Hong Kong developer Sino Land reports 30% earnings drop, points to full pipeline

The group ‘remains cautiously optimistic about the outlook’ for the city’s property market, chairman says

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A photo taken on April 20, 2024, shows Lohas Park phase 12, Park Seasons, under construction in Tseung Kwan O. Photo: Dickson Lee

Published: 9:30pm, 26 Feb 2025Updated: 1:29am, 27 Feb 2025

Major Hong Kong developer Sino Land reported a more than 30 per cent drop in earnings for the first half of its financial year amid a slow pace of recovery in the city’s property sector.

The company earned HK$1.82 billion (US$234 million) in the six months ended December 31, according to its financial report on Wednesday, after taking into account a HK$407 million revaluation loss on investment properties. Revenue from property sales fell 63 per cent to HK$2.44 billion from HK$6.63 billion in the same period in 2023.

Sino Land said its property revenue comprised “mainly sales of remaining stocks” from projects completed in previous financial years, citing Grand Victoria in southwest Kowloon, St. George’s Mansions in Ho Man Tin, La Marina in Wong Chuk Hang, Silversands in Ma On Shan and One Soho in Mong Kok.

The developer was confident of the outlook, with a pipeline of new residential projects including in Central, Yau Tong, Yuen Long and Lohas Park, billionaire chairman Robert Ng Chee Siong said. The group also expects presale consent for another project in To Kwa Wan this year.

“The year 2024 has been a pivotal one for Hong Kong’s property sector,” Ng said. “The removal of all demand-side management measures in February 2024 led to a notable uptick in activity. Additionally, the Federal Reserve’s three interest-rate cuts since September 2024 … have further bolstered buyers’ sentiment.”

In addition, the city’s various talent-admission programmes and a campaign to draw more international students to the city lifted residential sales in Hong Kong last year, he said.

A total of 67,979 property deals were recorded in 2024, up 17 per cent from 2023 and the highest since 96,133 in 2021, according to official data. Residential sales for the year surged 23.5 per cent to 53,099.