Latest news with #WharfReic
South China Morning Post
12-03-2025
- Business
- South China Morning Post
Hong Kong stocks fluctuate as global banks stay bullish amid trade tensions
Stocks in Hong Kong traded between gains and losses as global banks including Citigroup and Goldman Sachs retained their bullish views on Chinese equities on valuation appeal, following a three-day market slide stoked by recession risks. Advertisement The Hang Seng Index was little changed at 23,778.53 as of 10.40am local time on Wednesday, after rising earlier by as much as 0.8 per cent, while the Hang Seng Tech Index rose 0.1 per cent. The CSI 300 Index of onshore stocks declined 0.1 per cent, while the Shanghai Composite Index dropped 0.1 per cent. Developer Wharf Reic fell 2.7 per cent to HK$19.90, while e-commerce platform operator lost 0.7 per cent to HK$159.20 and PC maker Lenovo Group lost 2.9 per cent to HK$12.16. Gains in car makers tempered losses, as BYD advanced 4.2 HK$364.80 and Geely Auto climbed 2.6 per cent to HK$17.68. Chinese stocks have erased some of its unprecedented gains this year, having lost almost 2 per cent in a three-day slide this week. President Donald Trump's policies, including imposing higher trade tariffs on Canada, China and Mexico, have heightened trade wars and clouded growth outlook, forcing investors to seek hedges. Citigroup downgraded US equities for the first time since October 2023 in favour of more allocation to Chinese stocks, the bank said in a report. Global investors were showing more interest in buying Chinese stocks on the secondary markets amid turbulence in US markets, Goldman Sachs said in a report on March 9. Advertisement Elsewhere, major Asia-Pacific markets were mixed. Japan's Nikkei 225 added 0.2 per cent and South Korea's Kospi advanced 1.5 per cent while Australia's S&P/ASX 200 fell 1.1 per cent.
South China Morning Post
10-03-2025
- Business
- South China Morning Post
Hong Kong's Times Square owner says earnings sink on weak retail, property market
Wharf Real Estate Investment Co, one of Hong Kong's biggest commercial landlords, said earnings tumbled last year as revenue from investment and hotel properties declined and a multi-year slump in the property market further eroded the value of its assets. Advertisement Net profit fell 81 per cent from a year earlier to HK$891 million (US$114.7 million), mainly due to a five-fold increase in property revaluation deficit to HK$5.66 billion amid weak demand for commercial real estate, it said in a stock exchange filing on Monday. Revenue slipped 3 per cent to HK$12.9 billion. Excluding the deficit, earnings from its underlying business rose by 2 per cent. Wharf Reic, as the group is known, is controlled by the family of billionaire Peter Woo. The Harbour City mall in Tsim Sha Tsui and the Times Square shopping centre in Causeway Bay are among its key assets. It operates The Murray and Marco Polo hotels. 'While Hong Kong's economy showed signs of moderate growth, demand for commercial properties remained weak,' it said. 'The strong local currency and rather gradual pace of interest rate cuts continued to dampen retail sales. Office demand was also soft as businesses sought to control costs in an uncertain environment.' Occupancy of retail space in Times Square fell to 93 per cent from 95 per cent in 2024, while the occupancy rate for the office component rose to 90 per cent from 88 per cent, it said. Retail occupancy at Harbour City fell to 94 per cent from 97 per cent, while the office portion rose to 90 per cent from 88 per cent. Advertisement 'Vacancy at Harbour City and Times Square malls remained modest, but weaker turnover rent amid declining tenant sales affected revenue,' it said.
