Hongkong Land's losses widen by 150% as revaluations hit earnings

Loss for the period was US$833m.

Hongkong Land widened its losses by 150% YoY to US$833m in H1 2024.

The Mainboard-listed company attributed the increase in losses to unrealised net non-cash losses, primarily stemming from revaluations of its Investment Properties portfolio, which accounted for US$826m in 2024 and US$755m in 2023. 

“The 2024 net revaluation loss is principally attributable to the Hong Kong office portfolio, following a modest decrease in market rents, partially offset by a valuation gain for the Hong Kong retail portfolio driven by expected rental uplifts resulting from the  LANDMARK investment,” the company explained.

“The valuation of the remainder of the Investment Properties portfolio was stable,” it added.

Despite widening its overall losses, the company reduced its underlying loss attributable to shareholders to US$7m and the underlying loss per share to US$0.3775 in H1. 

The underlying loss included a non-cash provision of US$295M related to its China Development Properties. 

Excluding the provision, the underlying profit attributable to shareholders was US$288m, marking a 32% YoY decrease.