Hongkong Land Sees Full-Year Performance Hurt by Pandemic

   By Adria Calatayud 
 

Hongkong Land Holdings Ltd. said Thursday it expects its underlying performance to be moderately hurt by retail-rent relief and construction delays on the back of the coronavirus pandemic.

The property group--a member of the Jardine Matheson Group--said its performance in the third quarter continued to be hit by the pandemic, particularly in relation to retail rent in its investment-properties business.

The provision of temporary retail-rent relief will lead to a reduced full-year contribution from the company's investment properties portfolio, while pandemic-induced construction disruptions will delay profit recognition in respect of development properties on the Chinese mainland, Hongkong Land said.

The company said it also expects further losses on the revaluation of investment properties in the second half of the year due to adverse market conditions.

Sentiment in the company's markets on the Chinese mainland has generally recovered to pre-pandemic levels, Hongkong Land said.

The company said its attributable interest in contracted sales on the Chinese mainland for the third quarter was $639 million, up from $566 million a year earlier.

Write to Adria Calatayud at [e-mail]

(END) Dow Jones Newswires

November 05, 2020 05:04 ET (10:04 GMT)

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