Hong Kong developers deny pro-democracy protests will dent property profits
State warns of economic damage caused by Occupy but investors remain bullish about city
Leading developers yesterday dismissed suggestions that protracted pro-democracy protests would dent their investments and business in Hong Kong.
Sino Land chairman Robert Ng Chee Siong said he has "no hesitations" about continuing to invest in Hong Kong.
"Occupy Central has been on people's minds for almost a year. When we submitted our bid for the mega project in Kwun Tong, we knew the protests were being planned," Ng said after the property group's annual general meeting yesterday.
He said the company's willingness to take on the Kwun Tong redevelopment - a project that will yield 2,000 flats and entail an investment of HK$18 billion - attests to Sino Land's confidence in the city. "It is a huge investment. We have no hesitation about continuing investments in Hong Kong," Ng said.
His remark comes on the heels of statements by Secretary for Commerce and Economic Development Greg So Kam-leung who said some overseas investors had expressed doubts over Hong Kong's business environment. So has even suggested that some overseas investors might suspend their investment plans in the city because of the agitation.
A joint tender from Sino Land and Chinese Estates Holdings last month won the Kwun Tong contract, the Urban Renewal Authority's single biggest project. Sino Land has a 90 per cent stake in the project.
Ng said he is not at all worried that the pro-democracy protests, now in their fourth week, would erode the rule of law in the city. "What has happened will not last forever. Hong Kong's success is built on rule of law, which is well respected by everyone in the city. Recent events will not affect what's in people's hearts and minds," he said.
The company said its property sales would proceed as scheduled.
Sino Land executive director Daryl Ng Win Kong said the Occupy movement had had little impact on the property market.
"We haven't launched new projects during the Occupy unrest but sales of our remaining units are still satisfactory," said Ng, whom is the chairman's son. "We have seen positive sales outcomes from other developers' new projects in past weeks."
Victor Tin Sio-un, an associate director at Sino Land, said the firm would release 1,300 units in three projects for pre-sale soon.
Separately, Hysan Development general manager for retail leasing, Kitty Choy Man-wai, said the Occupy movement had had no significant impact on sales and visitors to Hysan Place on Hennessy Road.
"We have received no complaints from shops at the ground level as the mall has several entrances from different streets," she said.
