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HongkongLand USD
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Hongkong Land USD
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Asdfgh101
Member |
28-Jan-2025 16:31
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Deep Seek's claim yesterday disrupted the market and there is a real.chance that investors will flock back to Hong Kong for AI development due to its language and proximity to China | ||||
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Joelton
Supreme |
27-Jan-2025 10:18
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Our 2025 picks: Hongkong Land &mdash A property giant poised to stretch
 
While Hongkong Land (HKL) is known for its portfolio of prime commercial properties in Hong Kong, it is also active in mainland China and Singapore. Through its subsidiary MCL Land, it has a strong track record in residential development, and HKL also holds stakes in key office assets such as the Marina Bay Financial Centre.
 
In recent years, the company has faced pressure due to political unrest in Hong Kong and the pandemic, with its share price dropping to a third of its peak. There are signs that HKL is positioned for a recovery. Last June, the company announced plans to spend US$400 million ($547 million) to transform Landmark, a mixed-development commercial complex in Hong Kong&rsquo s Central, with retail, office and hospitality offerings.
 
In addition, 10 of the Landmark&rsquo s long-standing luxury tenants will stump up another US$600 million to more than double their footprints within this development, which is HKL&rsquo s largest property in Hong Kong, creating so-called &ldquo Maison destinations&rdquo . These brands include Cartier, Chanel, Dior, Louis Vuitton, Prada, Saint Laurent, Sotheby&rsquo s, Tiffany & Co and Van Cleef & Arpels, as they aim to continue growing sales within this mall even after a record 2023.
 
HKL says the capital expenditure will be funded over three years. As of June 30, 2024, its gearing stands at 18%, and its committed liquidity is US$3 billion. Given the steady recurring income from its commercial properties, this US$400 million is quite palatable.
 
Four months after the Landmark announcement, HKL announced a significant strategy update to address shareholders&rsquo frustration at the underperforming share price. The company says it will no longer focus on investing in the build-to-sell segment across Asia, but instead focus its capital on integrated commercial property opportunities. The new strategy aims to &ldquo reinforce Hongkong Land&rsquo s core capabilities, generate growth in long-term recurring income and deliver superior returns to shareholders&rdquo .
 
Under CEO Michael Smith, formerly from Mapletree Investments, which is known for its successful REITs, HKL has signalled plans to recycle capital by selling select assets into REITs or third-party capital vehicles. It has indicated a target to recycle capital of up to US$10 billion by 2035 while growing its assets under management to US$100 billion from around US$40 billion now by drawing in external investors.
 
By 2035, the company aims to double its underlying profit before tax in a &ldquo geographically diversified&rdquo manner, with no single city accounting for more than 40%. It is also striving to double its dividend by delivering mid-single-digit annual growth in dividends per share.
 
Feelers have been put out to help meet these goals. According to Bloomberg, HKL is considering selling MCL Land, its Singapore-based residential developer subsidiary. The asking price is reportedly $1.1 billion above the book value.
 
With a new direction ahead for HKL, JP Morgan is keeping a &ldquo neutral&rdquo stance on the counter with a price target of US$4.10 in a Dec 5, 2024 report. Shares in HKL were trading at US$4.18 on Jan 16. &ldquo Although HKL did not confirm the news (about the MCL Land sale), if this is true, we think the move is in line with its strategy to eventually cease development properties investments, as outlined in its strategic review,&rdquo says JP Morgan.
 
DBS Group Research, which has a &ldquo buy&rdquo call and a US$5.34 target price, is more upbeat. In a Nov 15, 2024 note, DBS says HKL&rsquo s valuation remains inexpensive. &ldquo The new corporate strategy sets the direction for Hongkong Land to grow its business by focusing on its niche segments, supported by large-scale asset recycling. The introduction of the asset management initiative should add impetus to the company&rsquo s growth. We believe the stock offers good long-term value,&rdquo says DBS.
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Joelton
Supreme |
06-Dec-2024 11:31
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Hongkong Land is said to weigh sale of Singapore developer MCL
 
ASIAN real estate group Hongkong Land Holdings is considering selling its closely held property developer arm MCL Land, according to people with knowledge of the matter.
 
The Jardine Matheson-backed firm, which owns 100 per cent of MCL Land, is seeking to divest the Singapore-based company at a premium to its book value of S$1.1 billion, said the people, asking not to be identified as the process is private. Hongkong Land is speaking with prospective financial advisers to help prepare for a transaction, the people said.
 
Deliberations are ongoing and Hongkong Land could still opt to keep the assets, the people said.
 
A representative for Hongkong Land declined to comment, while MCL Land did not immediately respond to requests seeking comment.
 
