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Old September 30th, 2010, 07:04 PM   #141
hkskyline
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Sino Land core profit falls 2.6pc on dive in sales
3 September 2010
South China Morning Post

Sino Land yesterday reported a big jump in net profit but underlying earnings fell 2.62 per cent for the year to June due to lower property sales.

The company's underlying profit, excluding a property revaluation gain of HK$2.59 billion, slipped to HK$3.51 billion from HK$3.6 billion the previous year. Turnover dropped 21 per cent to HK$7.7 billion from HK$9.69 billion. Net profit, including revaluation surplus, jumped 63 per cent to HK$6.09 billion.

Revenue from property sales plunged 49 per cent to HK$4.57 billion from HK$6.81 billion. The fall in revenue was because the developer completed five projects with a total gross floor area of more than 2.2 million square feet, compared with nine projects with a floor area of more than 3.2 million sqft a year ago. The major contributor to the results was Lake Silver in Ma On Shan.

The developer plans to complete five projects with a total gross floor area of 1.3 million sqft for the financial year to June next year. The Hermitage, a new luxury residential project in Tai Kok Tsui, will be the key driver for the results. More than 89 per cent of the units at the 964-flat project have been sold since it launched in the market in June.

Rental income increased 5.8 per cent to HK$2.4 billion. The company plans to complete a total gross floor area of 2.9 million sqft of investment properties in the next few years.

Sino Land expects rental income will continue to increase as four investment properties are to be completed by the end of June next year. The company acquired three development sites and an investment property for the year. The sites could provide a total gross floor area of 1.57 million sqft.

The new acquisitions boosted its land bank to 42 million sqft. Its gearing ratio increased to 21.5 per cent from 16.5 per cent a year ago because of the acquisitions.

On the mainland, the company held a land bank of 25.7 million sqft.

A final dividend of 30 HK cents was proposed, the same as last year.

Meanwhile, Sino Hotels (Holdings), the hotel arm of Sino Land, reported its net profit surged 69.5 per cent to HK$131.2 million for the year to June from HK$77.4 million.

Tsim Sha Tsui Properties' underlying profit also increased 11 per cent to HK$1.95 billion, while net profit grew 80.7 per cent to HK$3.29 billion.

Shares in Sino Land stayed at HK$13.58 yesterday.
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Old October 1st, 2010, 04:08 PM   #142
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An older photo from during the construction phase.

Source : http://hk.centanet.com/icms/template...es=540&pid=185

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Old October 7th, 2010, 05:28 PM   #143
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Old October 8th, 2010, 04:09 AM   #144
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Old October 25th, 2010, 07:15 PM   #145
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Old October 30th, 2010, 05:13 PM   #146
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Old November 12th, 2010, 05:15 PM   #147
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Sino Land seeks $4b
9 November 2010
The Standard

Sino Land (0083) is the latest developer trying to raise funds amid the stock market rally.

It plans to tap the market for up to HK$4.14 billion in a share placement.

This comes after a HK$10.12 billion placement last week by Hang Lung Properties (0101).

Sino Land's share price climbed to a 29-month high of HK$18.60 on Friday. It reached HK$19.60 in June 2008 before the financial tsunami hit.

The developer plans to place 242 million shares at HK$16.60 to HK$17.10 each _ a discount of 6.5 to 9.2 percent to yesterday's closing price of HK$18.28 yesterday _ in a top-up placement, according to a term sheet.

The developer frequently participates in land auctions, including last week's sale of a Kowloon Tong site.

Proceeds from the placement will be used for general corporate purposes.

Goldman Sachs (Asia) is the sole bookrunner of the deal.

The firm had cash resources of HK$17.2 billion as of June 30, comprising HK$5.4 billion in cash and HK$11.8 billion in undrawn facilities.

Sino Land shares have gained 21.1 percent so far this year, less than other developers such as Sun Hung Kai Properties (0016), whose shares surged 25.7 percent, and Cheung Kong (0001), which gained 30 percent as of yesterday.

The company sold over 89 percent of the 964 flats in The Hermitage in Tai Kok Tsui and expects to complete five projects with an attributable gross floor area of approximately 1.3 million square feet in the financial year ending June 30.

