Hongkong Land Holdings' First-Quarter Results in Line, Hong Kong's Central Office Market Slowing
Hongkong Land Holdings reported first-quarter operating data mostly in line with our expectation. In Hong Kong, the office portfolio saw continued positive rental reversions, but the company acknowledged a slowdown in leasing enquires, reflecting the broader market sentiment. The office portfolio’s vacancy rate increased to 2.1%, compared with 1.4% at year-end 2018. The company stated the higher vacancy rate was transitory as most of the space has been committed. We maintain our fair value estim...Hongkong Land Holdings is a member of the Jardine Matheson Group. Co. is a property investment, management and development group in Asia. Co. owns and manages almost 800,000 sq. m. of office and retail property in Asian cities, principally in Hong Kong and Singapore. Co. has two operating segments: Commercial Property and Residential Property.
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