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Hongkong Land projects significantly lower 1Q24 earnings on weaker China market

The company's attributable interest in contracted sales declined 36% to US$262m in 1Q24.

Hongkong Land Holdings Limited expects "significantly lower" underlying earnings in 1Q24 compared to 1Q23.

In a bourse filing, the company attributed the lower earnings to deteriorating buyer sentiment in China's residential sector, impacting sales and pricing.

In 1Q24, the company's attributable interest in contracted sales was down 36% YoY to US$262m.

Given the expected 1Q24 figures, Hongkong Land expects contracted sales in 2024 to be lower than the 2023 record.

In response to the deteriorating residential market in China, the company has undertaken an extensive review of its projects.

"Where projected sales prices are lower than development costs, the investment carrying value will be impaired. Although the review is ongoing, this is expected to result in a non-cash impairment charge of US$200m to US$300m, which will be reflected in the first half results to 30th June," the company explained.
 

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