ACT Leader David Seymour is welcoming the announcement that legislation enabling a four-year Parliamentary term will advance to select committee.
The legislation is modelled on a draft Bill produced by ACT, and a commitment to advance it to select committee was secured in ACT’s coalition agreement.
“Improving our approach to law making is how we secure more economic growth, better social services, better regulation, and ultimately give the next generation more reason to stay here,” says Seymour.
“A four-year term will lead to more accountability and better law making, giving Kiwis more time to see whether political promises translate into results, so they can vote accordingly.
“Polling showsmore Kiwis support the four-year term than oppose it.
“It’s important to point out that ACT’s proposal ensures the term can only be extended if the Government turns control of Select Committees over to the Opposition. This introduces balance by giving the Opposition more power to scrutinise and question Ministers, officials, and legislation.
“ACT’s proposal means such a significant constitutional change will only come into effect with the consent of New Zealanders. If the legislation is supported by Parliament, it will then be subject to a public referendum.
“I’m proud that ACT has started another tough conversation. We look forward to Kiwis having their say at select committee. Ultimately, we’re trying to achieve better law making a more mature democracy. That’s worth a constructive debate.”
Agriculture Minister Todd McClay has today classified drought conditions in Taranaki as a medium-scale adverse event, acknowledging the challenging situation facing farmers and growers in the region.
“Conditions on the ground are becoming extremely difficult with limited feed and pasture available,” Mr McClay says.
“Taranaki is experiencing hot, dry conditions and below average rainfall. This has affected pasture growth and farmers have had to feed-out or sell livestock earlier to fill the gap.”
Mr McClay said that the government was making $30,000 available to rural support groups who were working closely with farmers on the ground in Taranaki.
“I know farmers and growers in other parts of the country are experiencing dry conditions and I’ve instructed MPI to monitor the situation on the ground closely,” Mr McClay said.
Rural Communities Minister Mark Patterson says the weather conditions are challenging.
“The Ministry for Primary Industries (MPI) has been working with sector groups, regional bodies, and farmers to provide extra support. This has included attending farmer meetings in southern and coastal Taranaki to discuss options for getting through and proving practical tips,” Mr Patterson says.
“This classification unlocks further support for farmers and growers, including tax relief, and it enables the Ministry of Social Development to consider Rural Assistance Payments.”
Farmers and growers who require support are encouraged to contact their local Rural Support Trust on 0800 787 254.
The Government is clamping down on retail crime by giving businesses more powers to detain those stealing from them, Justice Minister Paul Goldsmith and Associate Justice Minister Nicole McKee say.
“Retail crime increased 85 per cent between 2019 and 2023, including a 91 per cent increase in victimisations relating to theft,” Mr Goldsmith says.
“Currently, no one, including retailers and security guards, is protected from civil or criminal liability if they arrest and detain a person stealing goods valued at less than $1,000 during the day. The operation of the Crimes Act 1961 hinders people from stopping offending as it occurs right in front of them.
“This initial package of reforms, put forward by the Ministerial Advisory Group
for victims of retail crime, will give Kiwi businesses additional tools to deal with those that are robbing them of their livelihood and economic growth.”
These reforms include:
Amending the Crimes Act so that citizens can intervene to stop any Crimes Act offence at any time of the day.
Requiring that a person making an arrest contact Police and follow Police instructions.
Clarifying that restraints can be used, when reasonable, when making an arrest.
Changing the defence of property provisions to the Crimes Act so it is clear that reasonable force may be used.
“The economic cost of retail crime in New Zealand is in the billions, and retailers and security guards face abuse and assault that no New Zealander should be subjected to. This Government will ensure that people working in the retail sector are being effectively protected, are empowered to stop offending, and that offenders are caught and deterred from future offending,” Mr Goldsmith says.
“About 230,000 New Zealanders work in the retail sector. Increasingly, they are experiencing the personal and economic trauma of violent and theft-related crimes. The impact of crime on this group can have flow-on effects for their families and wider communities,” Mrs McKee says.
“We established the advisory group to provide first-hand insight into the issues being faced by Kiwi retailers on the ground. The recommendations the group has come up with are sensible reforms that will enable retail offenders to be more readily stopped and deterred from future offending.
