Midland, Hong Kong’s only listed property agency, warns that emigration could threaten economic development and housing market
- Agency reports return to profit for six months ending on June 30, with net profit amounting to about US$22.6 million
- Impact of emigration on the property market did not fully surface in the first half of the year, says Midland’s chairman
The agency reported a return to profit following a recovery in Hong Kong’s housing market. For the six months ending on June 30, its net profit amounted to about HK$176 million (US$22.6 million), compared to a loss of about HK$24 million in the same period last year, according to a filing made with the stock exchange. The turnaround was down to increased market share and a successful capture of the rebound in Hong Kong’s residential property market, the agency said. The board did not declare an interim dividend, same as last year.
The rebound at Midland comes as the prices of lived-in homes climb to new highs. For instance, the Midland Property Price Index, Midland’s own price index for lived-in homes, rose to a new high of 177.27 early this month, an increase of 0.2 per cent over the previous peak of 176.88 in 2019. This gauge echoed increases seen on an index compiled by Centaline Property Agency, a competitor of Midland’s.
The rebound in the housing market was also reflected at Sino Land, a major developer in the city, whose underlying profit excluding the effect of fair value changes on investment properties for the full year ending June 30 surged 1.26 times to HK$10.32 billion, according to a filing with the stock exchange on Thursday.
