Hong Kong developer Sino Land reports 30% earnings drop, points to full pipeline

The company earned HK$1.82 billion (US$234 million) in the six months ended December 31, according to its financial report on Wednesday, after taking into account a HK$407 million revaluation loss on investment properties. Revenue from property sales fell 63 per cent to HK$2.44 billion from HK$6.63 billion in the same period in 2023.

Sino Land said its property revenue comprised “mainly sales of remaining stocks” from projects completed in previous financial years, citing Grand Victoria in southwest Kowloon, St. George’s Mansions in Ho Man Tin, La Marina in Wong Chuk Hang, Silversands in Ma On Shan and One Soho in Mong Kok.

The developer was confident of the outlook, with a pipeline of new residential projects including in Central, Yau Tong, Yuen Long and Lohas Park, billionaire chairman Robert Ng Chee Siong said. The group also expects presale consent for another project in To Kwa Wan this year.

“The year 2024 has been a pivotal one for Hong Kong’s property sector,” Ng said. “The removal of all demand-side management measures in February 2024 led to a notable uptick in activity. Additionally, the Federal Reserve’s three interest-rate cuts since September 2024 … have further bolstered buyers’ sentiment.”