“This is just the first suite of initiatives put forward by the Ministerial Advisory Group that the Government will be implementing. Watch this space.”
A proposal by the Electricity Authority for mandatory non-discrimination obligations for electricity gentailers sends a strong signal that any advantage being provided to their own retailers will not be tolerated, Energy Minister Simon Watts and Associate Energy Minister Shane Jones say.
“This recommendation from the Energy Competition Task Force has been accepted by the Electricity Authority (EA) which launched consultation today on the measures to create a more level playing field for the energy sector,” Mr Watts says.
The EA is proposing a progressive approach to non-discrimination obligations supported by increased monitoring of gentailers’ responses and consumer outcomes. If the first step proves insufficient, the EA could escalate to more prescriptive ways of levelling the playing field to ensure all New Zealanders can benefit from critical flexible generation.
Step 2: Non-discrimination requirements set out in detail.
Step 3: All gentailer-supplied hedge contracts must be traded through a regulated market, on equal terms for all buyers.
“The proposed measures send a strong signal that gentailers creating an advantage for their own retailers at the expense of the affordability and security of New Zealand’s energy supply will no longer be tolerated,” Mr Watts says.
“A reliable and secure energy supply goes hand in hand with more affordable prices for Kiwis, and that is a key priority for the Coalition Government. This work could help promote much-needed investment in new generation and retail competition, flowing through to more choices and more affordable electricity for consumers.”
“If these proposals go ahead, we will see much-needed rules put in place for how gentailers engage with independent and smaller players in the market, and what kind of terms they have to offer them,” Mr Jones says.
“This means gentailers would be required to treat independent retailers and generators the same as they do to their own retail arms, shifting the dial on market competition by ensuring smaller and independent players in the market are on a level playing field with the big four gentailers.”
The task force was established by the Electricity Authority and Commerce Commission, with MBIE as an observer in August last year in response to the power crisis in winter.
The task force is focused on enabling new generators and independent retailers to enter, and fairly compete, in the market as well as providing more options for users.
Mr Watts met the gentailers two weeks ago and warned them the Government would not accept a repeat of last winter.
“All gentailers have a critical role in keeping the lights on at affordable prices and it’s important they keep taking action. This consultation will give a better picture of what else is needed to shore up reliable electricity supply, including in response to the current independent review of our electricity markets,” Mr Watts says.
Routine patrolling in Avondale has bagged a prolific shoplifter.
Late on Tuesday night, a frontline unit conducted a traffic stop on a vehicle sought by Police on Blockhouse Bay Road.
“It was around 11.43pm, when staff were carrying out prevention patrolling in the area,” Auckland City West Area Commander, Inspector Alisse Robertson says.
“The vehicle was stopped as its registered owner was sought by Police.
“The man was not the registered owner but after speaking with the driver further, his identity was established.”
Inspector Robertson says the man had numerous warrants for his arrest over dishonesty offending, including shoplifting.
“The man was a person of interest to our National Retail Investigation Support Unit.
“He was arrested on the roadside, and while he was being spoken to Police observed methamphetamine inside the vehicle.”
Police have since charged the man with more than 20 shoplifting offences, along with possession of methamphetamine.
“We will allege he was responding for offending at retail stores right across the city, with nearly $10,000 in offending since September,” Inspector Robertson says.
The 34-year-old man has appeared in the Auckland District Court and will reappear on 19 March.
“This is a great outcome from our staff and is another example of the work going into targeting recidivist retail crime offenders.”
OSU President Jayathi Murthy and OSU Foundation CEO Shawn Scoville meet alumni and future students in Bangkok
BANGKOK, THAILAND – Media OutReach Newswire – 27 February 2025 – Oregon State University (OSU) President Professor Jayathi Y. Murthy met with OSU alumni and newly admitted students in Bangkok today, reinforcing the university’s commitment to world-class education, research excellence, and student success.
Jayathi Y. Murthy, President of Oregon State University
With Thailand strengthening its focus on sustainability, innovation, and economic development, OSU offers Thai students a pathway to cutting-edge research, industry partnerships, and career-ready education in fields such as AI, robotics, sustainability, and climate science.
