Hysan Place sales soar 22%
Causeway Bay retail landlord Hysan Development says its core net profit rose 5.9 per cent last year to HK$2.16 billion.
Turnover rose 5.3 per cent to HK$3.22 billion but the company’s net profit fell 20.4 per cent to HK$4.9 billion due to a smaller ‘fair value gain’ on its investment property valuations.
The company is now exploring investment opportunities both within Hong Kong and offshore.
“With a strong balance sheet and proven financial discipline, Hysan is now well-positioned to seek opportunities beyond our core portfolio in Causeway Bay,” said chairman Irene Lee Yun-lien.
Hysan, which owns Hysan Place and Lee Gardens, said retail sales within its property portfolio increased 22 per cent year-on-year – against a 0.2 per cent fall in Hong Kong’s overall retail market. A major contributor to that was the opening of an Apple store in Hysan Place.
Deputy chairman and CEO Lau Siu-chuen said the company was unconcerned about possible tightening of mainland travellers access into Hong Kong.
He said Causeway Bay is far from the Shenzhen border and the centres have not been a popular destination for Chinese using multiple-entry permits.