Sino Land's Robert Ng urges quick end to Hong Kong's protests after developer posts 16.5 per cent drop in underlying profit

By Daniel Ren ren.wei@scmp.com / https://www.scmp.com/business/companies/article/3024965/sino-lands-robert-ng-urges-quick-end-hong-kongs-protests-after?utm_medium=partner&utm_campaign=contentexchange&utm_source=EdgeProp | September 11, 2019 11:57 AM SGT
Robert Ng Chee Siong, chairman of Hong Kong developer Sino Land, on Thursday called for an early settlement to the protests that have disrupted the city's economy, including the all-important property sector.
"Hong Kong has faced challenges since June this year and the economy has been impacted by internal and external problems," Ng said in a statement. "We sincerely hope that the disruption can settle down quickly and society can return to peace and harmony."
His remarks came as Sino Land reported a 16.5 per cent year on year drop in underlying profit for the year ended June 30 to HK$4.67 billion (US$595.3 million).
Revenue, which mainly accrues from property sales, fell 25.4 per cent to HK$8 billion from a year earlier.
Ng said that the management would take necessary and appropriate measures to minimise the damage to the developer's businesses without elaborating.
With a good financial position and sustainable business strategy, Sino Land is well placed to respond to the changing economic environment and upcoming challenges, he said.
Hong Kong's developers have been severely affected by the protests. They were either slashing prices or postponing their marketing, especially for upmarket or luxury developments to dodge the negative impact from the rallies.
Sino Land has a land bank of around 22.1 million square feet in mainland China, Hong Kong, Singapore and Sydney. Photo: Bloomberg News alt=Sino Land has a land bank of around 22.1 million square feet in mainland China, Hong Kong, Singapore and Sydney. Photo: Bloomberg News
According to calculations by the Post, overall property purchases " including homes, shops and industrial offices " registered with the Land Registry in the 79 days ended August 23, were 24 per cent lower than during the 79-day Occupy Central campaign five years ago.
Donald Choi, chief executive of developer Chinachem Group, said earlier that the impact on the property market from the latest social unrest was more severe than in 2014.
The protests have spooked some homebuyers who...