Hongkong Land to Focus on Investments in Asian Financial Hubs; Shares Zoom 15%

MT Newswires

Oct 30, 2024

Hongkong Land Holdings (SGX:H78) has realigned its strategy to focus on investment properties in Asia's gateway cities, according to a Tuesday filing with the Singapore Exchange.

The property developer's portfolio will be anchored by flagship prime mixed-use projects in Hong Kong, Singapore, and Shanghai.

Hongkong Land said it will no longer invest in the build-to-sell segment and instead recycle capital from this business segment into new integrated commercial property opportunities.

The company's strategic plan includes doubling its underlying profit and dividends and recycling capital of up to $10 billion.

Shares of the real estate firm surged almost 15% in recent trading.

Price (SGD): S$4.47, Change: S$+0.58, Percent Change: +14.91%

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