Hongkong Land widens loss by 138% in FY2024

It was due to non-cash provisions from the Chinese mainland build-to-sell business.

Hongkong Land Holdings Limited has reported its net loss attributable to shareholders widened by 138% year-on-year to $10.8b (US$1.39b) for the financial year 2024 ended 31 December.

The group’s underlying profit attributable to shareholders for the period came in at $3.2b (US$410m), down 44% YoY.

It attributed the decline to non-cash provisions from the Chinese mainland build-to-sell business.

In Hong Kong, physical vacancy was 7.3%  whilst committed basis vacancy was 7.1%. The group's average portfolio office rent was $101 per square foot.

Moreover, the group’s investment properties portfolio in Hong Kong declined by 5% to $177b (US$22.8b) due to a decline in market rent for offices.

The group has proposed a final dividend of $1.32 (US$0.17) per share.

($1=US$0.13)