Hongkong Land Investor Presentation 26 August 2020
20 20 Half-Year Highlights US$353m US$36.0bn 6 1 0 Underlying profit Shareholders’ funds 3 9 3 8 3 6 4 6 6 -24% YoY -6% HoH 3 5 3 1H 2019 2H 2019 1H 2020 Jun 2019 Dec 2019 Jun 2020 Key figures Highlights Profit / (Loss) 1 : US$(1,828)m (1H 2019: US$411m) Underlying profit down 24% due to retail rent relief and fewer residential completions Net debt: US$5.6bn (Dec 2019: US$3.6bn) Resilient performance from the Group’s office portfolios NAV per share: US$15.41 (Dec 2019: US$16.39) Net asset per share down 6% on lower capital values Interim dividend per share: US¢6 (1H 2019: US¢6) Strategic partnership conditionally agreed for the West Bund project in Shanghai Strong financial position with ample liquidity and an unchanged interim dividend 1 Attributable to Shareholders of the Company 2 Hongkong Land Investor Presentation – August 2020
Com pleted Investm ent Properties Overview Com pleted I nvestment Properties are prim arily located in Hong Kong and Singapore TOTAL COMPLETED AREA ( HKL’s share) (000’s sq. ft NFA) 2 4 9 4 ,8 6 8 8 3 5 2 8 TOTAL TOTAL TOTAL TOTAL MACAU HONG KONG BEIJING HANOI 75 98 389 4,143 9 ,3 8 6 * 8 151 139 582 143 TOTAL 9 1 2 5 8 TOTAL TOTAL 4 0 4 TOTAL BANGKOK OTHERS 27 42 64 216 Office 7,167 PHNOM PENH 198 Retail 1,476 112 94 1 ,7 7 6 Hotel 743 TOTAL 1 ,1 2 9 SINGAPORE TOTAL 1,645 131 * Equivalent to 872,000 sq. m. JAKARTA * As at 30 Jun 2020 1,037 92 3 Hongkong Land Investor Presentation – August 2020
Hong Kong Portfolio – Office Resilient perform ance w ith positive rental reversions AVERAGE RENTS & VACANCY 1H 2019 2H 2019 1H 2020 1 1 % Average net rent 1 % 116 119 1 2 1 (HK$ psf/ month) 2 % Period-end vacancy 2.8% 2.9% 5 .0 % 6 % Weighted average lease expiry 4 2 % 4.6 4.7 4 .5 (years) OFFI CE TENANT 8 % PROFI LE EXPI RATI ON & I NTERI M RENT REVI SI ONS BY AREA 2H 2020 2021 2022 Total lettable office area subject to expiration/ rent revisions 462 1,149 845 (’000 sq. ft) % of area subject to 11% 28% 20% 3 0 % expiration/ rent revisions - Expiration 7% 12% 10% Banks and Other Legal Accounting Property Financial Services - Rent revisions 4% 16% 10% Trading Government Others Average expiring net rent 121 121 135 (HK$ psf/ month) 4 Hongkong Land Investor Presentation – August 2020
Hong Kong Portfolio – Retail Perform ance im pacted by tem porary rent relief and a decline in turnover rent 1 4 % AVERAGE RENTS & VACANCY 1H 2019 2H 2019 1H 2020 6 % RETAI L Average net rent 239 205 1 5 1 TENANT (HK$ psf/ month) 4 8 % PROFI LE BY AREA Period-end vacancy 0.7% 0.3% 0 .4 % 3 2 % Weighted average lease expiry 2.5 2.2 2 .1 (years) Note: Excluding the impact of rent relief, average net rents in 2H 2019 and 1H 2020 were HK$233 and HK$230 psf per month respectively. Base rental reversions Fashion & Accessories Food & Beverages remained positive. The decline in average rents reflects a decrease in turnover rent. Jewellery & Watches Others 5 Hongkong Land Investor Presentation – August 2020
Singapore Portfolio – Office Positive rental reversions and low vacancy AVERAGE RENTS & VACANCY 7 % 1H 2019 2H 2019 1H 2020 3 % Average gross rent 5 % 9.6 9.7 9 .9 (S$ psf/ month) Period-end vacancy 3.3% 5.0% 1 .5 % 6 % Weighted average lease expiry 3.6 4.4 4 .0 OFFI CE (years) 7 % TENANT PROFI LE EXPI RATI ON & I NTERI M RENT REVI SI ONS 6 7 % BY AREA 5 % 2H 2020 2021 2022 HKL’s Share: Total lettable office area subject to expiration/ rent 124 385 379 revisions (’000 sq. ft) % of area subject to 8% 23% 23% expiration/ rent revisions - Expiration 7% 12% 19% Banks and Other Natural Resources IT Services & Consultancy Financial Services - Rent revisions 1% 11% 4% Accounting Legal Property Average expiring gross rent 9.0 10.0 10.0 Others (S$ psf/ month) 6 Hongkong Land Investor Presentation – August 2020
