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Hongkong Land has expressed optimism about the Hong Kong office market after a period of stabilising rents and growth in the fourth quarter. CFO Craig Beattie noted that underlying results for 2026 are expected to remain largely steady, with expansion driven by mainland Chinese holdings and Singapore fund management. Leasing improved last year due to stronger capital market activity and IPOs. The ongoing Tomorrow's CENTRAL redevelopment is temporarily affecting rental income but is projected to raise rents by 20-25% by 2027. Net debt and gearing have been significantly reduced.
Hongkong Land is showing greater confidence in Hong Kong's office market after rents in the city's central business district stabilised mid-year and experienced a rise in the fourth quarter, according to CFO Craig Beattie. Advertisement
The company stated that underlying results for 2026 are expected to remain broadly steady, with growth anticipated from better market sentiment in Hong Kong, expansion of its mainland Chinese portfolio, and its Singapore fund management operations. Leasing activity in Hong Kong strengthened last year, supported by recovering capital market activity and a healthy pipeline of IPOs.
Beattie highlighted that the ongoing Tomorrow's CENTRAL redevelopment of the group's Central luxury retail portfolio is temporarily affecting rental income. However, once completed in phases through 2027, the project is expected to lift rental levels by 20-25% compared to previous rates.
On the financial side, Hongkong Land has recycled USD 3.6 billion of capital, achieving about 90% of its target for 2027, which has reduced net debt to approximately USD 3.6 billion and lowered gearing to around 12%. When asked about the Middle East conflict, Beattie noted that the group has not observed any business impact so far, citing hedged interest-rate exposure, diversified funding, and a tenant base of multinational companies.
Source Reuters
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