Henderson Land posts 66% profit surge after run of strong sales

The Hong Kong developer plans to launch eight new residential projects in the second half of the year

The developer, controlled by the family of its late founder Lee Shau-kee, said its unaudited underlying profit attributable to equity shareholders had reached HK$5.07 billion (US$646 million) for the January to June period, up from HK$2.02 billion a year earlier.

Henderson Land declared an interim dividend of 50 HK cents per share, unchanged from the same period last year, which will be distributed on September 17.

Recent launches included batches of properties at developments including Chester and One Victoria Cove in Hung Hom, Highwood in Ma Tau Kok, and Victoria Voyage in Kai Tak, they said.

More than 90 per cent of the flats at Chester had been sold by the end of June, while all 468 residential units available in the first three rounds of sales at One Victoria Cove had sold out, the executives added.

Along with sales of other projects, the group’s attributable contracted sales in Hong Kong had surged 188 per cent to HK$18.11 billion in the first half, according to the company.