Hongkong Land said in late October it plans to forgo residential development in a move that will eventually see it set up real estate investment trusts. It aims to expand its assets under management from US$40 billion to US$100 billion by 2035, much of which will be owned by third-party capital. It estimates that the new model will double profits and dividends.
 
Hongkong Land&rsquo s Singapore-listed stock has climbed 29 per cent this year, giving the company a market value of roughly US$10 billion.
 
Founded in 1889, Hongkong Land has a primary listing on the London Stock Exchange, with secondary listings in Bermuda and Singapore, according to its website. The group develops, owns and manages ultra-premium mixed-use real estate in Asian gateway cities, spanning more than 850,000 square metres. It counts flagship projects in Hong Kong, Singapore and Shanghai. Closely held residential developer MCL Land counts properties in Singapore and Malaysia.
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MrBear12
Supreme |
17-Nov-2024 15:52
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Hong Kong property
Business China, Singapore key to Hongkong Land?s US$10 billion asset disposal goal Analysts approve the developer?s ?strategic pivot?, but caution that execution remains key to its success Reading Time: 3 minutes Hongkong Land, which is controlled by conglomerate Jardine Matheson, manages US$32 billion of investment properties. Photo: Shutterstock Cheryl Arcibal Published: 11:00am, 17 Nov 2024 Dozens of Hongkong Land?s assets in China and Southeast Asia are likely to be divested while those in Hong Kong are likely to be spared, as the developer shifts its focus to ultra-luxury commercial developments, according to analysts. Advertisement Last month, the developer, the biggest commercial landlord in Hong Kong?s Central business district, said its goal was to recycle US$10 billion in capital by 2035, including US$6 billion from development properties. To reach this goal, Hongkong Land is likely to sell 37 of its residential projects on the mainland, six in Singapore and more than 14 across Southeast Asia, according to Xavier Lee, equity analyst at Morningstar. ?As Hongkong Land will likely retain at least partial ownership of their premium commercial properties, we believe they might recycle some of their malls in their ?The Ring? series, which is more mass-market in nature,? Lee said. The Ring is the developer?s signature shopping centres in Chinese cities such as Chengdu and Chongqing. Advertisement Hongkong Land, which is controlled by conglomerate Jardine Matheson, manages US$32 billion of investment properties. It is selling and reshuffling its assets to unlock capital, an initiative made following a review over the past six months, according to CEO Michael Smith. Besides Hong Kong and mainland China, the developer also has assets and projects in Singapore, Malaysia, Thailand, Indonesia and the Philippines. Hongkong Land will certainly not spend additional money on projects in the future that are developed for sale only, said Jeff Yau, executive director at DBS Bank (Hong Kong). Advertisement ?They may engage in some mixed developments, with most of them for leasing and some portion for sale,? he said. The company is likely to exit from the Chinese residential market, Singapore and the rest of Asia, Yau added, echoing Morningstar analyst Lee?s sentiments. Top executives from Hongkong Land attend a press conference in June to talk about the three-year renovation of the company?s Landmark-branded properties in Hong Kong?s Central district. Photo: Xiaomei Chen Top executives from Hongkong Land attend a press conference in June to talk about the three-year renovation of the company?s Landmark-branded properties in Hong Kong?s Central district. Photo: Xiaomei Chen Of the US$10 billion target, about US$6 billion will come from the ?gradual wind down? of residential projects across the region, as well as mid-market shopping malls in mainland China that are either in operation or under development, chief financial officer Craig Beattie said last month. Advertisement Further Reading Hongkong Land seeks US$10 billion from asset reshuffle, eyes high-end market Hongkong Land?s ambitious Shanghai project reposes faith in China property Don?t write off Hong Kong and mainland China despite headwinds, analysts say The rest will come from either a new real estate investment trust (Reit) or by working with third-party capital, including private fund structures, Beattie added. As for assets that could be part of the potential Reit or private vehicles, DBS? Yau said that assets in Singapore or mainland China were the most likely candidates. Given the high-interest rate environment, commercial property glut and depressed sentiment in Hong Kong currently, it would be a bit challenging to spin off assets in the city, Yau said, adding that it would be easier to do so in Singapore. Advertisement Hong Kong?s office market has been struggling with record high vacancy rates. It is likely to worsen next year with another 3 million sq ft of new space to come on stream. Meanwhile, prime office rents are forecast to fall by another 5 per cent on top of an 8 per cent slump this year, according to forecasts by CBRE and Colliers. S&P Global Ratings believes mature investment property assets ?mostly in Hong Kong and Singapore? are likely to be offered for the proposed Reit. The developer?s ?strategic business pivot? is seen favourably by analysts, but execution remains key for its success, said Oscar Chung, an analyst at S&P. ?Asset recycling will help Hongkong Land replenish cash and fund new investment, but the process will take time and involve execution risks.? Advertisement ?Execution of Hongkong Land?s fund management business strategy is a watchpoint,? he added. ?While recurring management-fee income will grow, our assessment of Hongkong Land?s credit profile will also depend on the asset and earnings quality of the expanded portfolio and the funding mix of projects.? Hongkong Land said its pivot will ultimately grow its business over the long term and double dividends to shareholders. That means doubling its profit before interest and tax, and growing its assets under management to US$100 billion by 2035, according to a recent exchange filing in London and Singapore |
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MrBear12
Supreme |
17-Nov-2024 15:45
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I see it costs money to access now. When I first saw the article, it was free. But the first few paras tell us enuff. Execution will be key.
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MrBear12
Supreme |
17-Nov-2024 15:42
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Just copy to address. Or open in your handphone when you click over the whole address. Can' t get a direct link for you to click on
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MrBear12
Supreme |
17-Nov-2024 15:41
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https://www.scmp.com/business/article/3286727/china-singapore-key-hongkong-lands-us10-billion-asset-disposal-goal You mean this?  
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finjungle
Senior |
17-Nov-2024 14:24
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Hi Mr Bear12 kindly post the link to SCMP Thank you
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MrBear12
Supreme |
17-Nov-2024 12:56
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https://www.scmp.com/business/article/3286727/china-singapore-key-hongkong-lands-us10-billion-asset-disposal-goal | ||||
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SmallSmall
Supreme |
14-Nov-2024 23:06
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https://youtu.be/LxMhbcBQRdY
Hongkong Land reports higher underlying profit for 3QFY2024 on greater build-to-sell completions  |
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SmallSmall
Supreme |
14-Nov-2024 15:18
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$4.70 at closing? Looks like got algo trading today
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SmallSmall
Supreme |
14-Nov-2024 13:37
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Rebound mode today....$4.54 up..$0.14  | ||||
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bybaelicious
Member |
09-Nov-2024 09:54
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after all the hoo-haa, now going back to its usual habit of dropping like a comet | ||||
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MrBear12
Supreme |
05-Nov-2024 09:48
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I think you are very well informed
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SmallSmall
Supreme |
05-Nov-2024 09:42
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USD$4.92 +$0.12.....Powerful players
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SmallSmall
Supreme |
04-Nov-2024 16:02
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https://sginvestors.io/analysts/research/2024/10/hongkong-land-dbs-group-research-2024-10-30#google_vignette BUY with higher TP of USD5.34.  The stock, trading at a 64% discount to our appraised current NAV, is attractive taking into account better growth prospects led by the new strategic initiatives. Our TP is based on narrower discount of 50% to our Jun-25 NAV estimate. |
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Asdfgh101
Member |
01-Nov-2024 07:42
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Hmm lotsa smart comments..trading outcome is either u win or u lose 😆 | ||||
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Joelton
Supreme |
30-Oct-2024 09:54
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Hongkong Land to exit build-to-sell business, pivot to fund management, eyes Reits 
The group intends to recycle up to US$10 billion in assets by 2035, and grow assets under management from US$40 billion today to up to US$100 billion by then
 
