Henderson Land’s profit slumps 29 per cent to US$1.2 billion, aims to launch 7,655 flats in Hong Kong this year
- Henderson said it would launch 10 projects comprising 7,655 flats in areas such as Kai Tak, Cheung Sha Wan, Hung Hom and Kowloon City this year
- The company said it has commenced foundation works at Site 3 of New Central Harbourfront, which was acquired in 2021
The developer, founded by billionaire and Hong Kong’s second-wealthiest man Lee Shau-kee, said the drop in profit was partly due to the absence of a one-off gain it booked in 2021 in connection with Miramar Hotel and Investment becoming its subsidiary, according to a filing with the Hong Kong stock exchange on Tuesday.
“The decrease in underlying profit was partly due to an attributable gain of HK$1.8 billion, which was recognised in the previous year,” the filing said.
Property sales were impacted by the “uncertain outlook of the global economy” as monetary authorities across the globe, including the US, raised interest rates to curb surging consumer prices last year, the developer added.
“The global economy is fraught with many uncertainties, such as geopolitical tensions and inflation,” Henderson’s co-chairmen Lee Ka-kit and Lee Ka-shing said in a joint statement.