“Oregon State University is a global institution dedicated to tackling the world’s most pressing challenges,” said Murthy. “Our students are part of an international research community, working on solutions in AI, engineering, climate sustainability, and beyond. I’m excited to welcome more Thai students to OSU, where they can gain the skills and experiences to shape the future.”
Founded in 1868, OSU is ranked among the top 1.4% of degree-granting institutions worldwide and has a student body of nearly 38,000 students from 100+ countries. It is home to the largest Computer Science program in the US and has a strong research focus, with US$422 million in annual research expenditures and a goal to double that by 2030.
OSU’s internationally recognized academic programs include robotics, AI, climate science, forestry, oceanography, and agricultural sciences, areas that align with Thailand’s ambitions in technology and sustainability.
At the event in Bangkok to celebrate OSU alumni and welcome newly admitted Thai students, Murthy emphasized OSU’s student-centered approach, career development programs, and commitment to global education. “Our mission is to help every student at OSU graduate with a strong academic foundation and a clear career trajectory,” she said.
OSU is a preferred hiring partner for global companies such as Intel, NVIDIA, Google, Amazon, and Tesla – providing its students outstanding career opportunities.
Accompanying OSU President Murthy, Shawn L. Scoville, President and CEO of the OSU Foundation, highlighted the Foundation’s role in fostering alumni relations and philanthropic support to enhance OSU’s impact. “The OSU Foundation is dedicated to building a vibrant global community of alumni and supporters whose engagement and generosity directly strengthen OSU’s ability to address global challenges.
“We are committed to expanding research opportunities, enhancing student experiences, and driving innovation in areas like AI, sustainability, and engineering – ensuring OSU remains at the forefront of solving critical global issues.”
Through its US$1.75 billion “Believe It” fundraising and engagement campaign, the Foundation is investing in OSU’s students, faculty and cutting-edge research infrastructure. This includes the Jen-Hsun Huang and Lori Mills Huang Collaborative Innovation Complex, made possible by US$100 million in philanthropy, including a US$50 million gift from NVIDIA Founder and CEO Jen-Hsun Huang and his wife Lori Mills Huang – both OSU alumni. Set to open in 2026, the facility will house one of the most powerful supercomputers in the US, advancing research in AI, sustainability, climate science, and beyond.
Deputy Prime Minister Winston Peters met with Chinese Foreign Minister Wang Yi in Beijing today (26 February), concluding a substantive visit to China over the past two days.
“We were pleased to re-connect with Foreign Minister Wang. We have known each other for many years, and today we continued our wide-ranging and constructive dialogue,” Mr Peters says.
Today’s discussion took place a year on from Foreign Minister Wang’s most recent visit to New Zealand, and during Mr Peters’ sixth official visit to Beijing. Mr Peters first visited Beijing in 1997, and he has previously visited a number of other cities across China.
“The New Zealand-China relationship is very significant,” Mr Peters says.
“China is New Zealand’s largest trading partner, and our long-standing relationship has been shaped over many years by strong connections between our people.
“Befitting this comprehensive relationship, we discussed ongoing bilateral cooperation, a broad range of regional and global issues, as well as areas where we have differences.”
The Ministers discussed key issues confronting both countries, as well as recent developments, including the Chinese naval deployment to the Tasman Sea.
“We also discussed our strong relationships with Pacific countries, including New Zealand’s special constitutional relationships with its Realm partners, in particular the Cook Islands,” Mr Peters says.
“We also made clear New Zealand’s support for Pacific priorities and institutions, and Pacific-led responses to address the issues we face in our region, including on defence and security issues.
“Our region and the world are facing a myriad of challenges, including increased tensions in the South China Sea and Taiwan Strait.
“We raised the importance New Zealand places on international rules, norms, and institutions, including those that have long underpinned the stability and success of the Indo-Pacific. We also highlighted the constructive role China can play in responding to regional and international security challenges, including on Russia’s war on Ukraine, and in the Middle East.
“New Zealand acknowledged the importance of further high-level visits to China to continue to build mutual understanding, and discussed the significance of dialogue between New Zealand and China this year across the relationship, including on trade, agriculture, Antarctic issues, climate change, consular issues, human rights, foreign affairs, and the Pacific.”