HONGKONG Land will exit the build-to-sell residential development business as it pivots towards fund management and focuses on ultra-premium integrated commercial properties in Asia&rsquo s gateway cities. 
 
Announcing its new business strategy on Tuesday (Oct 29), the 135-year-old listed property group, which is part of the giant Jardine Matheson conglomerate, said this will reinforce its core capabilities, generate growth in long-term recurring income, and deliver superior returns to shareholders. 
 
The group intends to recycle up to US$10 billion in assets by 2035, and grow assets under management from US$40 billion today to up to US$100 billion by then. It expects to double its profit before interest and tax, and double dividends per share in that time. 
 
In an interview with The Business Times, Michael Smith, chief executive of Hongkong Land, said: &ldquo The core competencies of Hongkong Land lie in integrated complexes and that&rsquo s why we want to pivot that way.
 
&ldquo The ideal situation is that we become a much more investment property-oriented, high-quality income company. We want to have third-party capital. We want to be a fund manager.&rdquo        
 
The moves are the result of a comprehensive strategic review of its business. Hongkong Land swung to an underlying loss of US$7 million in the six months to Jun 30, 2024, from an underlying net profit of US$422 million in the year-ago period. 
 
Hongkong Land&rsquo s holdings include a cluster of prime commercial buildings in Hong Kong&rsquo s Central area, the West Bund mixed-use project under development in Shanghai, China, and the Marina Bay Financial Centre (MBFC) and One Raffles Quay in Singapore. Its development properties are primarily premium residential and mixed-use developments built to sell in China, Singapore and South-east Asia.
 
