Wharf Holdings sees modest profit growth
Hong Kong property company Wharf Holdings says core profit grew modestly in the first half.
The company, which owns shopping centres including Harbour City, Plaza Hollywood, Ocean Terminal and Times Square in Hong Kong, has seen its first half core profit grow by five per cent to $5.7 billion.
It says its Hong Kong and China properties accounted for 56 per cent of its core profit.
Wharf Holdings is confident that rental growth at shopping centres will remain strong.
“We do not see slowdown in rental growth in Hong Kong and the mainland,” said deputy chairman Stephen Ng Tin-hoi.
Bullish about its prospects, Wharf Holdings says it will boost its retail properties in Hong Kong and the mainland. It has already invested HK$500 million to refurbish the Times Square in Causeway Bay.
It is also developing five ‘International Finance Square’ (IFS) shopping centres in China, with the first to open in Chengdu in January 2014. The other four will be located in Changsa, Chongqing, Wuxi and Suzhou.
By 2016, its total retail space in Hong Kong and the mainland will total 11.5 million sqft, three times its current retail area in Hong Kong.
Wharf Holdings also operates hotels, transport, warehousing and cable TV.