While in Beijing, Minister Peters also held constructive dialogues with other Chinese leaders: Vice President Han Zheng and Head of the International Department of the Chinese Communist Party Minister Liu Jianchao. He also held engagements with Ambassadors to Pacific Island countries based in Beijing, and with Chinese alumni of New Zealand universities.
HONG KONG SAR – Media OutReach Newswire – 26 February 2025 – Paul Chan, Financial Secretary of the Hong Kong Special Administrative Region unveiled his 2025-26 Budget today (February 26). He noted that while geopolitical situation might bring risks, technology reform and artificial intelligence (AI) development are remoulding the global landscape, leading to the emergence of new industries, new forms of business, new products and new services. He stressed that Hong Kong must seize the opportunity to make the most out of this critical window to speed up development, establishing the new before abolishing the old. He also emphasised that transformation and innovation will lead the way into the future, and the Government is poised to fast-track the high-quality development of Hong Kong’s economy.
The Budget presents a series of measures aimed at accelerating the cultivation of new quality productive forces. On innovation and technology (I&T), the Government will promote Hong Kong into an international exchange and co-operation hub for the AI industry. Through frontier research and real-world application, the Government will endeavour to develop AI as a core industry and empower traditional industries in their upgrading and transformation. To spearhead and support Hong Kong’s innovative research and development as well as industrial application of AI, the Government will establish the Hong Kong AI Research and Development Institute and launch the Pilot Manufacturing and Production Line Upgrade Support Scheme (Manufacturing+). On finance, the Government will continue to take forward reforms to the listing regime, host the Hong Kong Global Financial and Industry Summit, and formulate a plan this year on promoting gold market development.
Hong Kong SAR’s Financial Secretary Paul Chan delivers the 2025-26 Budget in the Legislative Council.
To seize the opportunities brought about by the rapid advancement of innovation and technology, the Budget highlights the need to accelerate the development of the Northern Metropolis, which is an investment in Hong Kong’s future. The Government will continue to accord priority to providing resources for this initiative, which primarily includes providing large tracts of I&T land at the Hong Kong Park of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone, together with San Tin Technopole; adopting an innovative mindset in piloting “large-scale land disposal”; developing a data facility cluster at Sandy Ridge; as well as identifying suitable sites in the Northern Metropolis for the construction of conference and exhibition facilities.
On the promotion of tourism, funding will be allocated to pursue the concept of “tourism is everywhere” and implement the Development Blueprint for Hong Kong’s Tourism Industry 2.0. A study will be conducted on the development of the waterfront and former sites to the south of the Hung Hom Station in Kowloon into a new harbourfront landmark in Kowloon, including a yacht club.
Regarding land supply, Mr Chan announced that the Government will not roll out any commercial site for sale in the coming year in view of the high vacancy rates of offices in recent years to allow the market to absorb the existing supply. The Government will also consider rezoning some of the commercial sites into residential use and allowing greater flexibility of land use.
The Budget presents a series of measures aimed at accelerating the cultivation of new quality productive forces.
Mr Chan proposed a reinforced version of the fiscal consolidation programme to focus on strictly controlling government expenditure, supplemented by increasing revenue, to restore fiscal balance in the Operating Account, in a planned and progressive manner, within the current term of the Government. The Government will also deliver more efficient public services to citizens through leveraging technology, streamlining processes and driving the digital transformation of public services. Mr Chan said he will uphold the “user pays” and the “affordable users pay” principles as far as practicable while increasing revenue, including increasing the air passenger departure tax, and reviewing the tolls of government tunnels and trunk roads. The Government will suitably expand the size of bond issuance on the premise of maintaining healthy public finances and use the funds raised on infrastructure works in a proper and flexible manner to invest in Hong Kong’s future and create value for society.
HONG KONG SAR – Media OutReach Newswire – 26 February 2025 –
Response to the
Budget2025/2026by KK Chiu,International Director,Chief Executive,Greater China ofCushman & Wakefield:
Large-scale land disposal for Northern Metropolis
We are pleased to see the government continue to facilitate the development of the Northern Metropolis (NM) and optimize the industrial and spatial layout. We believe that
the “large-scale land disposal” model can accelerate the completion of residential, industrial, and public facilities. The Development Bureau estimates that the engineering costs for each district will be from HK$10 billion to HK$20 billion. Compared to traditional models, the “large-scale land disposal” model can save more than HK$1 billion in public funds.