Development projects are &ldquo subject to the vagaries of individual markets that they operate in, and the volatility of cash flows can be pretty pronounced&rdquo , Smith told BT. 
 
He said: &ldquo There are a lot of external factors that can influence the development cash-flow business, which you don&rsquo t have in the investment property business&rdquo . 
 
Hongkong Land&rsquo s residential projects in Singapore come under its MCL Land development arm. The company most recently marketed a new condomium project in the Pine Grove area.
 
Asked about the future of MCL Land, Craig Beattie, Hongkong Land&rsquo s chief financial officer, said: &ldquo MCL Land has been in operation for a long time &ndash it&rsquo s got a great presence in Singapore. It&rsquo s been a steady contributor to Hongkong Land for quite some time.&rdquo
 
He added: &ldquo Given its strong reputation, track record and great brand recognition among buyers in the Singapore market, one option that could arise is it attracting interest from a custodian that potentially can take that business forward and grow from there.&rdquo  
 
Smith said: &ldquo If there&rsquo s the option of high-end residential as part of one of our integrated commercial gateway city complexes, then we will build residential.&rdquo  
 
A way this could play out would be for Hongkong Land to partner its sister company Mandarin Oriental, he said. &ldquo They have ambitions of growing their branded residences and we&rsquo d love to be able to be the provider of capital to help them achieve that.&rdquo  
 
Hongkong Land said it will leverage strategic partnerships to expand its portfolio, enter new markets and secure new projects.  
 
&ldquo We will work closely with third-party capital &ndash a combination of perhaps a listed platform like a Reit (real estate investment trust) which we may look to establish. We are also going to work with or create private funds,&rdquo said Beattie. 
 
He added: &ldquo Nothing is set in stone, but we&rsquo ve got some early ideas we are working on.&rdquo  
 
Deal-sourcing and fundraising capabilities will be established, and the group will also make strategic hires.
 
Asked how soon a Hongkong Land-backed Reit could be listed, Smith said the group will do what it thinks is in the best interest of shareholders at the right point in time. 
 
Smith added: &ldquo If one looks at MBFC and One Raffles Quay, we developed a third of that with Keppel and Cheung Kong, and the other two-thirds sit in Reits. Ours does not. I&rsquo m not suggesting anything from that, but it&rsquo s an interesting observation. 
 
&ldquo We love those properties. We would want to continue to control whatever entity those assets sit in. The beauty of Reits is that you don&rsquo t need to have majority ownership to have some control through the management entity. This opportunity is not lost on us.&rdquo  
 
He also said: &ldquo We have quite a lot of assets in China and there&rsquo s a nascent China Reit market underway. There&rsquo s obviously an established Hong Kong Reit market. We&rsquo ve got lots of different opportunities to assess.&rdquo  
 
Smith joined Hongkong Land in April 2024 from Mapletree Investments, where he served as regional CEO of Europe and USA. A veteran of the Asian Reit industry, he was involved in the structuring of several major Reits.
 
The group will further invest in Hong Kong, Singapore and Shanghai, and selectively pursue expansion opportunities into other major gateway cities in Asia which benefit from the flight-to-quality trend. 
 
These are cities &ldquo where you might find multinational corporations, financial centres, prime stock exchanges, or a congregation of high-net-worth individuals, which are important for the luxury proposition to ensure that works properly&rdquo , said Beattie.  
 
Developing luxury retail in Singapore could also be on the cards.  
 
Smith said: &ldquo We&rsquo ve got a very long history and association with the luxury retail brands, which is why they are supporting us so much in Hong Kong with the Tomorrow&rsquo s Central project.
 
&ldquo I think we can bring that group of tenants with us if we find the right opportunity. We haven&rsquo t found anything right now, but we would be open to opportunities in places like Singapore.&rdquo
 
In June, Hongkong Land announced its Tomorrow&rsquo s Central project, where the group will invest more than US$1 billion together with its luxury tenants &ndash which include Chanel, Cartier, Dior and Louis Vuitton &ndash to transform its Hong Kong Central portfolio. The portfolio spans 450,000 square metres of retail, office, and hotel space over 12 buildings, including the Landmark Atrium. 
 
Hongkong Land&rsquo s vacancies in its office portfolio in Hong Kong are half of that in the market, Smith said. This reflects that &ldquo as long as you can provide these ecosystems, very high-quality buildings and management, you can benefit through (property) cycles&rdquo .
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Rover88
Member |
30-Oct-2024 09:05
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Copy cat...want to be another Keppel...lol! | ||||
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cmengchan
Senior |
30-Oct-2024 07:28
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Their strategy looks very similar to CapitalandInvest. Manage REITS, Funds, AUM, etc. Exit the buy land, build and then sell the residential development business.
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