Hang Lung Properties profit rebounds to $2.2b in H1 2021

This is compared to a net loss of $2.53b in the same period last year.

Hang Lung Properties recorded a profit of $2.23b in the first half of the year, whilst the Hang Lung Group’s profit stood at $1.50b.

This is compared to a net loss worth $2.53b and $1.5b in the same period last year, respectively.

Hang Lung Properties’ revenue rose 19% to $4.97b and Hang Lung Group’s revenue climbed 18% to $5.27b, driven by rental growth for the Mainland portfolio.

“Our portfolio of luxury malls in mainland China continues to put us in the best position to capture the sequential growth in the high-value goods market, with most of our luxury malls displaying double-digit growth in the first half of 2021,” Ronnie C. Chan, chair of Hang Lung Group and Hang Lung Properties, said.

“As of the end of the reporting period, our Mainland portfolio accounted for two-third of our total rental revenue.”

Rental revenue from Mainland grew 45% to $3.29b and 42% to $3.52b for Hang Lung Properties and the Group, respectively. Rental revenue in Hong Kong, meanwhile, dropped 12% to $1.68b and $1.74b.

The Boards of Directors of Hang Lung Properties and Hang Lung Group have declared an interim dividend of 18 cents per share and 21 cents per share, respectively, to be paid by cash on 29 September 2021.