Historically, construction costs in Hong Kong are two to three times higher than in neighbouring locations such as Shenzhen. We recommend that the government can reduce costs by introducing foreign labor, similar to the approach taken by the Singaporean government, and to plan effective transportation. connections to enhance investor confidence and attract more developers for sustainable growth.
Compared to traditional land sale models, the large-scale land disposal model features a larger scale, longer development period, and extended payback time. This approach shifts high upfront costs and risks to developers, testing their financial sustainability and capacity to manage these burdens. However, during land levelling, developers can also plan and design, which compresses project timelines and increases their autonomy in design and construction. This flexibility enables them to respond effectively to market demands and create diverse residential or commercial projects.
We recommend that the government effectively plan and utilize transportation facilities in new development areas and those connecting to external regions, such as the Shenzhen Bay Bridge and the planned Hong Kong-Shenzhen Western Railway. Enhancing transportation connectivity will improve convenience, boost investor confidence, attract more developers, and ensure the district’s sustainability.
The government’s plan to prepare land for approximately 80,000 private housing units over the next five years
We are pleased to see the proactive efforts by the government to stabilize future private housing supply. However, since more than 65% of the new land will come from new development areas, such as the Northern Metropolis and Tung Chung, it is crucial to prioritize infrastructure development.
We recommend the government to ensure that infrastructure facilities are in place in these areas before the residential projects are completed, to avoid inconvenience for residents upon moving in.
Response to the Budget 2025/2026 by John Siu, Managing Director, Hong Kong, Cushman & Wakefield:
Development of artificial intelligence (AI) and data facility cluster at Sandy Ridge
We urge the government to announce the development details of the data facility cluster at Sandy Ridge as soon as possible, simplify the land approval process, and offer favorable terms to attract developers and data center operators to set up operations in the area.
Rezoning Some Commercial Sites
We are pleased to see the government temporarily suspend the sale of commercial land parcels, allowing the market to gradually absorb current vacant space and new projects under construction. We suggest that the government regularly review market conditions for a well-timed restart to the sale of commercial land parcels.
Response to the Budget 2025/2026 by KB Wong, Executive Director, Head of Valuation and Advisory Services, Hong Kong of Cushman & Wakefield:
The government stated that there will be eight residential sites for sale next year, which can help maintain a stable land supply. We suggest that the government make development conditions in the tender document as clear as possible and avoid putting excessive obligations on the developers as to provision of social or similar facilities, in order to invigorate market activity and to attract more small and medium-sized developers and new entrants to participate in the bidding.
Response to the Budget 2025/2026 by Rosanna Tang,Executive Director,Head of Research,Hong Kong of Cushman&Wakefield:
We are pleased to see the government’s emphasis on attracting high-caliber talent and students, and that initiatives such as the Northern Metropolis University Town and the Belt and Road Scholarship will play a crucial role in attracting diverse global talent and students to Hong Kong in the long term. This influx will bolster demand in the local rental apartment sector and stimulate growth in the residential leasing market.
However, there is currently a significant shortage of student accommodation in the market. Our latest estimates indicate that, on average, three university students are competing for a single bed across Hong Kong, with projected future demand for student beds potentially exceeding 50,000. This shortage has led some students who are unable to secure dormitory housing to seek alternative arrangements in private residential units.
Therefore, we welcome the government’s consideration of rezoning certain commercial sites for residential use. Additionally, we recommend that the government consider permitting the conversion of existing suitable commercial buildings and hotels into student accommodation, and to advocate for the removal of barriers and relaxation of restrictions in the approval process, thereby providing greater flexibility in land use. We anticipate that these measures will increase housing options, alleviate rental pressures, and effectively address the challenges associated with the student bed supply and demand situation.
Response to the Budget 2025/2026 byEdgar Lai, Senior Director, Valuation and Consultancy Services, Hong Kong, Cushman & Wakefield:
We applaud the government’s decision to raise the maximum value of properties chargeable to stamp duty of $100 from HK$3 million to HK$4 million. This adjustment should attract a larger pool of buyers and investors to the market, consequently expediting transactions for small and medium-sized properties. As per data from the Land Registry, in 2024, there were 7,623 residential transactions valued between HK$3 million and HK$4 million, constituting approximately 14% of total residential transactions. We anticipate that this modification will invigorate the property exchange chain, surpassing the government’s estimated 15% and potentially reaching 20% in the number of property transactions benefiting from this initiative.
