K Wah International, a mid-tier developer run by gaming tycoon Lui Che-woo, expects to book about HK$2 billion of revenue from sales of units in two residential projects this year.
K Wah booked no income from residential projects last year as new accounting rules allow developers to book only revenue from completed units. This resulted in turnover last year coming mainly from rents at Shanghai K Wah Centre.
This year, the developer would complete Great Hill in Sha Tin and J Residence in Wan Chai, which generated HK$2.8 billion from sales of uncompleted flats last year, K Wah Real Estates general manager Wilson Chan Yuk-sing said.
He did not say how much of that would be booked as revenue for this year, only saying K Wah was confident of achieving HK$2 billion in sales from Hong Kong projects.
K Wah also had a project in Shanghai scheduled for completion this year, Mr Chan said, without disclosing how much revenue was generated from pre-sales.
He expected Great Hill, a luxury residential project, to be the focus of K Wah's property sales this year. Most of the 122 units were sold in the first half of last year, leaving 22 typical units, 24 duplex units and eight houses worth more than HK$1.2 billion unsold.