Hang Lung 'optimistic' as profit up 29pc to HK$2.48b in first half
veloper's new West Kowloon project boosts real estate income tenfold to HK$901 million
Hang Lung Properties said yesterday underlying profit surged 29 per cent in the first half of the year to HK$2.48 billion.
However, chairman Ronnie Chan Chichung expressed concern that the Occupy Central protest movement may adversely affect property prices if the civil disobedience campaign gets going in the second half of the year.
Hang Lung Properties underlying profit jumped due to growth in rental income and Hong Kong property sales. Its turnover grew 35 per cent to HK$4.46 billion.
Revenue from property leasing gained 10 per cent to HK$3.56 billion.
"Property prices are more likely to be stable this year. The existing market sentiment is neither strong nor weak. But the demand from end-users is very strong," Chan said.
He worries though about the affect Occupy Central would have on the market.
"If the Occupy Central protest happened, there would be fewer developers joining the land bidding. Developers may not be able to submit their tender documents to the government," he said.