Response to the Budget 2025/2026 by Tom Ko, Executive Director, Head of Capital Markets, Hong Kong of Cushman & Wakefield:
The Government has stated that it will introduce a series of optimization measures under the “New Capital Investment Entrant Scheme.” We look forward to the Government announcing the details as soon as possible.
We urge the government to lower the investment threshold for residential properties to HKD10 million and to remove the cap on property investments. This will attract small and medium-sized investors, enhancing Hong Kong’s competitiveness as an international financial center and drawing more talent and capital.
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The issuer is solely responsible for the content of this announcement.
The Group’s unaudited underlying profit attributable to shareholders, excluding the effect of fair-value changes on investment properties for the six months ended 31 December 2024 (“Interim Period”) was HK$2,241 million (2023: HK$2,945 million).
Steady interim dividend at HK15 cents per share.
Attributable revenue from property sales for the Interim Period, including share from associates and joint ventures, was HK$2,448 million (2023: HK$6,635 million). Five new residential projects scheduled for launch in 2025.
The Group has a visible pipeline for property sales recognition. Approximately HK$11.3 billion of total attributable contracted sales are yet to be recognised, with approximately HK$9.1 billion expected for recognition in the second half of FY2024/2025.
Attributable gross rental revenue, including share from associates and joint ventures, was HK$1,748 million (2023: HK$1,777 million).
The Group’s hotel revenue, including attributable share from associates and joint ventures, was HK$794 million compared with HK$811 million in the same period last year. Gross operating profit was HK$261 million, an increase of 2.8% compared with HK$254 million in the same period last year.
As at 31st December, 2024, the Group had a land bank of approximately 19.4 million square feet of attributable floor area in Mainland China, Hong Kong, Singapore and Sydney, sufficient to meet the Group’s development needs over the next few years. The Group will continue to be selective in replenishing its land bank to optimise its earnings potential.
Financial Highlights
For the six months ended 31 December:
2024
2023
Change
Revenue
HK$3,854 million
HK$4,923 million
-21.7%
Underlying profit
HK$2,241 million
HK$2,945 million
-23.9%
Profit attributable to shareholders
HK$1,820 million
HK$2,616 million
-30.4%
Dividend per share
Interim
HK15 cents
HK15 cents
–
Results and Business Highlights
HONG KONG SAR – Media OutReach Newswire – 26 February 2025 – Sino Land Company Limited (Stock Code: 83) today announced its interim results for the six months ended 31 December 2024 (the “Interim Period”). The Group’s unaudited underlying profit attributable to shareholders, excluding the effect of fair-value changes on investment properties for the Interim Period was HK$2,241 million (2023: HK$2,945 million). Underlying earnings per share was HK$0.26 (2023: HK$0.35).
After taking into account the revaluation loss (net of deferred taxation) on investment properties of HK$407 million (2023: revaluation loss of HK$142 million), which is a non-cash item, the Group reported a net profit attributable to shareholders of HK$1,820 million for the Interim Period (2023: HK$2,616 million). Earnings per share was HK$0.21 (2023: HK$0.31).
Interimdividend of HK$15 cents per share
The Board of Directors has declared an interim dividend of HK15 cents per share. (2023: HK15 cents per share). The steady interim dividend underscores the Group’s solid financial position. As at 31 December 2024, the Group had net cash of HK$45,880 million.
Property Sales –Five newprojects scheduled for launchin2025
Total revenue from property sales for the Interim Period, including property sales of associates and joint ventures, attributable to the Group was HK$2,448 million (2023: HK$6,635 million).
The Group has five new residential projects scheduled for launch in 2025. These include ONE CENTRAL PLACE in Central, Yau Tong Ventilation Building Property Development, Grand Mayfair III in Yuen Long, and LOHAS Park Package Thirteen Property Development in Tseung Kwan O which have obtained pre-sale consents. In addition, the Group expects to obtain pre-sale consent for Wing Kwong Street/Sung On Street Development Project in To Kwa Wan in calendar year 2025. The timing for launching these projects for sale will depend on when the pre-sale consent is received and the prevailing market conditions. Subsequent to the Interim Period, certain units of La Montagne in Wong Chuk Hang were launched for sale in January 2025.
