New World Development (0017) said interim net profit plunged by 91 percent year-on-year to HK$1.02 billion and the group said Hong Kong as well as Greater China is expected to face substantial economic headwinds in 2020. Underlying profit also dropped by 27 percent year-on-year to HK$3.93 billion, mainly due to no new property development project completion in Hong Kong. The rental revenue from Hong Kong, grew by 36 percent, while rent from mainland was up by 6 percent. The group has a landbank with an attributable total gross floor area of about 9 million square feet available for immediate development, of which 4.2 million sq ft was for property development. The agricultural landbank is about 16.6 million sq ft.

Source: The Standard February 28, 2020 09:33 UTC