Company Reports

Hongkong Land's Singapore Central Private Real Estate Fund agreed to acquire Wheelock Place in Singapore from Wharf REIC in late August for SGD 1.1 billion, modestly above Wharf REIC's end-June book value of SGD 1 billion but in line with a recent independent valuation, according to HKL.

Hongkong Land reported 11% growth in first-half underlying profit, driven mainly by lower financing costs as capital recycling proceeds reduced net debt. The board declared an interim dividend of USD 8 cents, up USD 2 cents year on year, as HKL rebalanced its interim final dividend split.

Hongkong Land develops, grows, and holds a portfolio of high-quality assets in Hong Kong’s central business district. Over more than a century, it assiduously assembled and upgraded these assets and turned them into a portfolio consisting of the most desirable office and retail locations in the city. The Central portfolio accounts for over 60% of the company’s operating profit.

Hongkong Land's first-quarter underlying net profit improved 5% year on year, as lower financing costs offset reduced contribution from the divested Marina Bay Financial Centre Tower 3.

We provide some fresh views on Hongkong Land's purchase of a 10.8% interest in Suntec REIT. On March 19, HKL announced it would buy the stake for USD 422 million.

Hongkong Land develops, grows, and holds a portfolio of high-quality assets in Hong Kong’s central business district. Over more than a century, it assiduously assembled and upgraded these assets and turned them into a portfolio consisting of the most desirable office and retail locations in the city. The Central portfolio accounts for nearly 65% of the company’s operating profit.

Hongkong Land's underlying net profit was down 8% in 2025, as the Hong Kong office market remained soft in the year. Nonetheless, HKL raised dividends per share by 9% to USD 0.25, reflecting strong capital recycling cash flow and recovering confidence in commercial rents.

Hongkong Land successfully launched the Singapore Central Private Real Estate Fund with Qatar Investment Authority and APG Asset Management as founding investors. HKL is also upsizing its share buyback program by USD 300 million.

Hongkong Land will debut its Singapore Central Private Real Estate Fund in the first quarter of 2026, with initial assets under management, or AUM, of USD 6.2 billion. Contributions include One Raffles Link, 33.3% interest in MBFC Towers 1 and 2, and One Raffles Quay, amounting to USD 3 billion.

Hongkong Land develops, grows, and holds a portfolio of high-quality assets in Hong Kong’s central business district. Over more than a century, it assiduously assembled and upgraded these assets and turned them into a portfolio consisting of the most desirable office and retail locations in the city. The Central portfolio accounts for nearly 65% of the company’s operating profit.

Hongkong Land's third-quarter underlying profit declined by 13% year on year. Performance was weighed down by lower contributions from the Hong Kong office portfolio and preopening expenses related to new investment properties in Mainland China.

Hongkong Land develops, grows, and holds a portfolio of high-quality assets in Hong Kong’s central business district. Over more than a century, it assiduously assembled and upgraded these assets and turned them into a portfolio consisting of the most desirable office and retail locations in the city. The Central portfolio accounts for nearly 65% of the company’s operating profit.

Hongkong Land has announced the sale of MCL Land at its net asset value of USD 579 million, as part of its capital recycling strategy. Hongkong Land also upsized its ongoing share buyback program by USD 150 million to a total of USD 350 million, running through the end of 2026.

Hongkong Land reported an 11% year-on-year increase in first-half underlying profit (excluding non-cash provisions in China), driven by stronger build-to-sell profits from increased project completions. This was partly offset by a 12% decline in underlying profit from investment properties.

Hongkong Land develops, grows, and holds a portfolio of high-quality assets in Hong Kong’s central business district. Over more than a century, it assiduously assembled and upgraded these assets and turned them into a portfolio consisting of the most desirable office and retail locations in the city. The Central portfolio accounts for nearly 65% of the company’s operating profit.

Narrow-moat Hongkong Land's first-quarter operations were in line with our expectations. We maintain our fair value estimate of USD 4.88. Shares are now fairly valued, and we advise investors to wait for a better entry point. The Hong Kong office portfolio continues to face challenges due to the oversupply situation, but the end-March 2025 committed vacancy rate of 7.3% is broadly unchanged from 7.1% as of end-2024, outperforming the 11.5% vacancy rate for the broader central grade A office market, according to JLL data. Office rental reversions remain negative as leases are renewed at lower market rents, but we think further downside for 2025 is limited, given that only 2% of the office portfolio is expiring for the remainder of the year. For the Hong Kong retail portfolio, rental contributions declined given temporary disruptions due to its Tomorrow's Central renovation plan for the Landmark retail portfolio. Meanwhile, the Singapore office portfolio performed well with a 0.8% committed vacancy rate, compared with 1.0% as of end-2024, and rental reversions were positive due to the tight market supply.

Hongkong Land develops, grows, and holds a portfolio of high-quality assets in Hong Kong’s central business district. Over more than a century, it assiduously assembled and upgraded these assets and turned them into a portfolio consisting of the most desirable office and retail locations in the city. The Central portfolio accounts for nearly 65% of the company’s operating profit.

We raise our fair value estimate for narrow-moat Hongkong Land by 7% to USD 4.88 per share following announcement of the sale of the top nine office floors and the level 1 and 2 retail podium of One Exchange Square to Hong Kong Exchanges and Clearing for USD 810 million. HKEx is also signing a new long-term lease for the 63,000 square feet it occupies in Two Exchange Square, indicating a modest expansion of its footprint in Exchange Square.

Hongkong Land develops, grows, and holds a portfolio of high-quality assets in Hong Kong’s central business district. Over more than a century, it assiduously assembled and upgraded these assets and turned them into a portfolio consisting of the most desirable office and retail locations in the city. The Central portfolio accounts for nearly 65% of the company’s operating profit.

Underlying trends in Hongkong Land’s 2024 results were in line with our expectations. Revenue grew 8.6% year on year as development property sales increased 28.8% on more project completions, offsetting the weakness in the Hong Kong office rental income due to challenging market conditions. Full-year dividends per share rose 5% to USD 0.23, meeting our expectation. The company remains committed to delivering annual mid-single-digit DPS growth and ultimately doubling its DPS by 2035. We maintain our 2025 DPS forecast of USD 0.24, implying a dividend yield of 5.4%.