As at 31 December 2024, the Group had a land bank of approximately 19.4 million square feet of attributable floor area in Mainland China, Hong Kong, Singapore and Sydney, which is sufficient to meet the Group’s development needs over the next few years.
Diversified and balanced investment properties portfolio showed long-term resilience
For the Interim Period, the Group’s attributable gross rental revenue, including share from associates and joint ventures, was HK$1,748 million (2023: HK$1,777 million), representing a decrease of 1.6% year-on-year. This decline was primarily due to emerging challenges in the retail sector. Given the dynamic nature of the current operating environment, the Group is continuously refining and optimising our tenant mix, while also organising ongoing marketing and promotional activities in our shopping malls to boost foot traffic.
Among the different sectors, residential showed the biggest improvement, with occupancy rate rising by 1.1 percentage points to 89.0 % (2023: 87.9%). The industrial sector also saw an increase of 0.2 percentage points to 89.7% (2023: 89.5%). Hong Kong remains well-positioned to capitalise on its status as an international hub and financial centre. The ongoing integration into national development initiatives such as the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and the Northern Metropolis proposed by the HKSAR Government, will further bolster Hong Kong’s role as a key hub connecting the country with the world. Additionally, the various talent schemes launched by the HKSAR Government, along with the recent pickup in financial market activities, are expected to bolster the Group’s rental income over time.
As at 31 December 2024, the Group has approximately 13.2 million square feet of attributable floor area of investment properties and hotels in Mainland China, Hong Kong, Singapore and Sydney.
Hotel Operations –Continuous improvementin profitability
In 2024, Hong Kong saw a steady improvement in tourism. Visitors from Mainland China made up 76% of total visitor arrivals, posting a year-on-year increase of 27% to 34.0 million. Long-haul markets also experienced more than a 50% growth. The Group’s overseas operations in Singapore and Sydney continued to deliver encouraging results, with continuous improvement in gross operating profit during the Interim Period. For the Interim Period, the Group’s hotel operating profit increased by 2.8% to HK$261 million, driven by sustained occupancy rates and stringent cost containment measures.
Looking ahead, the opening of the Kai Tak Sports Park in the first quarter of 2025, the development of panda tourism, and the resumption of multiple-entry permits for Shenzhen residents are expected to support the growth of the tourism industry and inject new momentum into Hong Kong’s hospitality industry. Management continued to prioritise cost control while actively seeking new strategies to enhance the quality of our hotel services and improve efficiency.
With robust financials and sustainable strategies, the Group iswell-positioned to capitalise on opportunities
The Group is making steady strides on its sustainability journey. In the Interim Period, Sino Land was included in the Dow Jones Sustainability World Index (DJSI World) while maintaining its position in the DJSI Asia Pacific Index for the third consecutive year. In addition, Sino Land has recently been selected as a constituent of the FTSE4Good Index Series and achieved an AA+ rating in the Hang Seng Corporate Sustainability Index Series for the second consecutive year. These recognitions reaffirm Sino Land’s commitment to promoting ESG and sustainability.
Our robust financials and sustainable business strategies underpin the Group’s commitment to creating long-term value for our shareholders:
Approximately HK$11.3 billion of total attributable contracted sales are yet to be recognised, with approximately HK$9.1 billion expected for recognition in the second half of FY2024/2025.
Five new residential projects scheduled for launch in 2025.
Diversified and growing investment property portfolio providing stable recurrent income.
Committed to sustainability and promoting positivity in the community.
Strong financial position to support future growth
“Looking ahead to2025, the Group will remain vigilant and adaptableamidstthe rapidly evolving macroeconomic environment.Our leadershipemphasises the importance of solid fundamentals,deepcustomer insights, sustainability and the commitment to excellence. We shall continue to enhance productivity and efficiency, along with careful financial management. With robust financials and sustainablebusinessstrategies, the Group is wellequipped to navigate challenges and seize opportunities that arise,” said Mr. Robert Ng Chee Siong, Chairman of Sino Land.
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