Minsheng consumption continued to increase more than 23%

(00823) Last year, Hong Kong business sales increased by 4%, outperforming the overall market fell 3.6%, driven by total revenue growth of 5.9% to 9.255 billion yuan. Chairman Nie Yalun said the first quarter retail sales have bottomed out, consumer demand for consumer goods strong.

Market cooked food stalls plus 27%

The rental rate of the Group’s retail property portfolio was 96.1%, while the rent adjustment rate (the lease term was three years) was 2.1 percentage points lower, still 23.8%. Chief Executive Officer Wang Guolong pointed out that the leading shopping malls to daily necessities, catering accounted for more, so the rent growth and stability, relative to the industry, the Group’s renewed rent can be more than 20% adjustment, it is very good, and the property The combination of rent to sales ratio of 12.1% is healthy.

According to the type of property, the total area of ​​83.2% of the increase in the rate of shops is less than 29% the previous year, but the rate of 23.4% is also better than the first half of 21.2%. Market / cooked food stalls plus 27%, compared with 10.4% the previous year is higher, also better than the first half of 17.8%. On the parking lot, rental income rose 5.1% last year.

DBS Vickers Securities analyst Qiu Zhuowen said that in the current market environment, to have more than 20% of the increase rate is very rare, reflecting the prospective tenant portfolio strategy appropriate.

The interest rate rise cycle has been started, Wang Guolong that the prospective debt reduction debt, the Group’s net debt ratio and only 15.6%, coupled with the housing market, consumers of the mortgage interest on the burden is not high, so the consumer meaning Want to influence the material is not big.