Collar development strategy assessment not limited to sell the mall to send 1.215 yuan per unit of medium-term increase of 8.7%
Link (00823) announced its interim results as of the end of September. Total distributable income for the period was 2.604 billion yuan, with a total amount of 2.673 billion yuan, representing a year-on-year increase of 7.2%. Interim allocation per unit of funds 1.215 yuan, up 8.7% over the same period last year, according to the closing price of the last trading day of September, the annualized dividend yield of about 3.84%. Lead show closed at 66.4 yuan yesterday, no ups and downs, if yesterday’s closing price, the annualized dividend yield of nearly 3.66%. Management indicated that the strategic assessment of the portfolio is not limited to the sale of the properties held in the shopping mall.
Wang Guolong: rent increase is ideal
Hong Kong property renewal rent adjustment rate of 26.8%, higher than last year’s 23.8%, Executive Director and Chief Executive Wang Guolong said the rent increase is very satisfactory, to achieve the target retail market in the past few months, less than the last two months, However, they have still achieved great success. I believe the situation in the next few months will be even better.
In July, Lead Development proposed a strategic assessment of the asset portfolio. It was reported that the agency planned to sell 17 shopping mall properties with a market capitalization of $ 14.5 billion. It is seeking funds or buyers from consortia in the Mainland. Lead Chairman Nie Ya-lun yesterday at the performance meeting on many occasions responded that the review is ongoing, there are no comments before the results. Wang Guolong added that the assessment of the direction is not necessarily to sell the property, there are different options to consider, the sale of shopping malls is only one of the programs. If the sale of property after the return of funds, will continue to be used to repay debt, repurchase units, or the acquisition of new properties.
In the first half of the year, Revenue generated a total revenue of RMB4,949 million, an increase of 7.4%. Net property income was RMB3,767 million, representing an increase of 9.5%. The total estimated value of investment properties was RMB189,818 million. The net asset value of each unit was RMB67.11, up 7.4%. For Hong Kong property renewal rent adjustment, shops increased their rent by 28.5% over the same period of previous year to 21.2%. Market and food stalls increased their rent by 12.8% from a year earlier, to 17.8%.
The show said its renovations and pre-leasing progress at 700 Nathan Road, Mongkok, were in line with expectations. Some of the buildings are expected to open before the end of this year while some shopping malls are expected to open in the middle of next year. The project of No. 77 East Haibin Road in Kowloon, which is jointly developed with Nam Fung Joint Venture, is named Haibin Hui. In view of the current progress of the project, the completion of the construction project will be completed in early 2019.
Executive Director and Chief Financial Officer Zhang Limin pointed out that in order to cope with the advent of the interest rate cycle, fixed-rate debt has risen from 50% of the previous total debt to about 60%. As of the end of September, fixed-rate liabilities accounted for 58.9% The rate is still low, the average interest rate cost is only 2.5%, down from 2.65% six months ago.
Yesterday, a number of democrats went to protest in the performance hall of Admiralty. Once again, they expressed their dissatisfaction with the business practices of Launch with the help of Shasi Creek money and Ming Puxiao. A large number of police officers were present at the scene and everyone started their performance Before the end of the action to leave.