Its underlying profit slid 2.6 percent to HK$3.51 billion in the year ended June 30, with home sales dropping in both Hong Kong and the mainland, bringing segment revenue down 32.6 percent to HK$4.8 billion.
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Old December 2nd, 2010, 07:36 PM   #148
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Old January 23rd, 2011, 06:55 PM   #149
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Old January 23rd, 2011, 09:17 PM   #150
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These look taller than 200 meters!!!!
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Old February 19th, 2011, 08:25 AM   #151
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Old March 24th, 2011, 06:05 PM   #152
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Revaluation loss hits Chinese Estates Holdings
24 March 2011
SCMP

Chinese Estates Holdings booked a big property revaluation loss last year, leading to a net loss of HK$8.86 billion during the period.

The real estate investment holding company said it wrote the fair value of its investment properties down by HK$10.83 billion as at December 31 following a revaluation of its property portfolio, compared with a valuation gain of HK$8.61 billion recorded in 2009.

The big write-down followed the sale by the company of various retail properties and shopping malls in Causeway Bay and Wan Chai to chairman Joseph Lau Luen-hung last year, at a time when retail rents were rising and the market outlook was positive.

The resulting net loss of HK$8.86 billion for last year followed a net profit of HK$10.02 billion in 2009.

Excluding the property revaluation loss, underlying profit grew 33.4 per cent from HK$1.42 billion to HK$1.89 billion. Revenue was up 24.2 per cent to HK$2.67 billion.

The developer recognised a profit of HK$408.9 million from property sales last year, 389 per cent more than the HK$83.6 million in the previous year. The profit was generated from the sales of MOD 595 in Mong Kok, i-home in Tai Kok Tsui, phase one of Splendid City in Chengdu and York Place in Wan Chai.

Its flats in phase one of The Metropolis in Chengdu and joint-venture project The Hermitage in Hong Kong were pre-sold last year and a 25 per cent interest in The Hermitage generated revenue of HK$2.87 billion from the pre-sale.

The revenue is expected to be recognised in the first half of this year. The company has so far generated 114.7 million yuan (HK$135.2 million) from pre-sales, which will be booked in late 2012.

Its joint-venture project at Hoi Wang Road in West Kowloon is scheduled for launch in the first half of this year.

The project comprises six residential towers comprising 740 flats and retail properties with a total floor area of 650,600 square feet. It will be completed in the middle of next year.

Rental income from retail properties grew 17.9 per cent to HK$761.2 million, while the income from non-retail properties was unchanged at HK$365.1 million.

Occupancy rate of its retail properties was 88.11 per cent last year, excluding the floor area under renovation.

Its new shopping mall, The One in Tsim Sha Tsui, opened in October last year and its occupancy reached 95 per cent by the end of the year.

The company declared a final dividend of one HK cent a share, same as previously.

Last year, in addition to the ordinary dividend, it declared a special dividend of 99 HK cents a share.
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Old March 25th, 2011, 07:54 PM   #153
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I thought this was completed ages ago...
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Old March 26th, 2011, 12:34 PM   #154
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Downstairs podium is not yet open. Not sure if people have started moving in yet. I doubt it though.
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Old April 4th, 2011, 07:42 PM   #155
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Old April 5th, 2011, 03:13 AM   #156
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Yep, Way taller than 200 meters. Any idea on actual height?
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Old April 5th, 2011, 04:36 AM   #157
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Quote:
Originally Posted by hkskyline View Post
An older photo from during the construction phase.

Source : http://hk.centanet.com/icms/template...es=540&pid=185

WOW! Quite possibly greatest photo of Kowloon ever seen.
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Old April 5th, 2011, 06:26 AM   #158
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Quote:
Originally Posted by Munwon View Post
Yep, Way taller than 200 meters. Any idea on actual height?
No idea, but judging by photos in comparison with other buildings around, I do believe this is actually taller than 200m!
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Old April 16th, 2011, 10:02 PM   #159
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Old April 18th, 2011, 07:18 PM   #160
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