Developm ent Properties Overview HKL’s Developm ent Properties portfolio prim arily spans seven countries and 14 cities, w ith a key focus on the Chinese Mainland and in Singapore TOTAL AREA UNDER CONSTRUCTI ON / TO BE DEVELOPED ( HKL’s share) 2 ,9 8 6 (000’s sq. m. GFA) TOTAL CHINESE MAINLAND 3 4 1 2 1 TOTAL TOTAL 5 ,5 5 1 * THAILAND TOTAL HONG KONG 4 0 TOTAL * As at 30 Jun 2020 VIETNAM 1 4 4 TOTAL 6 8 4 TOTAL 6 8 0 SINGAPORE TOTAL 6 5 5 THE PHILIPPINES TOTAL MALAYSIA INDONESIA Note: Excludes the West Bund project as planning parameters remain subject to finalisation of design schemes and approval from the relevant authorities. 7 Hongkong Land Investor Presentation – August 2020
Chinese Mainland Portfolio – Overview BEIJING CHONGQING WUHAN Two projects 11 projects Two projects Total GFA 456,000 sq. m. Total GFA 5.8 million sq. m. Total GFA 720,000 sq. m. (HKL’s share: 170,000 sq. m.) (HKL’s share: 4.1 million sq. m.) (HKL’s share: 396,000 sq. m.) SHANGHAI* CHENGDU NANJING Three projects Two projects Three projects Total GFA 692,000 sq. m. Total GFA 1.1 million sq. m. Total GFA 766,000 sq. m. (HKL’s share: 255,000 sq. m.) (HKL’s share: 511,000 sq. m.) (HKL’s share: 339,000 sq. m.) HANGZHOU * Excludes the for-sale component of the West Bund project as planning parameters remain subject to Two projects finalisation of design schemes and approval from the Total GFA 865,000 sq. m. relevant authorities. 8 Hongkong Land Investor Presentation – August 2020 (HKL’s share: 311,000 sq. m.)
Chinese Mainland Portfolio Low er contracted sales due to delays in planned sales launches REVENUE RECOGNISED* # CONTRACTED SALES # SOLD BUT UNRECOGNISED SALES # Chongqing Chengdu Sales to be recognised after next 6 months Chongqing Chengdu Shanghai US$m US$m US$m Nanjing Other Cities Sales to be recognised within next 6 months 1,200 1,400 2,500 $ 1 ,0 5 5 m $ 1 ,2 2 5 m $ 2 ,1 8 3 m 1,200 1,000 2,000 $ 1 ,8 6 0 m $ 1 ,7 1 4 m 1,000 800 1,500 800 600 $ 6 4 3 m $ 5 9 1 m 600 1,000 400 $ 2 9 3 m 400 $ 2 4 1 m 500 200 200 - - - 1H 2019 2H 2019 1H 2020 1H 2019 2H 2019 1H 2020 30 Jun 19 31 Dec 19 30 Jun 20 * Includes only revenue from property sales. # The above analysis includes share of Joint Ventures & Associates. 9 Hongkong Land Investor Presentation – August 2020
Singapore Portfolio – Overview IMAGE TO BE UPDATED PARC ESTA 1,404 units 98,000 sq. m. GFA Completion: 2021 76% pre-sold LEEDON GREEN 50% JV with Yanlord 638 units 49,000 sq. m. GFA Completion: 2023 5% pre-sold MARGARET VILLE 309 units 22,000 sq. m. GFA Completion: 2021 92% pre-sold Note: The GFAs presented are on a 100% basis. 10 Hongkong Land Investor Presentation – August 2020
Singapore Portfolio 1H 2020 contracted sales benefited from the launch of Leedon Green REVENUE RECOGNISED CONTRACTED SALES SOLD BUT UNRECOGNISED SALES Sales to be recognised after next 6 months Margaret Ville Parc Esta Leedon Green Lake Grande Margaret Ville Parc Esta Sales to be recognised within next 6 months US$m US$m US$m 400 500 800 450 US$ 3 3 1 m US$ 4 1 4 m 700 US$ 6 7 0 m 400 300 600 US$ 5 7 3 m 350 US$ 3 0 1 m US$ 4 9 2 m 500 300 US$ 2 5 5 m 200 US$ 1 8 5 m 250 US$ 1 8 4 m 400 200 300 150 100 200 100 100 50 - - - 1H 2019 2H 2019 1H 2020 1H 2019 2H 2019 1H 2020 30 Jun 19 31 Dec 19 30 Jun 20 11 Hongkong Land Investor Presentation – August 2020
Q & A 12 Hongkong Land Investor Presentation – August 2020
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