This is the nick in Hong Kong Land's impressive property sales

This property was almost 80% let by end-2012.

According to a release, Hong Kong Land said that leasing demand was relatively weak in both Hong Kong and Singapore during the year, particularly in the financial services sector. 

The effects were, however, tempered by the limited vacancy within the Group’s buildings. In the Hong Kong Central office portfolio, vacancy was 3.4% at the year end, while the retail portfolio remained fully let.

As a result, rental reversions continued to be generally positive with improvements in both the average office and retail rents.

In Singapore, the office portfolio was fully leased, with the exception of the third tower at Marina Bay Financial Centre, which was almost 80% let by the end of the year.

The Group’s 50%-owned office portfolio in Jakarta was 94% let. In mainland China, the Group’s commercial development projects are progressing well.

Construction has commenced at the prime Wangfujing site in Beijing, which will be developed as a luxury retail complex including a Mandarin Oriental hotel.

During the year, the Group acquired a 30% interest in a site on which a Grade A office building of some 120,000 sq. m. will be developed in the CBD Core Area of the Chaoyang District of Beijing.