Hong Kong’s largest developer by market capitalization, Sun Hung Kai Properties (SHKP) achieved stable profit growth amid a pressured commercial environment.
During July 2023 to June 2024, SHKP’s gross rental income, including contributions from joint ventures and associates, increased by 3% year-on-year to HK$24.99 billion ($3.2 billion), and net rental income rose by 3% year-on-year to HK$19 billion.
In Hong Kong, SHKP has a retail portfolio of over 12 million sq ft, a majority of which is flagship or regional shopping malls located along railway lines with mature transportation networks. The retail portfolio registered a moderate increase in rental income during the year with a relatively stable occupancy of about 94%, including landmark integrated projects such as the World Trade Centre shopping centre and office tower complex in Causeway Bay, flagship shopping mall APM, and Hong Kong's leading leisure destinations, IFC Mall, etc.
With many years of experience in building large-scale integrated projects in Hong Kong, SHKP has invested in and built a number of landmark commercial complexes in cities across mainland China.
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