%, respectively. Both accounted for about half of our full-year estimate. In Hong Kong, rental income and earnings were up 3% year on year, as expected. Development properties were also in line. For the interim, the company reported underlying earnings per share of HKD 0.52, down 24%, attributed to lower earnings from development properties. Hang Lung declared an inte...Hang Lung Properties is an investment holding company. Through its subsidiaries, Co. is engaged in property investment for rental income, property development for sales and leasing, car park management and property management. Co. segments include: property leasing in Hong Kong and mainland China; and property sales in Hong Kong. Co's property leasing segment includes property leasing operation. Co.'s investment properties portfolio consists of retail, office, residential, serviced apartments and carparks are primarily located in Hong Kong and mainland China. Co.'s property sales segment includes development and sale of Co.'s trading properties in Hong Kong.
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