Lai Sun mulls bid for hotel site at Ocean Park
Developer also looking into tender for two lots of government land to house local residents
Lai Sun Development is considering whether to bid for a hotel site tendered by Ocean Park and for the first two government residential sites under the Hong Kong Property for Hong Kong People scheme.
"As a mid-sized developer, we hope to put one or two projects out on the market every year. Therefore, we keep looking at investment opportunities," Lai Sun Development chief executive Julius Lau Shu-yan said.
His comments came after the company announced a 18.06 per cent drop in underlying profit, excluding property revaluation gains, to HK$117.9 million for the six months to January 31.
Earnings per share, excluding property revaluation, was HK$0.006, against HK$0.009 for the same period a year earlier. No interim dividend was declared.
Net profit, including property revaluation, rose 494 per cent to HK$1.96 billion. The company said the recent cooling measures in the property market had affected sales of its Ocean One residential development in Yau Tong, but its rental portfolio performed well, with turnover rising about 10 per cent to HK$214.8 million.
Deputy chairman Chew Fook Aun said the company would continue to expand its rental portfolio and look for land acquisition opportunities.